• Personal Loan Eligibility

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    Personal Loan Eligibility

    Personal loans can help you in achieving your financial goals and can also assist you in taking care of such financial needs that emerge due to an uncertain or unfortunate events in life. The money that you earn every month or the amount that you save may not be enough to help you with your expenses. You might also find it uncomfortable to borrow money from your friends or family members and so the best alternative will be to apply for a loan from a bank and easily get access to the required money. In Singapore, there are many banks, financial institutions and money lenders that offer different types of personal loan products.

    Personal Loan Eligibility Criteria

    When you apply for a personal loan, you will need to meet the eligibility criteria that are laid down by the bank or financial institution. However, the eligibility criteria will not be the same for all banks. Here are some of the usual eligibility criteria that you will need to meet when you apply for a personal loan in Singapore:

    • Age of the applicant – when you apply for the loan, you should be minimum 21 years of age. There are some banks that might offer loans to people aged 18 and above but most banks do not accept applicants below 21 years and above 60 years.
    • Annual Income – Most banks in Singapore will require you to have a minimum annual income of S$20,000 or more if you are a Citizen or a Permanent Resident of Singapore, and S$45,000 or more if you are a foreigner working in Singapore with valid work permits.
    • Residency status – Most banks and financial institutions in Singapore also offer personal loans to foreigners working in Singapore, along with Singaporeans and Permanent Residents of Singapore. However, there are a few moneylenders and financial institutions that only offer personal loans to Singaporeans and Permanent Residents of Singapore.
    • Relationship with the bank – Some banks are more likely to offer personal loans to those applicants who already have savings accounts, credit cards or other products with the bank. The banks can rely on such customers and so they are more likely to offer personal loans to them.
    • Employment status – Apart from salaried professionals, self-employed individuals, contract workers, temporary workers and businessmen can also apply for a loan and get the financial assistance they require.

    Personal Loan Eligibility According to Banks

    Bank of China Personal Loans – You will most likely be eligible for a personal loan from Bank of China if you are:

    • In the age group of 21 – 65 years
    • A salaried or self-employed individual with regular income

    HSBC Bank Personal Loans - The eligibility criteria for the personal loan products offered by HSBC Bank in Singapore are listed below:

    • You must minimum 21 years old but not older than 65 years.
    • You should have an annual income of minimum S$30,000 if you are a Citizen or a Permanent Resident of Singapore who is a working professional.
    • You should have an annual income of minimum S$40,000 if you are a Citizen or a Permanent Resident of Singapore who is a commission-based employee or is working on a freelance basis.
    • You should have an annual income of minimum S$40,000 if you are a foreigner with employment pass that is valid for a minimum period of 1 year.

    Citibank Personal Loan - The following are the eligibility criteria for Citibank personal loan products:

    • If you have a minimum annual income of more than S$30,000, you can directly apply for the loan. If you are an individual with an annual income ranging from S$20,000 - S$30,000, you will need to apply through the Citibank Ready Credit SmartCash scheme.
    • You should be aged 21 and above.
    • If you are a foreigner, your minimum annual income should be S$42,000.

    ANZ Singapore Personal Loan – The eligibility criteria for ANZ personal loans in Singapore are as follows:

    • You should have an annual income of minimum S$30,000 if you are a Citizen or a Permanent Resident of Singapore.
    • You should have an annual income of minimum S$60,000 if you are a foreigner with valid employment pass.
    • You should be in the age group of 21 – 65.

    CIMB Personal Loan – The eligibility criteria is different for different personal loan products offered by CIMB in Singapore. Education loan and renovation loan are available to only Singaporeans and Permanent Residents of Singapore but portfolio financing is available to foreigners as well.

    POSB Bank Personal Loan – Given below are the eligibility criteria for POSB Bank Personal Loan:

    • You should be in the age group of 21 years to 65 years
    • You should have a minimum annual income of S$20,000 or more (for Singaporeans and Permanent Residents) and S$45,000 or more (for foreigners)
    • The maximum amount offered as a loan is S$200,000 for Singaporeans and Permanent Residents is and S$60,000 for foreigners.

    Standard Chartered Bank Personal Loan – In order to apply for a personal loan with Standard Chartered Bank, you need to fulfil the following eligibility criteria:

    • You should be aged 21 and above but not more than 65 years of age.
    • You should be a Singaporean or a permanent resident of the island with an annual income of earning S$20,000.
    • You should be a foreigner with an annual income of S$60,000 and with a valid employment pass.
    • Your employment pass should either be type P1, P2, or Q.
    • If you have a Q pass, it should have a validity of minimum 1 year.

    DBS Bank Personal Loan - The eligibility criteria for personal loans from DBS Bank are given below.

    • You should be aged 21 and above but below 65 years of age.
    • You should be a Singaporean or a permanent resident of the island with an annual income of earning S$20,000.

    ICBC Personal Loan – You have to fulfil the following criteria when applying for a personal loan with ICBC:

    • You should be aged 18 and above.
    • You should have a current account with the bank.

    UOB Bank Personal Loan – Here are the eligibility criteria for UOB Personal Loan:

    • You need to have a CashPlus account to apply for an UOB CashPlus Personal Loan.
    • You should be in the age group of 21 – 60 years.
    • You should have a minimum annual income of S$30,000.

    OCBC Bank Personal Loan – The eligibility criteria for OCBC Bank Personal Loan are as follows:

    • You should be aged 21 and above.
    • You should have a minimum annual income of S$20,000 (for citizens of Singapore) and S$30,000 (for permanent residents and foreigners).

    Maybank Personal Loan – As Maybank does not have a personal loan, the personal line of credit from Maybank has different eligibility criteria and you can contact the bank to know about the same.

    Factors affecting Personal Loan Eligibility

    There are several factors that affect the eligibility for personal loans and some of these factors are given below:

    • Annual income – As you can see from the information given above, your annual income will play a very important role in deciding whether you will be eligible for a personal loan from a particular bank or not.
    • Age – You will need to be an adult aged 21 and above to apply for a personal loan. If you are a minor, you can take financial assistance from your legal guardians.
    • Work permit – Foreigners working in Singapore need to have valid work permit with a validity period of minimum 1 year. Foreign contract workers who reside in the Lion City for short time are not eligible for personal loans.

    How to increase personal loan eligibility in Singapore?

    Apart from the eligibility criteria, you also need to have a good credit score if you want to increase your personal loan eligibility. Besides, you need to have a steady income so that the banks will consider you dependable and will be more likely to offer you with a loan. Also, make sure that you do not have any unpaid debts as it might lower your chances of getting a personal loan.

    Frequently Asked Questions (FAQs)

    1. If I do not meet the income criteria can I still apply for a personal loan?
    2. There are few banks that will allow you to apply for a personal loan even if you do not meet the income criteria. You will need to have a fixed deposit account with them; the balance of the account should be minimum S$10,000 or more and you should not withdraw the deposit amount until you cancel your credit card account.

    3. How do I find out if I am eligible for a bank’s personal loans?
    4. You can search for the personal loans offered by the bank on Bankbazaar.sg and obtain the eligibility information. If it is not available, you can directly contact the same to know about their personal loan eligibility criteria.

    5. Does Maybank offer personal loans in Singapore?
    6. No, Maybank only offers a personal line of credit in Singapore.

    7. Are personal loans offered to businesses?
    8. In most cases, the banks offer personal loans only to individuals.

    9. How many years will I get to repay the loan?
    10. The loan tenures i.e. the number of years that you will get to repay the loan will differ from one bank to the other and it can ideally be in the range of 12 months to 60 months.

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