Cash woes? A personal loan to the rescue!
  • Personal Loan for S Pass Holders in Singapore

    According to HSBC’s survey on ‘The 10 Best Countries for Expats to Work In’ last year, Singapore was considered as one of the best places to work for expats. The survey showed that 62% of the foreigners living in Singapore made a progress in their careers. Foreigners are vital for the growth of the economy of Singapore, hence, banks and other financial institutions offer their services to foreigners. Moreover, a foreigner can easily apply for most types of loans and credit cards in Singapore. In case you are facing financial difficulties, you can get funds by applying for a personal loan.

    What is an S Pass in Singapore?

    The S Pass in Singapore is a work permit that lets mid-level skilled foreigners like technicians to work in the country for up to two years. If you are an employer, you can apply for this pass on behalf of your employee. It takes approximately three weeks to issue an S Pass from the date of application.

    What Is the Eligibility Criteria to Get an S Pass?

    • You must earn a minimum of S$2,200 every month to qualify. If you are more experienced, you should have a higher monthly salary.
    • A diploma or a degree like technical certificates is required. You must study full-time for at least one year to be eligible for an S Pass.
    • You should have relevant work experience in your chosen field.

    You can use the Self-Assessment Tool on the MOM website to check if you are eligible for the pass.

    Can Family Members Get a Pass?

    You will get a Dependant’s Pass for your spouse and children if you are an S Pass holder and earn a minimum of S$6,000 every month. In addition, you can bring your parents to Singapore on Long Term Visit Pass, provided you earn S$12,000 per month and are an S Pass holder.

    Are There Any Insurance Benefits?

    As an employer, you must buy medical insurance for your employee and submit the details online before renewing or issuing this pass. The coverage must be a minimum of S$15,000 p.a. and cover day surgery and inpatient care.

    What is the Minimum Salary for Mid-Level Skilled Workers in Singapore?

    Since the country’s economy is dynamic, there is no official minimum salary. The flexible policies allow Singapore to have a low unemployment rate. Singapore has the highest average salary in Asia as the country attracts new startups every year and several MNCs have their head offices in this city-state. There is a huge demand for low-level and mid-level skilled workers in Singapore. Most of these jobs have been taken up by ASEAN members.

    The table below shows the salary bracket of mid-level skilled workers.

    Designation Estimated annual salary
    Maintenance Technician S$27,228
    Pharmacy Technician S$27,831
    Engineering Technician S$28,048
    Process Technician S$33,862
    Support Technician, IT S$30,176
    Field Service Technician S$29,102
    Operations Technician S$35,246
    QA Technician S$23,583
    Chemical Laboratory Technician S$29,496
    Research Laboratory Technician S$35,072

    How Many S Pass Holders Can You Hire?

    If you are an employer and have a business in the service industry, only 15% of the staff can be S Pass holders. In other sectors, the maximum percentage is 20%. These percentages have been set by the Ministry of Manpower and cannot be exceeded.

    What Other Options Are Available for Borrowing Cash

    In case you cannot fulfil the income criteria, you can always borrow cash from licensed moneylenders in Singapore. According to Ministry of Law of Singapore, there are around 160 registered moneylenders in the country. Generally, moneylenders offer personal loans to low-income borrowers. Although the government has put a 4% cap on the monthly interest rates, it is still four to five times higher than a personal loan from a bank. Unlike banks, moneylender provide small loan amounts of up to S$1,500 and high interest rates of up to 48% per year. Therefore, it is absolutely unwise to go to these agents unless there is no other alternative. Make sure you read the terms and conditions, explore the options available, and select the loan that suits your requirements the best.

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