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  • Personal Loan BYTES FROM OUR KITCHEN

    Personal Loan News & Updates

     

    • Singapore and Hong Kong Plan Blockchain-Based Trade Deal with 20 Banks

      Asian financial hubs Singapore and Hong Kong have announced plans to enter into a partnership along with about 20 international banks to create a blockchain-based global trade connectivity network.

      21 December 2017

    • MAS Move to Curb Excessive Unsecured Borrowing Gets Thumbs up from Banks

      Singaporean banks and financial institutions have applauded the central bank’s move to limit unsecured borrowing. The Association of Banks in Singapore has said that the new MAS measure will help bring down unsecured debt levels.

      20 December 2017

    • Singapore central bank announces fresh move to limit unsecured borrowing

      A survey conducted by Spring Singapore shows how a majority of SMEs that request for debt financing are able to get it. At the same time, not all SMEs are going for external funding, with only 13% of those surveyed having opted for financing.

      18 December 2017

    • Survey Shows 9 in 10 SMEs in Singapore Successfully Secure Debt Financing

      MAS introduces new measure to help prevent individuals from accumulating excessive unsecured debt and from being under heavy debt burden. The pre-emptive measure is expected to help individuals from hitting the industry-wide borrowing limit.

      18 December 2017

    • Personal Loans for Family Planning

      If you are financially unprepared, planning to welcome a new addition to your family, you have great news. Many banks in Singapore are offering personal loans to meet your financial expenses that could be incurred at the time of delivery.

      You will be surprised to learn that the delivery charges in Singapore at a public hospital may account to up to S$3,500. While up to S$1,650 is covered by MediSave, you will still need to arrange for the rest of the amount. In such scenarios, you can always take a personal loan from the bank to meet your financial needs.

      Credit card cash advances can go up to 28% p.a. However, if you are considering to apply for a personal loan, you will need to only pay about 8% interest. Some banks even offer 4% loan interest rates to new customers. Lower interest rates will also mean that you will have lower monthly repayments towards your loan.

      Factors such as your credit history and bank balances are taken into consideration before granting you a personal loan. You may get a loan of up to 4 times your monthly salary. You will need to be at least 21 years of age, have an annual income of S$30,000 to qualify for the personal loan.

      If you are a salaried or a commission-based employee, you will need to furnish the following documents listed below while applying for a personal loan:

        • Scanned copy of NRIC (front and back).

        • Latest 12 months CPF history statement.

        • Latest income tax notice of assessment or computerized payslip.

      30 November 2017

    • Personal Loan Myths Busted

      Personal loans are one of the most common types of credit products in the Singaporean market. These loans are mostly unsecured loans that come with a fixed tenure. Individuals can choose a tenure of their choice and make fixed repayments in accordance with the interest, over the course of the tenure. Here are some interesting personal loan myths that we’re just going to bust:

      Personal loan require collateral: As mentioned already, personal loans are predominantly unsecured loans that don’t require you to submit any form of collateral to the bank or the financial institution. Unless the amount in question is enormous, personal loans don’t require any form of collateral.

      Personal loans aren’t available to foreigners: Personal loans are very much available to foreigners as well. It isn’t only Singaporean citizens or Permanent residents who can apply for these loans.

      Banks take very long to process a personal loan application: Well, personal loans actually have the quickest turnaround time. Once your application is processed and reviewed by the bank, the money will reach your bank account in less than 5 business days.

      Personal loans come with lower interest rates than most other loans: This is false. Personal loans actually have a higher rate of interest than car loans and home loans.

      Personal loan isn’t available to self-employed individuals: Personal loans are available to both salaried and self-employed individuals. The eligibility, however, can vary for self-employed individuals.

      22nd September 2017

    • Tips to Fund your Christmas Spending

      Are you worried about the Christmas expenditures? Do you think your savings will not be enough for the Christmas celebration? Stop stressing yourself, we have a solution. Fund yourself with an unsecured personal loan in order to offset your Christmas spending. We have also done the homework for you; take a look at some tips on unsecured personal loans with low interest rates.

        • Go for HSBC’s Personal Loan with low interest rate starting from 3.8% p.a. (EIR from 7% p.a.). The loan tenure is from 1 to 7 years. You can also get the processing fee of S$88 waived.

        • Get Citibank Personal Loan at an interest rate commencing from 4.55% p.a. (EIR from 8.5% p.a.). Loan tenure will be 1 to 5 years.

        • You can also consider OCBC Fixed Repayment ExtraCash Loan. Its interest rate starts from 8.18% p.a. (EIR from 18.47% p.a.) and the loan tenure is 1 to 5 years.

        • Consider the Standard Chartered CashOne Personal Loan that has an interest rate commencing from 6.88% p.a. (EIR from 12.75% p.a.). The tenure is 1 to 5 years. You can earn S$1,088 cashback on your approved loan. If you apply online, you will get an additional cashback of S$50.

        • Get the DBS Personal Loan, and if you apply online you can get up to S$600 NTUC vouchers. The interest rate starts at 6.99% p.a. (EIR from 13.14% p.a.). The loan tenure is 1 to 5 years.

      09 November 2017

    • How to reduce borrowing costs

      Here are some ways you can help reduce your borrowing costs:

        • Look for promotions and discounts - Many banks offer promotional interest rates and exclusive discounts on their credit facilities, especially to new customers. So, instead of borrowing from your own bank, branch out and look around for new customer promotions with other banks.

        • Check for prepayment charges - Not all banks charge a fee for prepaying their credit lines if you give them an advance notice. So, if you’re looking to apply for a credit facility and repay it before the loan tenure elapses, shop around until you find a bank that does not charge an early repayment fee.

        • Borrow how much you need and not how much you are eligible for - Just because you are eligible for a certain loan amount does not mean you must apply for the whole amount. Only borrow how much you need and look towards repaying that rather than increasing your debt.

        • Longer tenures means higher interest payments - Unless you’re really strapped on money, choose a shorter loan tenure which means lower interest payments. This way you will not only be debt-free faster but also save on interest payments.

        • Start an emergency fund - Just because there is the availability of every kind of loan in the market today does not mean you stop taking any financial responsibility. Save a part of your monthly income for future needs. This way, the next time there is an emergency, you can use your own funds instead of taking a loan and increasing your debt.

      04th October 2017

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