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    We found 15 Choose Best Personal Loan, Compare Credit Availability & EIR Rates
    Bank Name
    Interest Rate
    Loan Tenure
    Joining Perks
    From 3.7% p.a. EIR from 7% p.a.
    1-7 Years
    What you'll love
    What you need
    What you need to consider
    What it costs
    From 4.55% p.a. EIR from 8.5% p.a.
    (Welcome offer for new to bank customers)
    1-5 Years
    What you'll love
    What you need
    What you need to consider
    From 4% p.a. EIR 7.5% p.a.
    1-10 Years
    What you'll love
    What you need
    What you need to consider
    What it costs
    Starts from 17.13% p.a.
    1-5 Years
    What you'll love
    What you need
    What you need to consider
    What it costs
    From 6.88% p.a. EIR from 12.75%p.a.
    1-5 Years
    What you'll love
    What you need
    What you need to consider
    What it costs
    From 3.88% p.a. EIR from 7.56% p.a.
    1-5 Years
    What you'll love
    What you need
    What you need to consider
    What it costs
    From 3.88% p.a. EIR from 7.56% p.a.
    1-5 Years
    What you'll love
    What you need
    What you need to consider
    What it costs
    4.99% p.a. EIR starts from 9.48% p.a.
    1-5 Years
    What you'll love
    What you need
    What you need to consider
    What it costs
    From 6.38% p.a. From 14.58% p.a.
    1-3 years
    What you'll love
    What you need
    What you need to consider
    What it costs
    From 4.5% p.a. EIR from 8.21% p.a.
    1-5 Years
    What you'll love
    What you need
    What you need to consider
    What it costs
    From 3.5% p.a. EIR from 6.63% p.a.
    Up to 10 years
    What you'll love
    What you need
    What you need to consider
    What it costs
    - EIR from 10.5% p.a.
    Up to 7 years
    What you'll love
    What you need
    What you need to consider
    Close

    Compare, check your eligibility and apply online instantly.

    Personal Loan BYTES FROM OUR KITCHEN

    Choose Best Personal Loan, Compare Credit Availability & EIR Rates

    If you are looking for the right personal loan for yourself, ensure that you check parameters such as the Effective Interest Rate (EIR), credit availability or how much money you would be able to borrow, the minimum income requirements, and whether you will be able to make repayments regularly and on time. While some banks may let you borrow up to 10 times your monthly salary or offer you a cashback when you apply before a certain date, there is no guarantee that the loan in question is the best for you. Maybe a lower interest rate of 3.7% p.a. is more appealing than a loan with a high credit limit. Maybe the fact that you can get a credit card for free holds more significance than a loan which lets you repay for up to 7 years. Comparing different loans will help you find the one that’s most suitable for you.

    Best Personal Loans in Singapore*

    Here is a list of some of the best personal loans in Singapore:

    Personal Loan EIR
    Citi Ready Credit Paylite Starts from 8.5% p.a.
    HSBC Personal Line of Credit Starts from 12% p.a.
    Standard Chartered Bank CashOne 12.75% p.a. to 27.56% p.a.
    Standard Chartered Debt Consolidation Plan 9.55% p.a. to 11.77% p.a.
    DBS Balance Transfer (for credit cards and Cashline) 7.12% p.a. to 7.61% p.a.
    UOB Personal (Term) Loan Starts from 12.09% p.a.
    CIMB Debt Consolidation Plan Starts from 7% p.a.
    Maybank CreditAble 19.8% p.a. to 22.8% p.a.
    BOC Overdraft Facility 0.5% p.a. to 1% p.a. (Prime Rate)

    Revised on:June 2018

    *The loan products mentioned here have been chosen from all the personal loan options available in Singapore. Terms like “Popular”, “Best”, and “Top” do not indicate any special favour shown towards any loan product in particular.

    Features the Loans Have

    HSBC Bank HSBC
    Min Loan Amount: S$5,000 Max Loan Amount: S$200,000 Processing Fee: S$88
    Citi Bank Citi
    Min Loan Amount: S$1,000 Max Loan Amount: S$100,000 Processing Fee: 1.58% to 9%
    Standard Chartered Standard Chartered
    Min Loan Amount: NA Max Loan Amount: 4x monthly pay Processing Fee: S$199
    DBS DBS
    Min Loan Amount: S$500 Max Loan Amount: S$200,000 Processing Fee: 1% to 6.38%
    OCBC OCBC
    Min Loan Amount: S$1,000 Max Loan Amount: 6x monthly pay Processing Fee: 1.8% to 6%
    UOB UOB
    Min Loan Amount: S$1,000 Max Loan Amount: S$200,000 Processing Fee: 1.38% to 4.88%
    Maybank Maybank
    Min Loan Amount: NA Max Loan Amount: 4x monthly pay Processing fee: 1.38% to 2%
    POSB POSB
    Min Loan Amount: S$500 Max Loan Amount: 10x monthly pay Processing fee: 1%

    Reasons to Apply for a Personal Loan

    Are you struggling to fund your wedding or home renovation project? Is your medical insurance insufficient to cover your parents’ medical costs? Whatever be the purpose, you can always find the right personal loan with the right research. Here are some reasons to apply for a personal loan:

    • Consolidation of Debt  – This is a popular reason to apply for a personal loan. Consolidation of debt allows you to combine all your debt from various lines of credit under a single roof. It has added benefits including a lower interest rate compared to other credit lines and gives you the legroom to restructure your finances and manage money better.
    • Paying off your credit card debt – This is another reason to apply for a personal loan - paying off your credit card dues. The interest rate on a personal loan is much lower when compared to that of a credit card. By using a personal loan to clear your credit card dues, it will help you save on interest and you will be able to rid yourself from your credit card debt much sooner.
    • Paying for your wedding– Your wedding day is one of the most important days of your life and it is not unreasonable to want the day to be perfect. However, planning the perfect wedding is not cheap and it is possible to fall short on cash when planning your big day. A personal loan can help bridge this shortfall and cover expenses, small and large including paying for the venue, food, your wedding dress, etc.
    • To pay for remodeling your home  – It is true that there are home renovation loans specifically available for home remodeling and renovations. However, not all such loans are unsecured and not all homes have the necessary equity against which you are looking to apply for this loan. But personal loans are unsecured, require minimum documentation and cover all kinds of expenses. A personal loan in this case is optimum if you are looking for a small loan amount for minor remodeling expenses.
    • Paying for Medical Expense – In this day and age, almost everyone is insured with medical insurance, but insurance does not cover all medical expenses. Many health insurance policies do not offer sufficient cover for pre-existing conditions unless you purchase a rider for your insurance, cosmetic surgeries or even travel expenses involved to seek medical treatment elsewhere. Under such duress, you can use a personal loan to pay for such expenses.
    • Taking a vacation – We all have our vacation spots that we wish to go to, however, they are not always easy on our pockets. Dream vacations are most certainly an expensive affair, otherwise they wouldn’t be called “dream” vacations. Whether you want to go on a cruise, visit an exotic location, plan an extended stay abroad, etc., a personal loan can help accomplish all your vacation plans.
    • Relocation – It is not the most common reason to apply for a personal loan, however, it is nonetheless, a reason. Relocation, especially overseas is not inexpensive. Whether you are moving for a better career opportunity, for marriage, etc., relocation can be strenuous. Applying for a personal loan can help you cover expenses including moving your household belongings, personal effects, your vehicle, pets, etc. Having ready and liquid money can also help smoothen the process of relocation.
    • Personal Loan for Tax Payment - Personal loans can also be used for paying taxes, especially if you are short on cash and you have tax debt or high tax liabilities. It is a much better option than using the cash advance feature of credit cards. With personal financing, you will get decent interest rates starting at 8% p.a. often, banks in Singapore let you borrow up to four to six times your monthly salary and you do not even have to declare this loan when you file your taxes. However, note that unsecured loans come with high interest rates, and you should not end up spending more on repaying the loan than what you would earn through tax reliefs.
    • Personal Loan for Family Finance Planning In Singapore, the costs of having a child could be high and even the incentives you get from the government may not be enough to cover your hospital bills. For instance, delivery charges alone could cost you over S$5,000 at a government hospital. However, depending on your situation you may be able to claim only a portion of this through MediSave. So if you are planning to start a family, you will probably have to apply for a personal loan as it can be helpful to cover the hospital expenses.A personal loan is a better option than a credit card cash advance as the interest rates charged with personal loans are comparatively lower. Lower interest rates mean lower cyclic repayments, giving you more room to raise a family.

    Finding the Right Personal Loans

    Are You a New User?

    • Use a comparison site: Before selecting a loan, visit a comparison site to objectively analyse the pros, cons, features, and attributes of a loan.
    • Check your credit score: Get a credit report from a rating agency. Certain loans may demand a very high credit score . Once you know what your score is, approach a lender to find out their requirement before applying formally.
    • Don’t apply for too many loans at the same time: Instead of applying for a loan from multiple lenders and increasing chances of rejection, shop for the most relevant ones and apply only for the one that suits your needs best. Multiple rejections can lead to a lower credit score.
    • Ensure that you meet that TDSR requirement: According to this framework, your total-debt -service ratio can’t exceed the 60% threshold. Ensure that you meet this criteria taking into account the approximate debt burden that the new loan would generate.
    • Read the offer document carefully: Don’t make the mistake of not poring over the terms and conditions diligently. The terms and conditions section contains important information that the agent may not tell you. Knowing them well will help you know your rights and liabilities and prepare you for all kinds of eventualities.

    Are You an Existing User?

    • Do you really need another one? – Go for an additional card only if your spending habits have changed or if it can help reduce your debt.
    • Space out your loan applications: Wait for at least six months before applying for another loan. Applying for loans too frequently can create an impression to lenders that you’re too dependent on credit, which they assume can increase your chances of default.
    • Consider the quantum of loan carefully before applying:If you already have multiple outstanding credit facilities and loans, it’s advisable that you dwell over the amount you want to borrow. Even if you qualify for a higher amount, consider choosing a smaller amount in order to keep your debt obligation at manageable levels.
    • Choose the tenure of the loan carefully:The longer the tenure of your loan, the more interest you would end up paying. The interest rates might look lower for long tenures but the total amount you pay as interest would be higher. Consider whether a higher tenure, even with lower monthly payments, is in line with your current financial plans and goals, or whether a lower tenure with a slightly higher monthly payment is a better option.
    • Create a repayment plan and schedule:Dealing with multiple loans can be tricky. To avoid missing out on payments, create a payment chart in which you can jot down the due dates of each loan and set up a reminder. Also, if you don’t have a steady income or your monthly expenses are too irregular, create a budget plan under which you allocate a fixed portion of your income towards payment of your loans.

    What You Can Enjoy with Personal Loans

    Low-Interest-Rate
    Low-Interest Rate Loans

    The interest rates of personal loans are lower than credit cards or payday loans. The interest rates are even lower during promotional periods. Rates can be further lowered if you have a good credit score.

    Read More
    Lowest-Repayments
    Personal Loan with Lowest Repayments

    Your monthly repayment depends on loan interest rate and tenure. Longer tenures and lower rates mean low repayment. But shorter tenures and/or higher rates mean high repayments.

    View
    Fast Application Process
    Fast Application Process

    Usually, if you meet the eligibility criteria set by your lender, your loan application will be approved within 1 to 7 business days. Some banks also offer instant approvals and less-than-a-day disbursals.

    Read More
    Low-Income Loans
    Low-Income Loans

    Even if you have an annual income as low as S$20,000, you can get an unsecured loan from leading banks in Singapore. For incomes lower than this, you can depend on licensed moneylenders and pawnbrokers.

    Read More
    Investing Through Personal Loan
    Investing Through Personal Loan

    These loans are not just useful to fund a wedding, pay for hospital bills, or go on vacations. You can also take an unsecured loan and use it for investments. Just make sure you are not taking too high a risk.

    View
    Promotions
    Promotions & Joining Benefits

    Many lenders offer special promotional deals and joining benefits ranging from cashback, lower interest rates, and gifts on personal loans. Look out for these deals and time your application accordingly.

    Read More

    A personal loan is an unsecured loan that you can secure at a short notice from a bank. It is ideal for meeting your emergency financial expenses and unexpected costs.Most banks will let you borrow up to four times your monthly salary if your annual income is at least S$30,000 and some may even let you borrow up to 10 times your monthly salary if your annual income is S$120,000 or more.Apart from term loans, personal lines of credit and debt consolidation plans are also considered to be personal loans in Singapore.

    Types of Personal Loans Available in Singapore

    Personal line of credit

    Under this type of personal loan, you can borrow up to a certain percentage of your credit limit. You can make repayments on this loan at any time and with any amount. After you have repaid the amount owed, the same credit will become available to you to draw on once again.

    Debt consolidation

    With this facility, you can consolidate all your unsecured debts into a single debt instrument and do away with multiple instalment payments. You can spread your payments over a tenure of up to 8 to 10 years. The interest rate usually varies between 4% to 5% p.a.

    Balance transfer

    With this facility, you can consolidate the credit limit available on all your personal loans and credit cards into one loan. It is usually a short-term loan and comes with an interest-free introductory period. Once the interest-free period is over, prevailing rates will apply

    Secured Overdraft

    Unlike other personal loans, this loan is backed by a collateral you have pledge to the bank. Your collateral could be a fixed deposit plan or mutual funds that you may be holding with the bank. Your credit limit will be determined by the value of the pledged asset.

    Term Loan

    With a term loan, you have to repay the loan amount in monthly instalments over the tenure of the loan or in full by the end of the loan tenure, depending on the terms of the loan. The interest rates on these loans are usually lower when compared to a revolving loan.

    Top Personal Loans in Singapore – Check Credit Availability

    Citibank Ready Credit Paylite

    EIR of 8.5% p.a. for tenures of 1, 2, or 3 years.

    Credit availability of up to 4 times monthly income.

    Loan repayments in instalments over up to 5 years.

    HSBC Personal Line of Credit

    EIR starting from 12% p.a. for a six-month period.

    Credit availability of up to 6 times monthly income.

    Personal Line of Credit Debit Card for easy usage.

    Standard Chartered Bank Cash One

    Credit availability of up to 4 times monthly income.

    EIR starting from 12.75% p.a. for 1 to 5 years.

    Platinum Visa Credit Card with a 5-year fee waiver.

    Standard Chartered Debt Consolidation Plan

    Consolidate all unsecured loan dues in one account.

    One-time processing fee of S$199 on the loan amount.

    Platinum Mastercard Credit Card for daily expenses.

    DBS Balance Transfer

    Transfer up to 93% of available credit card limit.

    No additional documents for DBS existing customers.

    Minimum repayment of 2.5% of balance or S$50.

    UOB Personal Loan

    Based on available limit of CashPlus or credit card.

    Monthly repayments starting from S$0.80 per day.

    Flat applied rate of 7.25% p.a. across all tenures.

    CIMB Debt Consolidation Plan

    Consolidate all unsecured loan dues in one account.

    Loan tenures ranging from one year to 8 years.

    Credit card with a limit equal to 1 month’s salary.

    Maybank Creditable

    Choose between fixed and flexible repayments.

    Enjoy annual fee waiver for 2 years on credit line.

    Pay interest only on the amount used from the limit.

    BOC Overdraft Facility

    Overdraw on your account up to agreed limit.

    Credit limit is restored as payments are made.

    Pledge SGD time deposits/ACU deposits as collateral.

    Things to Consider Before Applying a Loan

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    02
    03
    04

    Interest rates:This factor will directly contribute to the total payment on the loan. A good credit history will help you get lower rates. Higher rates will increase your debt burden.

    Credit Score: A credit report consists of a number ranging from 1,000 to 2,000 and a risk rating ranging from AA to HH. A higher score and a lower risk rating is considered desirable.

    Total Debt Servicing Ratio(TDSR):As per regulations, the TDSR for a borrower can’t exceed 60% of their gross monthly income. It’ll be used by a lender to decide the quantum of loan.

    Fees & charges: The processing fee, annual fee, late payment fee, prepayment fee, and other administrative fees can influence your total repayment. Check them all before you apply.

    Common Mistakes Made When Applying for a Personal Loan

    • Not shopping around:You don’t always have to settle down with the first loan offer that you receive. Try to compare between different products and brands using comparison sites. Consider every option analytically when choosing one
    • Not knowing your credit score:Applying for a loan without knowing your credit score and the minimum score accepted by the lender can just increase chances of application rejection. Download the latest credit report before applying for a loan.
    • Not choosing a licensed lender:It may be tempting to bypass the stringent checks and verifications that licensed lenders undertake before approving your loan application. However, remember that the activities of lenders with license are often unregulated and they may often make arbitrary decisions.
    • Not looking for hidden fees and charges:Many offers don’t lay all the fees and charges out in the open. They may be embedded deep inside the list of terms or conditions or presented in a manner that’s ambiguous. Find out more about these charges by calling up the lender before you apply.
    • Not paying close attention to the terms and conditions of an offer:Poring over the terms and conditions of a loan product may seem to be a boring and unnecessary task. But, if you don’t go through them meticulously, you might risk not knowing what you’re paying for or all the benefits available.
    • Providing false information in the hopes of getting a better deal:Lenders undertake an extensive verification and vetting process after you have submitted your application. Misreporting may lead to rejection of your application and even legal action.
    • Not budgeting your expenses and liabilities:You probably deal with a number of bills already. Taking a loan will be an addition to this. To ensure that you don’t miss out on timely payments and to know the sources of income that can be used to meet these obligations, having a well-documented budget is necessary.
    • Not asking important questions:If you have doubts and concerns regarding a loan and how it might affect your financial standing, please don’t stop yourself from asking questions to your lender. Ask again and again till you’re full satisfied with the responses.
    • Borrowing more than you need: Just because you qualify for a higher loan amount doesn’t mean that you’ll have to apply for the same amount. Apply for an amount that you actually need and you’re comfortable repaying.
    • Not negotiating the terms of the loan with the lender:Just because some interest rate or fee has been published on a lender’s website, it doesn’t mean that you can’t negotiate the terms of the offer. Most lenders, will be open to negotiations, if you can demonstrate your ability to repay the loan on time.

    How to Check My Eligibility

    The following are the factors that will be considered:

    • Your nationality.
    • Your annual income.
    • Your age.
    • Your balance-to-income ratio (BTI) which should be at least 12 times the monthly income, as required by debt consolidation plans.

    Using the Monthly Instalment Calculator

    Let Us Illustrate

    Let us assume that you have taken S$5,000 as loan from DBS which offers personal loans at a fixed rate of 3.88% p.a. and charges 1% of the amount as processing fee. So, your effective rate of interest is 7.56% p.a. Monthly interest rate is 0.00883%.

    If you have chosen a tenure of 5 years or 60 monthly instalments, your repayments would be approximately S$107.71 and your total payment would be S$6462.60.

    Note: The numbers shown here are purely for illustrative purposes and could vary in real life depending on the method of calculation used.

    How to Calculate Monthly Repayments?

    The general formula for calculating monthly payments for your personal loan is [PxRx(1+R)n]/[(1+R)n-1] where ‘P’ is the loan amount, ‘R’ is the effective rate of interest per month and ‘n’ is the number of monthly instalments.

    The effective rate of interest per month can be calculated using the formula (effective rate of interest p.a.)/{(effective rate of interest p.a.+1)x100}.

    It needs to be noted here that your lender may use a different method to calculate your monthly payment.

    Type of Interest Rates Available

    Fixed Interest Rate:Some personal loans, especially term loans, are pegged to the prevailing fixed deposit interest. It is decided by the bank and is usually resistant to market fluctuations. These interest rates are not likely to change over the entire duration of a loan.

    SOR-linked Rate:Some personal loans in Singapore are linked to SOR or the Singapore Swap Offer Rate. This is the forward exchange rate between US dollar and Singapore dollar. It tends to fluctuate due to macro- and microeconomic conditions, which affects your loan’s interest rate.

    SIBOR-linked rate:Some personal loans in Singapore are linked to SIBOR or Singapore Interbank Offered Rate, the reference rate used by banks in Singapore to lend funds to each other. It is decided by the Association of Banks in Singapore and is exposed to market fluctuations.

    Bank Board Rate-linked Personal Loans:The bank’s board rate is a floating rate and is decided by the bank. It is usually linked to the bank’s fixed deposit interest rate. It usually contains two components – the fixed deposit rate and a surcharge decided by the bank.

    Fees & Charges – the Cost of Getting a Personal Loan

    • Processing fee
    • Annual fee
    • Prepayment fee
    • Late payment fee
    • Loan cancellation fee
    • Overdue interest charges

    What Repayment Options Do You Have?

    You can make payment towards your monthly dues using any of the following modes:

    • By issuing a crossed cheque.
    • By paying cash at a branch of your bank.
    • By paying through an ATM.
    • By using online banking (only for those with a bank account).
    • By using mobile banking (only for those with a chequing account).
    • Via an AXS terminal.
    • Via GIRO.
    • Via FAST.

    The Interbank GIRO form can usually be downloaded from your bank’s website. Simply fill it up and send it to the bank. You have to pay the full instalment amount for term loans. However, for DCPs, personal lines of credit, and overdraft facilities, you may just pay the minimum amount due in order to roll over the loan to the next month. However, interest will be charged on the outstanding balance on a daily basis.

    Help With Your Existing Loan

    • Check the prepayment fee: Repaying a loan in full before its maturity might help you save because you don’t have to pay interests on the outstanding balance any more. But most lenders will charge a prepayment fee. Check if the benefits of closing the loan account outdo the loss arising from the payment of this additional charge.
    • Don’t miss payments: Missing payments can seriously damage your credit score, risk rating, and limit your chances of securing a loan in the future. You’ll also have to pay added charges and interests, thereby, increasing your debt burden.
    • Check if loan restructuring is possible: Some lenders may allow you to change certain details of the loan - tenure, interest rates, minimum payment due, and charge even if an agreement or payment plan is already in place. Check with your lender if it is possible with your loan. For example, you can change the tenure of your SCB CashOne Loan by paying S$50 per change.
    • Check your latest credit score: Your credit score can continue to change rapidly based on timely payments or missed payments. To check the latest score, obtain a report from any of the following places:
    • You’ll have to pay a fee of S$6.42 to obtain the report.
    • Income tax notice of assessment: Download the latest income tax notice of assessment for 1 year or 2 years, depending on the salary category for which you qualify, from myTax portal using your SingPass ID or IRAS PIN. It is available for free.

    Make Better Choices with BankBazaar.sg

    BankBazaar provides you with details about the best loans available in the market. You can check eligibility for a particular loan through our site and then ask for a customised quote.Depending on your nationality, type of employment, annual income, age, bank/s with which you have an account, bank/s from which you already have a credit card, and some other basic criterion, you’ll get a customised list of loans that are best suited to your needs.As soon as you select one and apply for it, you’ll be prompted to fill out an online form. Once you have validated and saved the details, you’re ready for your loan.


    Other Things You Need to Know

    Can You Take a Loan With a Bad Credit Score?

    A bank may offer a lower rate of interest on its personal loans although the screening process may be rigorous. Money lenders are more flexible and may let you borrow even with less than impressive credit scores. But they usually charge a higher rate of interest

    How will I know when my repayment due date for my personal loan is?

    Your due date for monthly repayments would be mentioned in the notification letter that is posted to you by the bank. Usually, your first monthly repayment date will fall on the same date from your loan approval date. The date will remain the same for the coming months unless it says something else in the notification letter.

    What are the steps involved in personal loan approval from a bank?

    You can apply for a personal loan using the following steps: Visit the desired bank’s website.

    • Apply for a personal loan online.
    • Upload the necessary documents (if prompted on the website).
    • Click the submit tab to complete the loan application.
    • Once your loan is approved, you will be notified about the decision.

    There are plenty of financial banks and institutions. How do I decide which bank to take a personal loan from?

    When you are applying for a personal loan, you will need to keep in mind that banks will have interest charges, processing fee, pre-closure charges, late payment fee and other charges. These charges that are applicable on a personal loan will vary from one bank to another.It is advisable to first compare the details from all available banks, to get an understanding of the above charges and the clauses associated with them. Post this, you can opt for a bank that gives you the best deal.

    I am not sure about the amount that I need to repay on a monthly basis. Where can I find this information?

    The amount you need to repay in monthly instalments will usually be mentioned in the notification letter you would have received from the bank. However, if this is not available, you can dial the bank’s hotline number to obtain information about your monthly repayments. The hotline number can be obtained from the respective bank’s website. Apart from this, you can estimate the amount required through a personal loan calculator, and ensure that you keep the money aside every month.

    Will my credit score be affected if I default on my personal loans?

    Yes, your credit score and rating will depreciate if you default on your personal loan repayments. Banks and financial institutions will gauge your loan repayment capacity using your credit history. It is crucial that you maintain a good credit score as this will help you secure a loan in the future without any hassles.

    Can I opt for a personal loan pre-closure?

    Yes, you can opt for a personal loan pre-closure. Most banks will require you to give a written communication or notice stating your request. Banks will also levy pre-closure charges or early repayment fees depending on the loan amount and tenure.

    I have applied for a personal loan but haven’t yet received any updates from the bank. What should I do?

    Banks or financial institutions will have complete discretion on whether a loan can be granted to an individual or not. If you qualify for a personal loan and if you have applied online, you will receive an email or notification once your loan is approved by the bank. Certain banks may also allow you to check your application status online. Alternatively, you can call the bank’s hotline number to obtain information about the status of your loan.

    How can I apply for a personal loan?

    Different banks will have different eligibility criteria. You will need to first check whether you qualify for the loan. If you do, you can visit the nearest bank branch and submit the mandatory documents necessary to process your loan. Alternatively, you can also apply for a personal loan online on the respective bank’s website or dial the bank’s hotline number for further information.

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