Have you been held back from opting for a cosmetic surgical process such as liposuction, breast augmentation, or facial contouring due to lack of funds? Instead of putting your plan on the backburner for an indefinite period, start looking for a personal loan with low repayment and flexible tenure options. Cosmetic surgeries, in general, are expensive affairs in Singapore. Even if your finances are in order and you have some savings, getting a personal loan would give you the latitude or scope to utilise your money on wealth generating activities.
How Expensive Can a Cosmetic Surgical Process Be in Singapore?
The cost of a surgical process would depend on the nature of surgery, the body part being operated upon, the clinic, pre- and post-surgical care and support, if needed, and the competitiveness in the market. While you may not get an exact number unless you approach a clinic or a cosmetic surgeon, you may get a ballpark estimate by scanning the internet.
For example, a traditional liposuction could cost you anywhere between S$1,500 and S$12,000 in Singapore and the cost of breast augmentation could go up to S$15,000. For tummy tuck from a standard clinic or hospital, you may have to pay anywhere between S$8,000 to S$9,000
(The above examples are only approximations, talk to a surgeon for accurate costs).
If you consider the cost of the actual procedure, cost of anesthesia, the doctor’s fees, and hospital charges, the cost for most processes may seem to be high. Cosmetic treatment and surgical processes could cost a fortune. Moreover, most insurance plans in Singapore don’t offer coverage for cosmetic surgeries. While these processes are increasingly becoming popular in the country, many struggle to manage their finances in the aftermath. That’s because many fail to analyse their financial situation accurately that may end up negatively affecting their credit score and standard of living.
With a low-interest loan, you can escape the need to make the full payment with your own money. Most lenders offer a tenure ranging from 1 year to 5 years. The tenure on HSBC personal loan goes up to 7 years. By spreading your payments, it becomes much easier to manage your finances. Also, because the instalments are fixed, appropriating a budget becomes easy.
Factors to Keep an Eye on Before Applying for a Personal Loan
Before you choose a loan, make sure to check the following:
- Credit score: Check your credit score. You get a report from CBS for a fee of S$6.42. Once you know your score, check with a lender to see whether your score meets their criterion or not. Also, check whether you’re eligible for the advertised rates and promotional offers or not. A low interest rate, fee waivers, and cashback would help you lower your cost of borrowing.
- Rate of interest and charges: Refer to bank websites and other online marketplaces to glean relevant information about and insights into the interest rates charged on specific loans. When checking for loans, don’t stop at advertised rates only. Look for hidden costs, penalty charges, and other costs that could jack up the effective rate of interest. Also find out whether you qualify for the most lucrative loan offers from the bank or not.
- Tenure: Don’t pre-decide on the tenure you want before walking into the bank. Talk to a representative to know your best option. If you choose a relatively shorter tenure, it might push up your monthly instalment payments, and make it tougher for you to honour your immediate financial commitments. Again, opting for a longer tenure, could mean that you’ll have to pay more in interests. Finding the right balance would depend on your current financial standing and what the bank is willing to offer. Since, the cost of most cosmetic procedures is quite high in Singapore, it might be smart to choose a higher tenure because it would spread your payments and make it convenient for you to make the repayment.
- Total Debt Service Ratio: Always keep the larger picture in mind. The Monetary Authority of Singapore mandates that you can’t borrow more than 60% of your gross monthly income. This includes home loans, personal loans, revolving credit, and all other borrowings you have made. Before taking a personal loan for your cosmetic surgery, calculate this ratio. If you have plans to take a home loan or a car loan in the near future, be careful with the loan amount and tenure. Also, applying for too many loans within a short span of time might affect your credit score because lenders may assume that you’re too dependent on credit. This lowers your attractiveness as a customer because it is assumed that access to more credit increases chances of default.
- Terms and Conditions: While most personal loans may not have any clauses associated with the use of the loan, some may only be granted for specific purposes. Read the fine print carefully and make sure that the bank permits you to use their loan for meeting your surgery-related expenses. You can apply for a personal loan online. Many lenders give you in-principle approval on the same day and sometimes within a few hours. Money is usually released within 2 to 3 business days, provided you meet the criteria and provide the necessary supporting documents on time. Once you get a personal loan for your cosmetic surgery, make sure to repay the instalments on time. This would help you stay on course with your financial objectives.