• Personal Loans for Good Credit Score

    Personal loans in Singapore are perhaps the easiest way to get some emergency cash when you need it the most. If you have a good credit score, it becomes that much easier to get a personal loan. Let’s take a look at some of the banks in Singapore that offer the best private loan options for people with great credit scores.

    HSBC’s Personal Loan

    • Eligibility - Singaporean, PR, or foreigner ? 21 years to 65 years.
    • Minimum annual income - S$30,000 (Singaporean/PR) & S$40,000 (foreigners).
    • Maximum loan amount - 4x monthly salary for salaries of at least S$30,000 and less than S$120,000. 8x if your annual income is ? S$120,000.
    • Interest rate - For tenures between 3-7 years, 4.8% p.a. (EIR 9% p.a.) and if your annual income ? S$80,000, 3.7% p.a. (EIR 7% p.a.).
    • Processing fee - S$88 (currently waived for applications between 2 April 2018 to 30 June 2018).
    • Late payment charge - 2.5% + existing interest on overdue amount.
    • Early settlement penalty - 2.5% of the outstanding principal amount.

    Citibank Ready Credit

    • Eligibility - Singaporean, PR, or foreigner ? 21 years.
    • Minimum annual income - S$30,000 (Singaporean/PR) & S$42,000 (foreigner).
    • Maximum loan amount - 4x monthly salary.
    • Interest rate - 5.39% p.a. (EIR 10% p.a.) [4.55% p.a. (EIR 8.50% p.a.) if you’re new to Citibank].
    • Late payment charge - the loan will be terminated if the minimum payment amount is overdue by 2 months, and the outstanding loan amount will be charged.
    • Early settlement penalty - S$100 or 3% of the outstanding principal amount, whichever is higher.

    Standard Chartered CashOne

    • Eligibility - Singaporean, PR, or foreigner, between 21 years and 65 years.
    • Minimum annual income - S$20,000 (Singaporean/PR) & S$60,000 (foreigner).
    • Maximum loan amount - 4x monthly salary.
    • Interest rate - as low as 6.88% p.a. (EIR 12.75% p.a.) for annual incomes of S$30,000 and more. For annual incomes between S$20,000 and S$29,999, as low as 9.80% p.a. (EIR 27.56% p.a.).
    • Processing fee - S$199.
    • Late payment charge -S$80.
    • Early settlement penalty -S$250 or 3% of outstanding principal amount, whichever is higher.

    DBS Personal Loan

    • Eligibility – Singaporean/PR 21 to 65 years old.
    • Minimum annual income - S$20,000.
    • Maximum loan amount - 4x monthly salary & 10x for annual incomes ? S$120,000.
    • Interest rate - 3.88% p.a. (EIR 7.56% p.a.).
    • Processing fee - 1%.
    • Early settlement penalty - S$150.
    • Late payment charges - S$100 for Credit Card Personal Loan/S$105 for Cashline Personal Loan.

    Maybank CreditAble Term Loan

    • Eligibility - Singaporean, PR, foreigner, 21 to 65 years.
    • Minimum annual income - S$30,000. (S$60,000 for foreigners).
    • Maximum loan amount - 2x monthly salary.
    • Interest rate - 6.88% p.a. (EIR as low as 12.96% p.a.) for tenures of 3 to 5 years.
    • Processing fee - 2%.
    • Late payment charge - prevailing rates determined by the bank.
    • Early settlement penalty – S$200 or 3% of the outstanding principal amount, whichever is higher.

    UOB Personal Loan

    • Eligibility - Singaporean, PR. 21 - 55 years.
    • Minimum annual income - S$20,000 (21 to 45 years) or S$30,000 (>45 years).
    • Maximum loan amount - 95% of your credit limit on your UOB Credit Card.
    • Interest rate - as low as 4.99% p.a. (EIR 9.48% p.a.) on online applications until 17 July 2018.
    • Processing Fee - 1% on online applications until 17 July 2018.
    • Late payment charge - S$90.
    • Early settlement penalty - S$150 or 3% of the loan amount outstanding, whichever is higher.

    OCBC ExtraCash Loan

    • Eligibility - Singaporean, PR, foreigner.
    • Minimum annual income - S$20,000 (S$45,000 for foreigners).
    • Maximum loan amount - 6x monthly salary.
    • Interest rate - 8.55% p.a. (EIR 17.13% p.a.) for 5-year loan.
    • Processing fee - S$200 or 2% of loan amount, whichever is higher (annual income at least S$30,000) & S$100 (annual income S$20,000 to S$29,999).
    • Late payment charge - S$80.
    • Early settlement penalty – S$1,000 or 3% of the outstanding amount, whichever is higher.

    CIMB CashLite

    • Eligibility - Singaporean or PR ? 21 years old.
    • Minimum annual income - S$30,000.
    • Maximum loan amount - 80% of available CIMB credit limit.
    • Interest rate - as low as 4.5% p.a. (EIR as low as 8.21 p.a.).
    • Late payment charge - S$100.
    • Early settlement penalty - S$250 or 3% of the principal amount outstanding, whichever is higher.

    Bank of China Personal Loan (BOC $martLoan)                                               

    • Eligibility - Singaporean, PR, foreigner.
    • Interest rate - 6.66% p.a. (EIR 13.86% p.a.) on 5-year loan.
    • Processing fee - 3% (minimum S$150)
    • Late payment charge - S$100 or 2% of the minimum payment sum, whichever is higher.
    • Early settlement penalty - S$100.

    Having a good credit score can get you loans with higher amounts and lower interest rates. But what if your credit rating isn’t that great?

    Improve Your Chances of Getting a Loan

    If you have a bad credit history, the first thing to do is to try and improve it. Here are some ways in which you can try getting a personal loan even if your credit rating is not in the best shape.

    • Apply for smaller amounts: Get a loan for a small amount. Start paying it off on time without defaulting on even one payment. This helps improve your credit score, showing banks that you can make your payments on time. Do this over time with multiple small amounts to build your reputation.
    • Restructure any existing debts: Having outstanding debts can prevent banks from lending you money. Discuss with your bank the possibilities of reducing the interest rates on your existing debts and adjusting the payment period to help you make payments on time. This will repair and restore your credit history over time.
    • Take help from non-banking financial institutions: Although these institutions also look at your credit score, they are more flexible and may offer loans at higher interest rates. Financial institutions such as Hong Leong Finance or Singapura Finance offer such loans and are registered with the Monetary Authority of Singapore.
    • Moneylenders should be the last resort: If no other option seems to work, approach a moneylender only as a last resort and only if you have no other choice. They usually offer only small amounts and charge very high interest rates which may not be of much help.

    Consider Debt Consolidation

    Debt consolidation is something you should consider if you have too many loans scattered over various financial institutions. The different interest rates and repayment schedules can be difficult to keep track of. Also, some of these loans may have very high rates of interest. Here are some features of debt consolidation:

    • Combine existing unsecured loans such as credit card debts, personal loans, and credit lines into one loan with a longer payment period and lower interest rate.
    • Makes monthly payments much more affordable.
    • You must be a salaried employee with an annual income of at least S$20,000 up to a maximum of S$120,000.
    • Other unsecured facilities and credit cards will be cancelled. But you will have a month’s worth of revolving credit to help manage your daily needs.

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