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    Personal Loan For Foreigners in Singapore

    Singapore is frequently rated as one of the best place in the world for expats. In fact, a significant percentage of the people living in the island are foreigners who work in Singapore. Foreigners are integral to the economy of the country and they come from all walks of life. The banking and financial institutions in the country also provide their services to foreigners. In fact, as a foreigner living in Singapore you can easily apply for a home loan, personal loan and a range of other products and services. If you are faced with a financial difficulty, you can easily get the money that you need by applying for a personal loan.

    Why Would A Foreigner Need Personal Loan in Singapore?

    Foreigners who live and work in Singapore do face economic difficulties at times and they need so they need financial assistance. Their savings and income may not be enough to help them during those difficulties. Similarly, they might also need financial assistance when they want to fulfil their desires or dreams. Hence, they have to look for ways through which they can borrow money and so they can opt for a personal loan offered by the banks and financial institutions in the country. They will have many banks and financial institutions to choose from and can opt for a personal loan product that will be best suited to meet their financial needs.

    Personal Loan For Foreigners in Singapore

    List of Banks That Offer Personal Loans to Foreigners in Singapore

    Some of the banks that offer personal loans to foreigners in Singapore are as follows:

    • HSBC Personal Loan – If you are a foreigner with valid employment pass, you should have an annual income of minimum SGD 40,000 to apply for a personal loan offered by the bank.
    • Citibank Personal Loan – You will need to have an annual income of minimum SGD 42,000 to apply for a personal loan offered by the bank as a foreigner.
    • POSB Personal Loan – You should have a minimum annual income of SGD 60,000 to apply for a personal loan offered by POSB. You can avail up to SGD 200,000 as a loan.
    • Standard Chartered Personal Loan – You should have a minimum annual income of SGD 60,000 with a valid employment pass to apply for a personal loan offered by Standard Chartered Bank in Singapore.
    • OCBC Bank Personal Loan – In order to apply for a personal loan offered by OCBC Bank, you need to have an annual income of SGD 30,000.

    Apart from the banks mentioned above, many other banks and financial institutions also offer personal loans to foreigners in Singapore. You should be aged 21 and above to apply for these personal loan products. Do remember that the eligibility criteria may differ from one bank to the other. You will need to provide copies of your passport, employment pass and other relevant documents along with your loan application.

    Once you apply for the loan and provide all the documents, the loan application will be processed within a few days and if the application is approved the loan amount will be available to you in no time. In most cases, the loan amount will be credited directly to your bank account.

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