If you are someone who is looking for instant financial assistance to fulfil your dreams or meet your financial obligations, you should opt for RHB Bank Personal Loan. RHB Bank Singapore offers a host of solutions for retail customers. It is one of the most well-known banks in the island. The bank is well known for being the first and only bank to receive the Best Customer Experience Management of the Year Award, in banking service by the APCSC Hong Kong. The vast number of solutions that the bank offers to retail consumers includes unsecured personal loans secured personal loans, commercial and residential property financing, credit cards and education loans. RHB bank is also the first bank to be conferred by Spring Singapore with the prestigious Service Class award.
About RHB Bank Singapore
RHB is one of the largest commercial banks in Malaysia, with over 180 branches in Malaysia, Thailand, Brunei and Singapore. With assets of RM119 billion, the company is a banking juggernaut in its areas of operation, growing with a strong customer base and positive asset valuations. The range of services offered by the bank include Retail banking, business banking, Investment Banking, Transaction banking, Islamic Banking and Treasure Management. The first branch in Singapore was established in the year 2011, commemorating the 50th year of business. The bank has currently 7 branches spread across the island of Singapore, and has thirteen currency exchange units in the Changi Airport of Singapore.
About RHB Bank Singapore Personal Loan
RHB Bank Singapore Personal Loans are designed to help Singaporeans in meeting their financial responsibilities or helping them take care of additional expenses such as going on vacations, purchasing new things etc. They come with attractive interest rates and loan tenures that make them very popular with the customers.
Why choose RHB Bank Personal Loan?
If you want fast approval of the loan amount, a hassle-free approval process and a minimum documentation requirement, you should apply for a personal loan with RHB Bank. You will also benefit from the excellent quality of customer service offered by the bank and in case you have any queries or questions, you can contact the customer service team and get the required answers in no time.
Types of RHB Bank Singapore Personal Loan
Typically, a personal loan offered by banks is an unsecured loan given to a person for personal reasons. However, RHB Bank Singapore offers two products for people looking for personal loans:
- Preferred Credit
- Personal Secured Overdraft
This product is an unsecured loan granted to a customer based on his monthly salary in the case of employees, and based on the annual income declared in the case of self-employed people. The bank does not ask reasons for loan procurement like in the case of an educational loan or a car loan. Since it is unsecured, the lender would not need to provide any security for the loan.
Features and Benefits of RHB Bank Preferred Credit
- The loan comes with a low interest for the first three months at just 3.88% per annum. Thereon, the loan would attract an interest rate of 13.888% per annum.
- The lender would not need to make any monthly minimum repayment.
- In case the line of credit remains positive, you can expect high returns just like a savings account.
- The bank offers a free gift for everyone signing up for preferred credit. Currently, it offers a limited edition premium leather pouch.
The secured overdraft by RHB Bank is a powerful product where you can monetize your assets like a fixed deposit or a property to borrow funds from the bank. Whether you need the money for a personal reason or a business investment, nothing beats the advantage of a secured overdraft, as the interest rate is just 4.7% per annum. Since the product is an overdraft, whenever the account gets into credit, you would not need to pay any interest for the loan.
Features and Benefits of RHB Bank Personal Secured Overdraft
- If you are borrowing funds on a Singapore Dollar Fixed deposit, get 100% funding on the asset value.
- No minimum monthly repayment
- Zero charges like annual maintenance fee or processing fees.
- Low interest rate of just 4.7% per annum
RHB Singapore Personal Loan EligibilityEligibility for Secured Overdraft
There are no major eligibility criteria for getting a secured overdraft, as the bank has the assurance of collateral property from the applicant. The only requirement would be that he would need to be Singaporean citizen or permanent resident, and must be aged between 21 to 60 years. No other income requirements, though the bank might ask income documents as supportive documents. The documentation process is also swift.Eligibility for Preferred Credit
- Must be a Singaporean citizen or a permanent resident.
- The age of the individual must be between 21 to 60 years.
- The income of the individual must be a minimum of S$30,000 per annum.
RHB Singapore Personal Loan Interest Rates
The interest rate for Secured Overdraft can be as low as 4.70% per annum.
The interest rate for Preferred Credit can be as low as 5.888% per annum for the first 3 months and 16.888% per annum thereafter.Other products offered by RHB Bank Singapore
Apart from personal loans, the different products offered by RHB Bank Singapore includes -
- RHB Home Loans
- RHB HDB Home Loan
- RHB Overseas Property Loan
- RHB Malaysia Residential Property Financing
- RHB Malaysia Commercial Property Financing
- RHB Commercial Property Loan
- RHB Private Property Home Loan
- RHB Universal Life Premium Financing
- RHB Country Club Financing
- RHB Preferred Credit
- RHB Secured Overdraft
- RHB BizPower SME Business Loan
- RHB Business Loans
- RHB Fixed Deposits
- Investment banking etc.
RHB Singapore Personal Loan FAQ’s
- What is the eligibility for a RHB Singapore Personal Loan?
- What interest rates does the bank charge?
- Does the bank need any collateral security for approving the loan?
Secured overdraft – The person would need to be a Singaporean citizen or permanent resident. The person applying for a loan must be between the ages of 21 to 60 years.
Preferred Credit – The person would need to be a Singaporean citizen or permanent citizen, and his age must be between 21 to 60 years. Since, the loan does not have collateral security, the person would need to have an annual income of minimum S$36,000.
Secured Overdraft – the interest rate can be as low as 4.70% per annum.
In the case of preferred credit, the interest rate would be 5.888% per annum for the first 3 months and 16.888% per annum thereafter.
Preferred credit is based on your income eligibility, and hence no collateral is needed. In the case of a secured overdraft, one of the following assets can be provided as collateral:
- Singapore Dollar Fixed Deposits
- Approved Stocks & Shares
- Foreign Currency Fixed Deposits
- Insurance Policy
No. RHB Bank does not have a minimum monthly repayment compulsion. However, paying a bit every month reduces the loan burden.
In the case of a secured overdraft, the bank does not charge any annual fees or processing fees.
In the case of preferred credit, the following fees are applicable:
- Annual Fee – Waived
- Minimum interest charge – S$10
- Over limit charges – 5% above the current interest rate
- Minimum repayment per month – none (if the loan amount is within the credit limit)
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