SBI is the largest banking group in India, and has a major global presence, which helps its customers enjoy premium banking experience throughout the world. SBI started its operations in Singapore in 1977, and received its Qualifying Full Bank (QFB) status in 2008.
Personal loans form one of the largest classes of debt products offered by SBI in Singapore. As an individual, you can get SBI personal financing up to four times your monthly income if your annual income satisfies the condition of being more than or equal to S$30,000 and up to S$120,000, or up to six times your monthly income if your yearly salary is greater than S$120,000, provided you meet the other eligibility criteria set by the bank.
The bank retains the final say in the amount of loan or overdraft facility that is made available to you.
To be eligible for personal loan offered by SBI, you must satisfy the following conditions:
Don’t forget to provide a copy of your NRIC along with the completed application form during verification/approval.
You can increase your loan application success rate by doing one or more of the following:
The following are the eligibility criteria set by other banks for personal financing:
Q: I am a foreigner. Can I apply for an SBI personal loan?
A: No, you can’t. Only Singapore citizens and PRs can get unsecured loans from SBI.
Q: Can I apply online?
A: Yes, you can. However, you’ll have to be physically present at a branch at the time of verification of the application form and the supporting documents.
Q: I am self-employed. What are the income documents that I need to provide?
A: You’ll need to provide income tax notice of assessment for the last two years.
Q: I am a commission-based employee. What are the income documents that I need to furnish?
A: Any commission-based employee or someone with a variable pay can apply provided they have two years of work experience in Singapore at least. You’ll have to provide income tax notice of assessment for the last two years or provide statements of your CPF contribution for the last 15 months.
Q: Is there a minimum work experience criteria for salaried employees?
A: If you’re a salaried/full-time employee, you’ll need to have a work experience of at least two years to be eligible for an SBI personal loan.