What are the Finance Options for Foreigners in Singapore?

It’s true that most expats don’t know about financial aids and laws pertaining to same in Singapore. But that doesn’t matter as they can easily apply for foreigner loans.

The saying, ‘There is nothing like Home’ is quite true, but it doesn’t mean that outsiders and non-natives can’t turn Singapore into their own home. The island country, which is known for its beautiful landscapes and breathtaking sceneries, offers Foreigners with incredible opportunities, even when they are cash stripped!

Alike natives, Foreigners in Singapore can also get loans from licensed moneylenders in the country. Foreigners Loan in Singapore is quite popular when it comes to purchasing properties, paying rent, or getting timely financial aid for personal and medical emergencies. And even though these loans can seem hard to come by, they are actually quite easily available throughout the country.

Foreigners loan can be availed by an expat or non-native individual who can prove that they are in Singapore legally. Apart from this, several other documentations would be required, including a copy of visa, passport, work permit, salary slip and current residential details. Here is a list of some of the popular finance options that foreigners can avail in Singapore.

Foreigners’ Loans for:

Personal Purposes

Although most moneylenders in Singapore use the term ‘foreigner’ for all kinds of loans offered to expats, their amount, interest rate and repayment is usually determined on the basis of the purpose of loan. One of the most common financial option available for foreigners is the personal loan, which can be used for anything to everything, including automobile purchases, rent payments and setting up businesses.

Property Loans

Foreigners can also avail property purchase loans from different moneylenders in the country. Such a loan is usually provided via collateral, since property purchases demand higher loan value. The interest rate is higher without collateral and lower with a mortgage.

Medical Loans

For medical emergencies, a number of moneylenders in Singapore provide foreigners loan. Such a loan is offered on emergency basis and the applicant is approved within a few hours. You would need to check with your moneylender regarding the guidelines or policies they follow for repayment and interest rates on these loans.

It must be noted that you don’t require any special certifications, citizenship or collateral or properties to apply for a loan. But before you go ahead and sign an application, make sure that you follow these simple tips:

• Don’t just fill applications of every moneylender you find online. Prefer only the licensed ones, as they can offer you better rates and competitive services.
  
• Never ever sign a deal without knowing the repayment terms. And while you are discussing the same, make sure that you even enquire about any penalties on pre-payment.
  
• Lastly, always make sure that you opt for an amount that you know can be repaid. Don’t be lured by higher loan amounts. Ensure that you check all your resources for repayment before you choose.

Sponsor Ads

• Ad Space Available - Rent it Now!

Report this Page

Created on Dec 31st 1969 18:00. Viewed 0 times.

Share on APSense

Comments