Ways On How To Apply For A Personal Loan

Getting a loan is not as difficult as it was before, banks and companies now-a-days offers different kinds of loans ranging from home, car, business and even personal loan.

This kind of loans and can be availed in just a few hours, days or weeks depending on the chosen loan and their corresponding terms and conditions.

 

To fully understand each loan, there are websites which offers comparisons between bank. For instance, let's discuss what personal loan is. 

Personal Loan is a loan supplied to individual who can be paid in fixed or flexible monthly installments. 

 

Eligibility and Documents Needed 

The documents stated below are just some of the information most banks and/or companies require individuals applying for the best personal loan Singapore. Terms and conditions may vary depending on the place where one is applying to. Personal loan rates in Singapore maybe different from what you can expect in different country like Malaysia, Vietnam and Philippines for example.

 

For those who are leaning to getting a personal loan in Singapore, here are the things you must remember:

 

General Information:

1. Applicants should be 21-65 years old
   
2. Fixed payment should be paid on a monthly basis
   
3. Flexible payment requires borrower to pay the minimum amount stated in the offer letter.
   
4. Applicant should have a minimum annual income based on the terms and conditions provided by the bank or company.
   

 

Employed Individual:

1. For employed individual, they should also provide a photo copy of National Registration Identity Card (NRIC)
   
2. provide the latest income tax and pay slip
   

 

Self Employed Individual:

1. For self employed on the other hand, they also need to provide a 
   
2. copy of their NRIC
   
3. Last two years copy of income tax and last 3 month's bank statements
   

 

For first time applicants here are the requirements:

1. Photocopy of NRIC
   
2. Proof of Income or;
   
3. CPF Contribution Statement or;
   
4. Latest Income Tax Notice of Assessment (NOA)
   
5. Passport & Employment Pass (for foreigners)
   

 

Personal loans in Singapore for instance offers fewer requirements to employed individuals as compared to self employed but it doesn't mean that they cannot avail it. 

 

How To Choose The Perfect Bank For Your Personal Loan

While there are also some online comparison websites that one can double check before even going to the bank or company to file a loan which saves them the money and time on waiting in line and or traffic. By checking online they can also compare and evaluate the different banks and companies rules before acquiring the loan.

There are other things that the applicant must do such as reading background information about the bank or the company you’re eyeing. Two, read some reviews online and see if anyone is with the same situation as you and learn their experiences with specific banks. Three, you might also like to check out forums, most of the times your questions are already been answered in the community group. This information might affect the bank you’ll choose from moving forward.

With all the rules and terms and conditions provided above, you can now apply for a personal loan to the bank near you.