Personal Loan from bank

[Pinky Piglet]

Hi all


Is it difficult to get a personal loan from bank ?

[Lyyyn]

Hi Pinky Piglet,


Depends on your salary and credit rating. It shouldn’t be that difficult as most banks and financial institutions here are aggresively marketing it.

While it differ from bank to banks, usually annual income of S$30,000 and above will allow you to borrow up to 4 times your salary.

Just be careful to fully understand the terms and conditions as well as the interest. Interest for personal loan tends to be on the higher side since it is a unsecured loan (meaning you don’t have to put any collateral with the bank). It may be ranging from
13% to 28% per annum. Some banks provide online calculator for you to calculate the interest to be paid.

Just one thing to note, never ever borrow from unlicensed financial institution/ money lender. Because in the event something goes wrong, it’s much MUCH harder to straighten it up as the law is borderlinely unclear.

Hope it helps.

[Pinky Piglet]

Hi Lynn


Thanks for the info asking on behalf of my colleague who needs a loan for urgent use

[butterflynn9]

Depends on your credit history and how much you're earning. Posb http://www.posb.com.sg/personal/loans/loanassist/default.page page has a table where you can see how much you can typically get for loans etc.

[verykiasumummy]

yes i got a personal loan from posb before… it was 4 times ur salary and approval only in 5 mins… the interest i paid was about 18% per annum in fact…

[mumzmummy]

Me too. Just took a loan from them 2 months ago. The interest now is actually lower at 17.8%..


http://www.dbs.com.sg/personal/loans/default.page

[momlife90]

it depends whether you can hit the criterias. if you have a job with an annual income of at least 20k-30k and you're a singaporean then it should be pretty easy to get a personal loan. you can check out https://www.moneysmart.sg/personal-loan. they have alot of good promos on their website.