Whether you need a small amount of money for a minor project or a massive amount of money for a significant buy, an immediate personal loan is an appropriate loan for you. We’ve got you covered, to get the best personal loan in Singapore for remodelling your home to accommodate a new member of the family, dealing with a medical emergency, or needing to pay for an unfortunate event like a vehicle repair.
What is a Personal Loan?
You may quickly achieve your objectives with the aid of a personal loan, which is an unsecured line of credit. Time is of the essence.
At any stage in our life, whether we are studying, growing our jobs, or beginning a family, there will be instances when we will want money quickly and without hesitation.
As a result, applying personal loan online can be specifically tailored to your requirements. Some lenders offer quick and straightforward loan applications, and if all of your documentation is in order, you will be able to obtain your money in cash or by check on the spot.
When Is It Appropriate to Take a Personal Loan?
You may use a personal loan for any purpose you can think of. A personal loan may be used for the following reasons:
- Used Automobiles – A personal loan with variable interest rates might help you realise your goal of purchasing a used automobile.
- Debt Consolidation – Consolidating many debts into a single personal loan will help you break free from the debt cycle. The costs associated with repaying the loan will be far lower than those associated with repaying numerous loans.
- Higher Education – Give wings to your higher education aspirations by taking out a personal loan to cover all of your educational expenditures, including course fees and travel expenses as well as hostel fees and other related charges.
- Wedding Expenses – You may be able to get a personal loan to meet the costs of your ideal wedding.
- House Renovation – Take out a personal loan and make modifications or repairs to your home to increase the value of your property. Consider taking out a loan with reasonable interest rates and a flexible payback period.
Personal Loan Eligibility
A candidate’s eligibility to be considered is limited to the following:
- You must be at least 18 years old at the time of your application.
- You must be a Singaporean citizen or permanent resident with a valid work permit to apply.
Documents Required for Personal Loan
The following papers are necessary to apply for a personal loan.
- The application form that has been duly completed and signed
- Documentation of one’s identity
- Identification as proof of residence
- Identification as to one’s age
- Salary slips for the last three months are attached (for salaried)
- Bank statements for the previous six months are included.
- Form 16 (return of income) is a tax return.
- Prove your income using tax returns or financial documents.
What is the procedure for applying for an instant personal loan online?
You may apply for a personal loan online with the convenience and flexibility that you need. You may submit your application from the comfort of your own home, eliminating the need to visit a branch. You have the option of having the monies deposited into your registered bank account. The following is a straightforward step-by-step procedure that anybody may follow:
- To apply, go to the top of this page and click on the “Apply Now” button.
- You will be required to input your mobile phone number and indicate whether you are employed or self-employed.
- Your cellphone number will be verified using an OTP
- This will then send you to the following stage, where you may input the loan amount you need and your desired repayment term and payback period duration. In addition, you will be required to give information such as your personal, work, and banking information.
Conclusion
Obtaining a personal loan in Singapore may be beneficial, whether it is to assist you in achieving your financial objectives or to help you get through a brief cash flow constraint. If you need quick cash and this is your first time borrowing money from a certified money lender, you may be feeling overwhelmed and unclear about how much can I borrow from licensed moneylender in Singapore, so the amount of money completely depends on your salary.
