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Published on Feb 22, 2016
In Singapore, a personal loan is an unsecured loan where the borrower does not put up any collateral or security to guarantee the repayment of the loan. For this reason, personal loans tend to carry slightly higher interest rates as compared to mortgage loans that has the said property as a collateral. Common situations where this kind of loans are used include:- - Home enhancements / renovations - Emergency Vehicle repairs - Unforeseen Hospital bills - Other emergency bills or expenses We understand that an infusion of such cash in the form of a personal loan will be very much appreciated by the borrower to help tide over any unforeseen expenditures. Similar to companies who might face circumstances or problems along the way and require loans to tide over tougher times, individuals or consumers should also avail themselves of the option to surmount unfortunate events in life.
With no restrictions on how these personal loans can be used, the borrower has full prerogative on how to use the approved loan once it is disbursed. In fact, it is an ideal source of financing because it is fast and easy to apply. You can actually apply online from the comfort of your home without needing to visit a physical office where you might possibly bump into colleagues, relatives or friends. As long as you are above 21 years of age and have a steady monthly income, you would be eligible to apply for a personal loan. The amount that you can apply for on a personal loan is predicated both on your salary and other commitments. Hence, if you are seeking to apply for a higher quantum for the personal loan, it would greatly help if you have fewer commitments on that salary.
Documents Normally Required: (a) For Salaried Employees - A photocopy of the front and back of your NRIC - Past 12 month's CPF statement submitted via CPF web-link OR Latest Income Tax Notice of Assessment and latest original computerised payslip (b) For Self-Employed: - A photocopy of the front and back of your NRIC - Last 2 years' Income Tax Notice of Assessment and last 3 months' bank statements