Loan financial services are one of the most common types of funding used by individuals and businesses.
Many types of loans are available in the market, but you can take a personal loan for various reasons, including paying bills, buying homes or cars, and more.
If you want to get a personal loan, make sure that you meet all the requirements mentioned below:
Age requirement for personal loans Singapore.
There are no age restrictions for personal loans in Singapore. As long as you are above 21 years old, you can apply for a personal loan, and there is no upper age limit either.
However, if you are below 18 years of age, then the bank may require some documents from your parents or guardian to approve your application.
If any guarantor is needed as part of your loan approval process, then be prepared with their documents.
Additionally, some banks have an additional requirement: they will only give out loans to those with a good credit score (a FICO score of 720 or higher).
If this sounds like something that might apply to you and you don’t know how “good” your credit score is, check out my guide on how to determine your credit score.
Income requirement for personal loans Singapore.
The income you earn should be stable and regular. The lender will want to see that your income is at least 3x the monthly loan repayment amount.
For example, if you are applying for a $10,000 personal loan, your monthly income should be at least $30,000.
This can be calculated by dividing the monthly loan repayment ($10k) by 3 (the number of times your salary is required).
However, it’s possible that some lenders may not require this much income to qualify for their loans in Singapore.
For example, a lender may accept that your monthly salary should be no less than $10k per month if their minimum qualifications include having at least one year of work experience in Singapore.
Employment requirement for personal loans Singapore.
To be eligible, you must be employed. The minimum monthly income is $1,000, and you must have been employed with your current employer for at least three months.
You cannot simultaneously have more than two outstanding loans from any bank or credit union.
Citizenship requirements for personal loans Singapore.
You must be a Singaporean or PR to be eligible for a personal loan
.If you work in public relations, you must have been in Singapore for at least two years and earn at least $3000 per month.
Other requirements for personal loans in Singapore.
- Personal Loan Qualification Criteria
Personal loans are not the same as other loans, so you must ensure that you have all the qualifications and requirements before applying for your loan. There are various qualifications or eligibility criteria that one needs to meet, such as:
Age limit: The minimum age requirement is 21 years for a personal loan in Singapore, but it varies between banks.
Some banks may require applicants to be at least 23 years old, while others allow an applicant who is 25 years old or older to apply for a personal loan.
However, some banks do not require any minimum age limits on the applicant, but they can only lend up to a certain amount depending on how much they earn per month and whether they have been working in Singapore for more than three months.
If there are any questions, feel free to contact us. The above information should help you decide whether a personal loan in Singapore is right for you.
If you are looking for a low-interest rate, easy application process, and flexible repayment terms, then a personal loan in Singapore may be the right choice for your financial needs.