The financial requirements are quite obvious because the tuition fee for a foreign student is almost the double of a local student. A moneylender is always helpful in such conditions and aids you to provide your tuition and semester fees at ease. As you are a non-resident in Singapore, you are not well informed about the various credit agencies. Therefore, it is quite important to compare between the different agencies to select a legal moneylender to apply for foreigner loans.
In most cases getting foreigner loans is identical to getting a loan as a citizen. You may still have to demonstrate that you are a worthy borrower and can repay the loan in the terms and conditions of the loan. Regardless of whether you go to a private lender or a bank, you’ve got to show that you have a source of income and are literally capable of repaying the loan. Also, you will need to demonstrate that you have a decent credit history that shows that you’ve got a history of sending payments on time. If you have got bad credit or no credit, you’ll most probably have to secure the loan with some form of property or asset. The advantage of having a secured loan, however, is the fact that you will probably be paying a reduced interest rate because there is less risk to the lender for this kind of loan.
If you come to know whether you are eligible or not for the loan process before applying for the foreigner loans, then you are assured to go for the process. Loan for foreigners in Singapore usually incurs a high rate of interest. The high interest is mainly because these loans come under the unsecured loans category. The loan interest is higher as the loans do not involve any collateral. However, the private lending agencies are considerable enough and try to impose interest rates within the affordable margin. There is, however, one concern that the foreigners in Singapore availing foreign loans must know about that is shorter repayment period.