Getting a Singapore foreigner loan is now a possibility. Many expatriates often ask “how can I apply foreigner loan in Singapore?” The truth is that the requirements of applying a foreigner loan are similar to what obtains in other countries.
Requirements for Getting a Foreigner Loan:
Before a Singapore foreigner loan can be applied for, the applicant must meet the following criteria: The applicant has to be at least 21 years of age. He must be employed. He must present his salary account’s bank statement. He must provide a tenancy agreement a proof of billing that indicates the applicant’s residential address. A passport has more than 6 months validity. He must also present any of the following: S pass, Work Permit, Entrepreneur Pass, E Pass or Miscellaneous.
Interest Rates and Fees of Personal Loans in Singapore:
In Singapore, applying foreigner loan will be required to pay an upfront administrative fees that may be up to 10%. The monthly interest rates is usually not more than 4%. The applicant also pays a late fee if repayment is delayed. This may be up $60 per month.
The Bottom Line:
Most lending options in Singapore have time consuming processes and bureaucratic bottle-necks that can be very discouraging to the applicant. A foreigner’s credit report in his home country is insignificant as far as the approval of Singapore foreigner loan is concerned.
The way out of loan application and approval hassles is for a foreigner to ensure that he establishes a firm relationship with his bank and ensure he uses experienced and trusted moneylenders that provides professional advice on application and repayment of the loan.
In addition to this, to apply Singapore foreigner loan may be easy but repaying a foreign loan may be a bit more difficult than most applicants expect. A way to forestall this is to schedule the repayment either weekly or bi-weekly during the application process.