If you need money fast and you are a bit hesitant to borrow from your friends or family, then a personal loan is the ideal solution for you. Even though with these kinds of loans come many requirements like a minimum annual income, a good credit score and also costs like processing fees, they still present individuals with a fast and more convenient way of acquiring money. But, before you go down to the bank and fill personal loan forms, there are some considerations you need to make. You need to understand that these loans are dynamic. And the interest also varies depending on how much you want to borrow and for how long. If you are looking for the best personal loans in Singapore, here are the lowest interest personal loans offered with banks in Singapore.
This is a low-interest rate loan which charges only 3.99 p.a. But the interest is exclusive to new bank customers. Apart from the low interests, other perks include no processing fee, instant pre-approval and borrowers are given a flexible repayment period of up to 60 months. You’ll, however, be required to open a bank Ready Credit account before applying for their quick Cash. You must be 21 years and above but not above 65 years. The loan is accredited to Singaporeans or Foreigners residing in Singapore.
For someone who needs to borrow a large amount of money but can’t afford big monthly repayment, this loan offers the longest loan tenure of 7 years, but that can also be seen as a drawback as you’ll be paying much interest in those seven years. Persons who are between 21-65 years old are eligible. The maximum loan amount one can be given is four times their monthly salary or 8 times if their annual income is $1200000. Individuals do not pay for the processing fee, but if you are late on repayment, you’ll be charged $75 for each monthly payment that’s not paid on time.
One thing that makes this the best loan in Singapore is that some loans have a flat interest of 3.88% p.a is guaranteed regardless of the amount you took or the tenure. Just like bank loans, there are no processing fees for this loan. And you get instant approval and loan disbursement. However, some loans charges an annual fee of $199, which is waivable for the first year. To be eligible for this loan, you must be a Singaporean or foreigners staying in Singapore, and you should also be between 21-65 years old.
Personal loans are a great way to get fast cash. But before you take one, it’s wise to consider whether it’s the right option for you. Personal loans may be cheaper than credit card debts, but they still come at a relatively high price. Not to mention, the interest and other loan requirements vary depending on your income and other factors. If you still want to get this loan consider, total cost, that is, the overall amount you’ll end up paying and the monthly payments, if you’ll comfortably afford them at the end of the month.