A personal loan is a sum of money borrowed from a lender for personal use. It’s repaid in fixed monthly installments, typically with a fixed interest rate, and can be used for various purposes such as consolidating debt, covering unexpected medical bills, making home improvements, or financing a vacation.

Obtaining a personal loan involve charges such as interest rates and administration fees. There is however no early repayment fees if payment is made in full earlier than contract date.

Repaying your loan can be done through various methods, including bank transfer, PayNow, or cash payments. Borrowers can also opt for the convenient auto-debit GIRO payment for hassle-free monthly repayments.

The approval time for a personal loan can be done on the same day within an hour.

To be eligible for a personal loan, you must have a minimum monthly income of SGD1,800 and be at least 18 years old.

In the event of a late payment, a monthly late fee of $60 will be incurred, and additional late interest will be applied to the outstanding principal. It is strongly recommended to consider making a full or early repayment to avoid these extra charges.

Your lender will provide specific details regarding the necessary documents, but usually, Singaporeans and PRs are expected to provide their NRIC, bank statements, and payslips. For foreigners, in addition to these documents, you may be asked to submit a tenancy agreement, passport, and employment contract as part of the requirements.

Yes its possible! To ensure a smooth process, it’s advisable to have your latest 3 months’ payslips or 12 weeks’ worth of statements prepared in advance.

For individuals with an annual income exceeding $20,000, the maximum loan amount is set at six times your monthly salary. For individuals with an annual income below $20,000, the maximum loan amount is set at $3000.