A personal loan is a type of unsecured loan that individuals can apply for when they need extra funds for various purposes. Unlike secured loans that require collateral such as a car or property, a personal loan does not demand any assets. Instead, it relies on your creditworthiness, income, and financial stability.
With a personal loan in Singapore, you can receive a lump sum of money upfront, which you will repay over time with an agreed interest rate. This type of loan is versatile, allowing you to use the funds for multiple purposes including:
- Medical emergencies
- Wedding expenses
- Home renovations
- Debt consolidation
- Travel expenses
- Education costs
To qualify for a personal loan in Singapore, you must meet specific eligibility criteria:
- You must be at least 21 years old.
- Singaporean citizens, permanent residents, and foreigners with a valid work pass are eligible to apply.
- You must be employed full-time or have a stable source of income.
For individuals with an annual income exceeding $20,000, the maximum loan amount quantum you can obtain from all licensed moneylenders in Singapore is limited to 6 times your monthly salary. Banks are capped at 12 times your monthly income for all unsecured loans. This includes personal loans, credit cards, credit lines, and other similar products.
Personal Loan Quantum Table in Singapore
| Annual Income | Across All Banks | Across All Licensed Moneylenders |
| <$20,000 | – | $3,000 |
| $20,000 – $30,000 | – | Up to 6x of monthly income |
| >$30,000 | Up to 12x of monthly income | Up to 6x of monthly income |
At Unlimited Finance, we’re here to help you navigate your financial challenges with ease. If you’re ready to apply for a personal loan in Singapore, reach out to us today! Our team is standing by to assist you.
