How do personal bank loans work? Are there certain criteria that needs to be met? Is there a limit to the amount you can borrow? - Seedly
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Anonymous

Asked 3w ago

How do personal bank loans work? Are there certain criteria that needs to be met? Is there a limit to the amount you can borrow?

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Cedric Jamie Soh
Cedric Jamie Soh, Director at Seniorcare.com.sg
Level 9. God of Wisdom
Answered 3w ago

If you have existing credit card, go for balance transfer loan.

Balance transfer loan means using your existing credit card to take a sum of cash to deposit into your bank account to use.

Usually balance transfer loan are very cheap for the first 6 months (1% to 2% pa for 6months) and will go to 24% after 6months. So roll them if possible every 6months, meaning you pay them off and retake again for 6 months in a day.

As usual, the foreign banks are the one offering the best rates, such as Standard Chartered bank, Maybank etc. Call or email them directly.

SC 6mths balance transfer has always been 1% processing fee + 0% interest.

You can give them your email and contact number to [email protected]

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Will
Level 3. Wonderkid
Answered 3w ago

Typically, banks require annual incomes of at least S$20,000 - S$30,000. In some cases, banks require that foreigners earn at least S$40,000. Loans are generally limited to 4x your monthly income (max. S$100,000) or 8x for high-income individuals (S$120K annual salary). Our guide should help you compare the best rates and determine your eligibility.

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Question Poster

3w ago

What if you need a loan because you've lost your job?