Just like finding the best dining deals, looking for the best personal loan in Singapore can prove to be an uphill task. You’ll have to factor in things like the right lender, an affordable interest rate, plus the required documentation. If you’re like most Singaporeans, reduced interest rates are a crucial matter because these add up to the final amount you’ll have to repay. However, here’s what you need to know: Interest rates depend on your income, the loan tenure, and how much you’re borrowing. These elements outline the likelihood of defaulting on your loan, otherwise known as your risk profile. Your risk profile isn’t all that matters, though. Your bank’s philosophy also plays a significant role. This means that some financial institutions in Singapore offer affordable personal loans, whereas others don’t because they don’t want to risk it. Choose carefully, and you’ll secure a low-interest loan from your first try. We’ll let you in on the secrets. What Are the Best Bank Loans In Singapore? Most banks in Singapore don’t lend sums below the threshold of $500. Some don’t even accept applications below $1,000. Besides, your annual income influences the principal loan amount, which is also how much you’re borrowing. Remember that this sum includes additional fees for processing your request and administrating your account. Many banks in Singapore lend you 4 to 10 times your monthly income. The higher your salary, the higher the probability of loan approval and the amount you can borrow. Hence, they are more likely to approve loans from individuals with a higher-income, as they’ll have a lower chance of defaulting on debt. This is why most Singaporeans in your shoes choose licensed money lenders. Unlike unlicensed moneylenders, the Ministry of Law regulates the practice of these financial institutions, so they’re safe and convenient. If you’re still considering taking a loan from a bank first, here are some of the best bank loans in Singapore: 1. HSBC HSBC is best if you need to borrow a lot of money because the maximum loan tenure is seven years and the interest rate goes
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