Personal Loans for Expats | Personal Loans in Singapore
Loans | Personal Loans
by Priyadarshini
4 March 2021
Are you an expat living in Singapore? Singapore is a pretty expensive country with many expats from all across the globe living and working here. The high rents, sky-high medical expenses, and other costs make Singapore a costly city for expats. However, when you have a job and a family to raise, meeting your financial demands can get tough. Especially, if you are in need of large amounts of cash. To ease your financial challenges, we bring to you the best personal loans for expats in Singapore. You can resort to a personal loan to meet the need for emergency cash.
Expats can apply for personal loans in Singapore as there are many banks that offer loans to foreigners. For instance, people who are working/ living here, foreign students, etc. There is no difference for a foreigner when applying for a personal loan. However, the eligibility criteria may have some differences. Mostly, non-Singaporeans are required to have a higher income than locals to apply for loans.
Personal Loans for Expats
HSBC’s Personal Loan
If you plan to borrow large amounts of money and want to have easy repayment options, then you can choose this personal loan policy. HSBC has the longest loan tenure of up to seven years so you can break your repayments into monthly installments. The only drawback is that the minimum loan is considerably high at $5,000.
Citi Quick Cash Loan
With the loan plan from Citi Quick Cash, you are offered a very competitive interest rate of 4.55% per annum for new customers. You don’t need to pay any processing fee and it’s a pre-approved instant loan plan. However, there are terms & conditions that you have to meet.
Standard Chartered CashOne Personal Loan
If you are an expat in Singapore and need to borrow a large amount of money, then this can be the best option for you. The Standard Chartered CashOne offers you a flat interest rate of 3.48% per annum with an effective interest rate of 7.99% per annum. You can take a loan up to four times your monthly income and it is one of the great personal loans for expats.
However, the loan amount is capped at $250,000. As an expat you need a minimum income of S$60,000 to be eligible for this loan. The good part is you get an annual fee waiver for five years on a Standard Chartered Platinum Visa card. And it will be easier for you to manage your regular expenses.
Standard Chartered 0% Interest Rate Personal Loan
Similar to the Standard Chartered CashOne Personal loan, this one too is a personal loan plan. But with a 0% interest rate (EIR 8.59%) per annum. The processing fee is also considerably low at 4.5%. Moreover, there are no early redemption fees as well. The loan amount for this plan is also capped at $250,000.
