How Much You Can Take From a Personal Loan in Singapore?


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Are you stressed due to a shortage of cash? Do you need cash for emergency purposes? Do you suffer in paying your existing housing loan, debts, and overwhelmed bills?

Then you are in the right place. This article helps to clarify your personal needs and avail instant cash loan disbursal for emergency needs. Loans are the best solution for all your financial problems. Personal loan is the quickest way to avail cash without any collateral or guarantor.

Circumstances for a personal loan

Family emergency: In case of an unexpected medical emergency at family or sudden death or important family commitments that cannot be solved with the savings can be resolved by instant personal loans for emergency purposes.

Medical emergency: In the worst case of a medical emergency which cannot be waiver from medical insurance can be saved by an instant personal loan.

Vehicle repair: Sudden accident of car may damages the important parts of the car that cannot be recovered in insurance will be rectified using a personal loan for fast repair.

Educational expenses: The major financial crisis occurs to any individual at any time. To fulfill your day to day expenses and educational expenses it is necessary to choose a personal loan to avoid a major financial crisis. Once the customer gets excess cash can pre-close the loan as per the bank norms.

Credit card debts

The major expenses occurred at home due to important functions.  The customer may think he can use a credit card for his purchase and now the bill may be overwhelmed. To avoid extra charges from the bank, the customer can choose a personal loan to pay his existing bills.

When not to take a personal loan

A personal loan is the most unavoidable loan which is advised to take only for emergency needs. When you take a personal loan, remember that it is an unsecured loan, where the interest rate is high when compared to a secured loan.

Conversely, certain situations are not advisable not to take out a personal loan. Say for example honeymoon, vacations, entertainments, parties, high-risk investments, etc.

In the case of several loans, it is advised to approach debt consolidation to pay as a single installment instead of the whole sum amount. Always prefer to choose an instant loan for immediate cash disbursal and emergency needs. When there is an excess cash flow pre-close the loan immediately to save your hard-earned money.

How to apply for a personal loan?

As the world is digitised, it is not necessary to visit the bank or money lender in Singapore for instant cash disbursal. Follow these three steps for instant cash in a matter of minutes.

Apply in My Info: Just log in to My Info app and sign in with Sing Pass, which will auto-fill the application form. Remember, for an instant cash loan, good credit score and credit history is important for immediate cash disbursal.

Receive the SMS: Once the application form is pre-filled automatically, the lender will send the SMS to the registered mobile number within 8 minutes.

Collect Loan: Once the SMS is received take the listed document and visit the outlet for immediate cash.

The process is so simple than you think. All you just need to do is, just apply online. When you apply for the loan online, the app will send SMS regarding loan limits and installment details.

In the case of a direct visit to the bank, it is compulsory to visit in the working time. To avoid those scenarios, choose the My Info app for the instant personal loan.

Documents to be submitted

After applying online, the customer will receive the message regarding loan details. After that, the customer has to submit the following document for an instant cash loan. The document will vary according to the work they do.

For employed:  The documents required are NRIC, Singpass & 2FA and 3 months official computerised pay slip are needed.

For self-employed: The required documents are NRIC, Sing pass & 2FA are needed.

If the customer is a Grab/Taxi driver: NRIC, Grab statements, or taxi license are enough for the personal loan.

Interest rates:

Personal loans are unsecured loans, which can be avail with a nominal interest rate. Remember that personal loans are advised for emergency needs, the interest rate of personal loans is comparatively high than secured loans.

The secured loans are processed with the pledge of collateral as per the government norms, which can be disbursed in days or hours. It is a long process that takes time for cash disbursal.

Even though the interest rates are high, the Personal loans are disbursed in a matter of minutes. Conversely, for late payments, late interest fees will be charged additionally. Better avoid late payments.

Discover more about instant loan and find best personal loan rates here.