Personal Loan from bank

With rising costs and increased learning needs, financing our children's education is no longer a simple walk in the park. Discuss with other parents about how they are managing their finances to cope with their expenses.

Personal Loan from bank

Postby Pinky Piglet » Thu Sep 20, 2012 7:04 am

Hi all

Is it difficult to get a personal loan from bank ?

Pinky Piglet
GreenBelt
GreenBelt
 
Posts: 128
Joined: Wed Aug 12, 2009 8:32 am
Total Likes: 0


Re: Personal Loan from bank

Postby Lyyyn » Tue Sep 25, 2012 8:29 pm

Hi Pinky Piglet,

Depends on your salary and credit rating. It shouldn't be that difficult as most banks and financial institutions here are aggresively marketing it.

While it differ from bank to banks, usually annual income of S$30,000 and above will allow you to borrow up to 4 times your salary.

Just be careful to fully understand the terms and conditions as well as the interest. Interest for personal loan tends to be on the higher side since it is a unsecured loan (meaning you don't have to put any collateral with the bank). It may be ranging from
13% to 28% per annum. Some banks provide online calculator for you to calculate the interest to be paid.

Just one thing to note, never ever borrow from unlicensed financial institution/ money lender. Because in the event something goes wrong, it's much MUCH harder to straighten it up as the law is borderlinely unclear.

Hope it helps.

Lyyyn
KiasuNewbie
KiasuNewbie
 
Posts: 7
Joined: Tue Sep 25, 2012 12:59 pm
Total Likes: 0


Re: Personal Loan from bank

Postby Pinky Piglet » Tue Sep 25, 2012 8:47 pm

Hi Lynn

Thanks for the info asking on behalf of my colleague who needs a loan for urgent use :)

Pinky Piglet
GreenBelt
GreenBelt
 
Posts: 128
Joined: Wed Aug 12, 2009 8:32 am
Total Likes: 0


Re: Personal Loan from bank

Postby butterflynn9 » Wed Sep 26, 2012 4:38 pm

Depends on your credit history and how much you're earning. Posb personal loan page has a table where you can see how much you can typically get for loans etc.

butterflynn9
YellowBelt
YellowBelt
 
Posts: 16
Joined: Wed Sep 26, 2012 3:13 pm
Total Likes: 0


Re: Personal Loan from bank

Postby verykiasumummy » Wed Sep 26, 2012 9:51 pm

yes i got a personal loan from posb before... it was 4 times ur salary and approval only in 5 mins.. the interest i paid was about 18% per annum in fact...

verykiasumummy
KiasuGrandMaster
KiasuGrandMaster
 
Posts: 2050
Joined: Fri Mar 18, 2011 5:10 pm
Total Likes: 27



Re: Personal Loan from bank

Postby mumzmummy » Mon Nov 26, 2012 3:43 am

Me too. Just took a loan from them 2 months ago. The interest now is actually lower at 17.8%..

http://www.dbs.com.sg/personal/loans/default.page

mumzmummy
YellowBelt
YellowBelt
 
Posts: 24
Joined: Thu Jul 12, 2012 10:44 am
Total Likes: 0



Return to Money Matters