When working and residing in Singapore as a foreigner, there’s absolutely not any guarantee that hard times won’t arise and thus the necessity to receive a loan arises. Yet unlike in ones respective state where the procedure is simpler, there are particular requirements needed to make sure that one really gets the loan. Although especially not different in Singapore, here are five steps on the best way best to receive a loan in Singapore for foreigner.
Have a valid work pass
The job pass should have sufficient time on it and shouldn’t be dying any time soon, since this will lower your risk element.
Full employment foundation
Legal and Reputable credit institution and banks just offer loans to foreigners that are employed on a full time basis. By bringing the employment contract from where you’re working from, the organization will get your employer as the guarantor to make certain that they become liable for the loan in case you’re not able to pay up.
Proof of ability to pay
Exactly as with any other banking institutions in your country, you should have the ability to give your bank statements and salary slips to demonstrate ability to pay. The amounts from the bank statements must be portray evidence that you have a working plan on how you will pay back the loan. It’s good to be aware that regular loan rates in Singapore are 4.5%-10% for sailors and for foreigner loan Singapore it’s higher.
Residence tenancy agreement
A residence property agreement from your property company should also be offered to the bank/credit institution in question. This is for the simple reason it further reduces your risk factor, as with your area of residency known you can be sought after when and if the need ever arises.
Be of appropriate age
In this case provide and ID as evidence of being of legal stipulated age to secure a loan.