Applying for loans in Singapore is relatively easy compared to other Asian countries. As a matter of fact, anyone can apply for loans here - and everyone literally means everyone, that includes Singaporean citizens and foreigners alike. The application process is almost similar for both aside from minor differences in the documents needed.
It is easy to grasp granting loans to citizens but to foreigners? Particularly foreigners who work in Singapore? The rank and file, not the big bosses and CEOs. The reason is that money lenders in Singapore value trust above anything else. They know that folks are responsible, are trustworthy, and will not run from any sort of obligation. This basic premise is what makes loan application in Singapore very easy.
The process of application is simple and short. Listed here are the three basic and general steps - apply for loan, send the documents and wait for the notice of approval. Accomplishing this is same with both citizens and foreigners, there are just minor differences in the required documents. Citizen applicants are required to submit their CPF statements, latest payslip, income taxation statements, and PUB or a bill of their cell phone provider. On the contrary, foreigners who wish to apply need a few more documents to submit. Apart from the usual payslips and PUB billing statements, the following are another needed documents.
A. Employment ID
B. Passport
3. Letter Of Appointment From Employer
D. 6 Months Of Bank Statements
5. Tenancy Agreement
Once all of these documents are furnished, all one must do would be to wait for the approval of his loan. This usually takes several days, unusually fast compared with the same process in other countries.
Applying for loan in Singapore is created easy. If you don't know, there are alternative ways to also apply for loans. While many apply face to face, online application is apparently becoming a trend.
It is easy to grasp granting loans to citizens but to foreigners? Particularly foreigners who work in Singapore? The rank and file, not the big bosses and CEOs. The reason is that money lenders in Singapore value trust above anything else. They know that folks are responsible, are trustworthy, and will not run from any sort of obligation. This basic premise is what makes loan application in Singapore very easy.
The process of application is simple and short. Listed here are the three basic and general steps - apply for loan, send the documents and wait for the notice of approval. Accomplishing this is same with both citizens and foreigners, there are just minor differences in the required documents. Citizen applicants are required to submit their CPF statements, latest payslip, income taxation statements, and PUB or a bill of their cell phone provider. On the contrary, foreigners who wish to apply need a few more documents to submit. Apart from the usual payslips and PUB billing statements, the following are another needed documents.
A. Employment ID
B. Passport
3. Letter Of Appointment From Employer
D. 6 Months Of Bank Statements
5. Tenancy Agreement
Once all of these documents are furnished, all one must do would be to wait for the approval of his loan. This usually takes several days, unusually fast compared with the same process in other countries.
Applying for loan in Singapore is created easy. If you don't know, there are alternative ways to also apply for loans. While many apply face to face, online application is apparently becoming a trend.
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