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Published on: 15 Feb 2017 by marywu
A foreigner loan is a loan that can be accessed by someone who is living in a foreign country as long as they have a valid work permit. Foreigners make up 29% of Singapore’s population – 11% are professionals while 12% work in healthcare, manufacturing and other sectors. If you are a foreigner living in Singapore, you know how challenging it is to access a loan. A lot of foreigners in this situation opt for lenders back in their home country, but have to deal with a long approval process as well as currency differences. This article will walk you through everything you needed to know about Singapore
loan for foreigners.
Who is eligible for a foreigner loan in Singapore?
If you are a foreigner and you are in need ?of a foreigner loan, talk to a lender and ask if you are eligible. In order to ?qualify for Singapore loan for foreigners, you need to have several documents. ?They include work permits, passport or a paycheck. Realize that these ?requirements vary greatly depending on the lender. As such, be sure to ask your ?lending institution of choice what is required to help expedite your loan ?application processed.
Do all financial institutions in Singapore grant foreign loans?
There are many financial institutions in ?Singapore and each has its own requirements and procedures. Banks, for ?instance, prefer to gives loans to foreigners who are financially stable. Some ?banks approve loans to foreigners with working pass but impose very high ?minimum income requirement. As stated, there are many financial institutions in ?Singapore. So if you don’t meet bank requirements you can turn to alternative ?sources of financing.
Do Singapore loans for foreigners attract high interest rates?
A foreigner loan normally attracts an ?interest. These loans can attract higher interest rate than standard loans in ?many cases. This is mostly because the foreigner doesn’t have any property or ?any asset to put up. This simply means it’s considered a high-risk loan. So, ?the loan interest rates are a bit high than standard loans. When shopping for ?foreigner loans, however, compare different lending institutions so you can ?select one with a low interest rate.