How To Get A Loan In Singapore

  • admin
  • September 17, 2013 9:38 am
  • Finance

How To Get A Loan In Singapore

Why Do You Need To Get A Loan?

Are you trying to get a loan in Singapore? Before you even try to borrow any money, it is important to ask yourself why you need a loan in the first place. This is because we all know that a loan is not free. Every loan comes with a interest rate.

If you are going to borrow a huge sum of money, you need to determine how you are going to pay back the loan. If not, even the interest itself can eat you up financially.

The Different Types Of Loans

There are different types of loans in Singapore. The most common types of loans in Singapore are hosing loans and study loans.

If you are going to start your education in the local university such as NUS, NTU and SMU, you can usually get a study loan from OCBC. Alternatively, your education can be funded using the CPF of your parents. However, you will have to repay the CPF Loan after you complete your studies.

If you are buying a HDB flat, you can try to apply for a loan from HDB. If you do not qualify for the loan, you can borrow from the banks or any financial institutions that are authorized by the Monetary Authority of Singapore (MAS). For more information about housing loans, you can refer to this site :
http://www.hdb.gov.sg/fi10/fi10321p.nsf/w/HLBankLoan

Avoid Borrowing Money From Loan Sharks

No matter how much you need the money, you should never consider borrowing from loan sharks. Chances are you will not be able to repay them due to the fact they charge a high interest rate. And of course, it is probably illegal to borrow money from the loan sharks anyway.

To make things worse, if you can’t repay the money, they may even come to your HDB flat to harass you. They may even vandalise your house with all colours of paint.

Go For The Proper Channel If You Want To Get A Loan In Singapore

If you really need to get a loan in Singapore, you may want to approach the banks in Singapore. You can try the most popular banks in Singapore such as DBS, OCBC and UOB. You can also approach Maybank, Citibank and Standard Chartered.

When it comes to getting a loan, it is better for you to talk to them personally rather than just rely on the information you find on the internet. Here are some contact information that you may need.

DBS : 1800 111 1111
Website : http://www.dbs.com.sg/

OCBC : 1800 363 3333
Website : http://www.ocbc.com.sg/

UOB : 1800 881 6888
Website : http://www.uob.com.sg/

Standard Chartered Bank : 1800 846 8000
Website : http://www.standardchartered.com.sg/

Maybank : 1800 629 2265
Website : http://info.maybank2u.com.sg/

Citibank : 6225 5225
Website : http://www.citibank.com.sg/

Try To Repay The Loan As Soon As You Can

After getting a loan in Singapore, you should try to repay the loan as soon as you can. The longer you take to repay the loan, the more interest you will have to pay.

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