Complete Guide to Personal Loans for Foreigners (EP Holders) in Singapore 2020

You're in a foreign country and an emergency strikes. It could be anything from an accident that puts you out of work to something that happened at home. You need a sum of money to tide you over, and you know you can repay over a fixed period. Where can you get a personal loan in Singapore?

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Personal Loan Eligibility Conditions for Foreigners

The eligibility conditions for foreigners are usually stricter than for Singaporeans. To apply, foreigners will require an employment pass of 1-year validity, and 3 months’ pay slips to show annual income of $40,000 to $60,000. On the other hand, Singaporeans only require a minimum annual income of at least $20,000 to $30,000.

There are also fewer banks who provide loans for foreigners. Those that do will ask for proof of identity (passport), copy of a valid employment pass of at least 1 year, proof of address, income and employment during the application stage.

Applicants should also be between the ages of 21 and 55.

How Do Foreigner Loan Work?

Depending on the bank and type of loans you're looking at, the process and interest fees may vary. Typically, you'd need to submit documents to prove that you will be working in Singapore - for at least 1 year. You might also need to have a guarantor when you apply if you don't have a credit score. On important aspect that banks look at is your intention and ability to stay in Singapore during your loan tenor. As such, there is a possibility that banks will be unwilling to lend even if you have a guarantor!

Best Personal Loans for Foreigners in Singapore (2020)

Lowest EIR of 7%! Plus up to $300 Cashback!

HSBC Personal Loan

  • Interest Rate*

  • Total Amount Payable

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MoneySmart Exclusive: 3.7% p.a. Interest rate + 0% Processing fee + Up to $300 Cashback

Online Promo: Min. loan repayment of 1 year to Max. of 7 years

Online Promo: *E.I.R: Effective Interest Rate of 7.00% p.a. is applicable for all loan tenors

HSBC Personal Loan offers one of the lowest interest rates at the moment at 3.7%, with $0 processing fee. You also get a cashback of $108 (limited-time promotion). For foreigners, you need an annual income of at least $40,000 and an employment pass validity of at least 1 year to be eligible.

Online Promotion: As low as 3.7% p.a. interest rate + S$0 processing fee + $108 Cashback. Valid till 29 Feb 2020.

  • Interest Rate*

  • Total Amount Payable

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MoneySmart Exclusive: Get additional S$100 Cash Next day via PayNow! Applies for min. approved loan amount of S$20,000.

Online Promo: Get 50% cashback on your 1st month's instalment + $199 Cashback!

Online Promo: Instant cash disbursement + $20 cashback!

Online Promo: *E.I.R: Effective Interest Rate of 8.04% p.a. based on 3 Year loan tenure

Online Promo: Min. loan repayment of 1 year to Max. 5 years

The minimum annual income requirement for foreigners is quite high for the Standard Chartered CashOne at $60,000. However, if you qualify, the interest rate for Standard Chartered CashOne Personal Loan is competitive at 3.88% (7.63% p.a.). There is also a cashback promotion of 50% off your first month’s instalment.

MoneySmart Exclusive: 3.88% p.a. guaranteed + $100 Instant Cash via PayNow + $199 Cashback! Fill up claim form to be eligible. Valid till 31 Jan 2020.

  • Interest Rate*

  • Total Amount Payable

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Online Promo: Min. loan repayment of 1 year to Max. 5 years

Online Promo: *E.I.R: Effective Interest Rate of 11.47% p.a. based on 3 Year loan tenure

The OCBC ExtraCash Loan is for foreigners with an annual income of $45,000 and above. You can borrow up to 6 times your monthly salary and pay over 12 to 60 months. The interest rate is 5.42% p.a. (EIR 12.11% p.a.)to 5.54% p.a. (EIR 10.96% p.a.) depending on the loan tenure for annual income $30,000 and above.
0% interest rates for 1 year tenure

Citibank Quick Cash (New Loan Customers)

  • Interest Rate*

  • Total Amount Payable

  • Processing Fee

MoneySmart Exclusive: 3.99% p.a. is only valid for 3 years loan tenor and min. loan amount of $20k

Online Promo: Min. loan repayment of 1 year to Max. 5 years

Online Promo: *E.I.R: Effective Interest Rate of 8.50% p.a. based on 3 Year loan tenure

Citibank Quick Cash requires a minimum annual income of $42,000 for foreigners. You can get a promotional interest rate of 3.99% p.a. (EIR 7.5% p.a.) if you borrow at least $20,000. This promotional rate is only for new-to-bank customers. You can choose a loan tenure of 1 to 5 years and borrow up to 4 times your monthly salary.

MoneySmart Exclusive: 3.99% p.a. is only valid for 3 years loan tenor and min. loan amount of $20k. Valid till 31 Mar 2020.

Best Foreigner Loan in Singapore (2020)

BankMinimum Annual IncomeAnnual Interest RatesEffective Interest RatesMinimum Loan AmountMaximum Loan Amount
Standard Chartered CashOne Personal Loan$60,0003.88%7.56%$1000borrow up to 4x monthly salary, or a maximum loan amount of $250,000
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Compare Personal Loans for Foreigners in Singapore (2020)

HSBC Personal Loan Standard Chartered CashOne OCBC ExtraCash Loan Citibank Quick Cash (new loan customers)
Foreigners’ minimum annual income S$40,000 S$60,000 $45,000 $42,000
Interest rate 3.8% (7%) 3.88% (7.56% EIR) 5.42% p.a. (EIR 12.11% p.a.) to 5.54% p.a. (EIR 10.96% p.a.) 3.99% p.a. (EIR 7.5% p.a.)

Frequently Asked Questions

Can foreigners apply for personal loans in Singapore?

If you are a foreigner and intend to get a personal loan, you need to prove that your employment pass has at least one-year validity and your annual income meets the eligibility requirements of the loan. For foreigners, the minimum annual income required is anywhere from $30,000 to $60,000, depending on the loan.

How many personal loans can you have at once?

It’s not really how many loans you can have but the value of the loans that matter. According to MAS’ latest unsecured debt limit, the total amount of all unsecured loans you can have is capped at 12 times your monthly income. This means that if you owe more than 12 times your monthly income across all your unsecured debt (debt not backed by collateral), you will be unable to apply for or use further credit. Borrowing excessively can hurt your credit rating. Since most personal loans loan you up to 4 times your monthly income, as a rough guideline, you shouldn't be borrowing from more than 3 personal loans.

Where to get a personal loan fast?

If you meet the eligibility conditions, most banks are able to provide instant approval. Standard Chartered CashOne advertises that the bank can disburse cash out to you in 15 minutes.