Complete Guide to Personal Loans for Foreigners (EP Holders) in Singapore 2022

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?

Masthead Image

All About Applying for Personal Loans for Foreigners in Singapore 2022

What do you need to know about getting fast cash in Singapore as a foreigner?

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 (2022)

MoneySmart Exclusive
Receive cash in 15 mins!
MoneySmart Exclusive
Receive cash in 15 mins!

Standard Chartered CashOne

Interest Rate*
3.48%
Total Amount Payable
S$11,044
Processing Fee
S$0
Per Month
S$307

Receive your loan as quick as 15 mins and enjoy up to S$4,899 worth of free gifts from MoneySmart AND cashback from Standard Chartered! Get your hands on an Apple iPhone 14 Pro Max (worth S$1,799) AND up to S$3,100 Cashback this November! T&Cs apply.

Valid until 15 Dec 2022

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 3.48% (6.95% p.a.). As of Aug 2021, CashOne is offering a $1,200 cashback promotion.

MoneySmart Exclusive
Zero Processing Fee
MoneySmart Exclusive
Zero Processing Fee

Citi Quick Cash (New Loan Customers)

Interest Rate*
3.45%
Total Amount Payable
S$11,035
Processing Fee
S$0
Per Month
S$307

Receive a range of gifts from an Google Pixel 7 Smartphone (worth S$999) OR an Apple iPad 10.2-inch Wi-Fi 64GB (worth S$499) OR up to S$550 when your Citi Quick Cash personal loan application is approved! Simply apply with MyInfo for a faster journey to your gift! T&Cs apply.

Valid until 31 Dec 2022

Citibank Quick Cash requires a minimum annual income of $42,000 for foreigners. For new-to-bank customers, they are able to get a promotional interest rate of 3.56% p.a. (EIR 6.5% p.a.) if the loan tenure is 12 months. The promotional rates varies depending on the duration of the loan tenure. You can choose a loan tenure of 1 to 5 years and borrow up to 4 times your monthly salary.

Online Promo
Online Promo

UOB Personal Loan

Interest Rate*
3.4%
Total Amount Payable
S$11,020
Processing Fee
0%
Per Month
S$306
Online Promo:
Enjoy a low interest rate of 3.4% p.a. (EIR from 6.36% p.a.) AND up to S$3,288 Cashback from UOB when you apply for a minimum loan amount of S$10,000 with a minimum tenure of 24 months.  T&Cs apply.
Valid until 31 Dec 2022

Best Foreigner Loan in Singapore (2022)

BankMinimum Annual IncomeAnnual Interest RatesEffective Interest RatesMinimum Loan AmountMaximum Loan Amount
Standard Chartered CashOne Personal Loan$60,0003.48%6.95%$1,000Borrow up to 4x monthly salary, or a maximum loan amount of $250,000

Compare Personal Loans for Foreigners in Singapore (2022)

STANDARD CHARTERED CASHONEOCBC EXTRACASH LOANCITIBANK QUICK CASH
Foreigners’ minimum annual income S$60,000 $45,000 $42,000
Interest rate 3.48% (EIR 6.95% p.a) 5.42% p.a. (EIR 12.11% p.a.) to 5.54% p.a. (EIR 10.96% p.a.) 3.45% p.a. (EIR 6.5% 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.

Can I use a personal loan for anything?

Taking on debt definitely has its risks especially when it is shouldered personally. If you are interested to find out what loans can do for you, read our short guide on the different ways to use a personal loan in Singapore.