Everyone wants many things in his or her life, and sometimes the person needs to apply for a personal loan to get the desired things or items. There is nothing wrong in taking personal loans as lots of people go on the same way to fulfill their different needs and requirements. However, the most important thing here is you need to choose a moneylender wisely. Therefore, we are providing some key important tips that will help you with this.
Compare The Interest Rate Of Various Moneylenders:
In Singapore, some moneylender may provide a personal loan to you with a minimum of 7% interest rate, while some others may charge about 15% on personal loans. Thus, it is extremely important to compare interest rates before you make your decision for your personal loan money lender. Choose one that is best for you.
Know Your Eligibility to Get The Loan:
You must understand your loan eligibility before filing any loan application form because your application will be refused, or you will not get any loan if you are not eligible for the loan. For example, if you are less than 21 years old, but apply for a loan, then your application will be discarded because it is necessary that the age of the loan taker should be more than 21 years and less than 65 years in Singapore.
Know Maximum Limit of The Personal Loan:
It is a rule that people can take four times of their monthly salary as a personal loan in Singapore, but this rule is only applicable if the person earns above $30,000 per annum. Remember, if you earn $10000 or less, then you can get $1500 as a personal loan only. But, if you want more, then it completely depends on your money lender in Singapore.
Complete Your Financial Document:
Without complete documents like salary slip, ID proof, Address proof, PAN card number, etc, you cannot get a loan. So, you need to ensure that all your important documents are ready in order to get a personal loan from any licensed moneylender Singapore. If you are a foreigner or outsider and want a loan in Singapore, then you have to give some additional documents like passport, visa, etc, to get the loan.
It is also recommended that always choose a money lender who provides you the facility to pay the loan in monthly installments because you can pay the interest with a principal amount easily within a few months or years with monthly installment. Never consider taking a personal loan until you know when and how you will be paying it off. You must avoid using the loan as an easy resource for a high risk investment.