If you are a foreigner holding an Employment Pass (EP) and looking for a personal loan in Singapore, you have come to the right place. The costs of moving and living in a new country is high. You are responsible for all of your meals, your home, your car, and you don’t have your families and friends right beside you.

Sometimes, a financial emergency can strike and you need a sum of cash to tide you over. You’re an expat alone in a foreign country and you might just need a foreigner loan for your emergency.

This article will provide a comprehensive guide on personal loans for foreigners in Singapore. We will cover everything from eligibility criteria to interest rates. We only included foreigner loans with high flexibility and fast approval. Best of all, most financial institutions will not judge foreigners on their credit scores. So read on to find out more.

Are Foreigners Eligible for Personal Loans in Singapore?

Foreigners typically face more stringent qualifying requirements than Singaporeans.

To qualify, foreigners need a one-year work permit and three months’ payslips demonstrating a monthly salary of $45,000. On the other hand, Singaporeans need a minimum annual salary of $20,000 to $30,000.

Fast foreigner loan in Singapore.

A foreigner loan is hard to come by. While there is a small number of banks and licensed moneylenders that offer such services, they will require proof of identity which is a passport, a copy of employment pass from an employer at least one-year-old and current address proof along with income information to make sure you can repay your debt on time each month. You must also be between ages 21 – 55 old.

Rest assured that there are always licensed moneylenders who are committed to helping foreigners in Singapore. They understand that it is not easy living alone in a foreign country.


How Do Foreigner Loans Work?

The process and interest charges may vary depending on the lender and the type of loan you are considering. Documents proving that you will be working in Singapore for at least a year are usually required. You may need to apply with a guarantor if you don’t have a credit score. One crucial factor that banks consider is your goal and capacity to stay in Singapore for the term of your loan. As a result, even if you have a guarantor, banks may be unable to lend to you.

If you want a faster way of getting a loan, then you can borrow from a licensed moneylender. If you need money quickly, this may be the best option. Additionally, licensed moneylenders must adhere to strict rules and regulations set by the government, so you can be sure you’re getting a fair deal. Many licensed moneylenders have experience working with foreigners and will be able to help you through the process of getting a foreigner loan in Singapore quickly.


What Types of Foreigner Loans Are Available in Singapore?

For foreigners in Singapore, there are a few personal loan possibilities. You can get a bank loan, a moneylender loan, a personal installment loan, or even a personal line of credit.

1. Bank Loan

The first foreigner loan option is a bank loan. As you work in Singapore, you would have seen the top local banks such as DBS, OCBC, UOB, Standard Chartered, Citibank and more.

To be eligible for a foreigner loan, you must have a valid work pass or employment pass that allows you to work in Singapore. You will also need proof of income, such as your latest payslip. The amount you can borrow will depend on your income and creditworthiness. The interest rate for a foreigner bank loan may be higher than that for a local Singaporean.

2. Licensed Moneylender Loan

If you are not eligible for a bank loan or need the money urgently, you can apply for a foreigner loan from a licensed moneylender in Singapore. The requirements are usually less stringent than for a bank loan. Better yet, licensed moneylenders can often approve your loan within 30 minutes.

You will still need proof of income and a valid work pass or employment pass. Interested foreigners can apply here.

3. Personal Installment Loan

Another foreigner loan option is a personal installment loan. With this type of loan, you can borrow a fixed amount of money and repay it in monthly installments. The interest rate is usually fixed, so you will know exactly how much you need to repay each month. You will still need proof of income and a valid work pass or employment pass.

4. Personal Line of Credit

A personal line of credit is a type of foreigner loan that gives you access to funds up to a certain limit. You can use the funds you need and only pay interest on the amount you borrow. The interest rate for a foreigner loan from a personal line of credit is usually higher than for a bank loan. You will still need proof of income and a valid work pass or employment pass.


Best Personal Loans for Foreigners in Singapore

Foreigners living and working in Singapore have few choices for personal loans. These loans, however, have significant distinctions from standard personal loans. Applicants may need a certain kind of job pass or authorization and frequently have higher minimum income requirements.

However, overseas applicants sometimes pay greater processing costs. Nevertheless, some banks in Singapore still provide competitive lending packages for foreigners despite these difficulties. The loan amount, interest rate, for four of the best available options are listed below.

  1. OCBC ExtraCash Loan
  2. Standard Chartered CashOne
  3. HSBC Personal Loan
  4. Citibank Quick Cash
BanksAnnual Interest RateEffective Interest RateMinimum yearly income for foreignersLoanable sumProcessing Fee
OCBC ExtraCash Loan5.42% p.a.Begins from 10.96%Minimum yearly earnings of $45,000Six times your monthly salary200
Standard Chartered CashOne3.48%Begins from 6.95%Minimum yearly earnings of $60,000Up to four times your monthly salary0
HSBC Personal Loan3.4%Begins from 6.5%Minimum yearly earnings of $40,000Eight times your monthly salary0
Citibank Quick Cash3.5% p.a.Begins from 7.85%Minimum yearly earnings of $42,000Up to four times your monthly salary0

Financial solutions for expats in Singapore.

How to Find the Best Personal Loan as a Foreigner in Singapore?

If you are a foreigner holding an Employment Pass (E Pass) in Singapore, you may be wondering if you are eligible for a personal loan for foreigners in Singapore and how to find the best one. The good news is that many options for foreigners looking for personal loans in Singapore are available.

You can choose from various financial institutions, including banks, licensed moneylenders, and online lenders. When choosing a personal loan, it is important to compare the available offers and choose the one that best suits your needs.

It is also a good idea to speak to a financial advisor to get a second opinion on which loan would be the best for your circumstances. With so many options available, it cannot be easy to know which one is right for you. A financial advisor can help you compare different loans and choose the one that offers the most favorable terms.

Here are a few things to consider when looking for the best personal loan as a foreigner in Singapore:

1. The Interest Rate

The interest rate is the amount of money you’ll have to pay back on the loan, in addition to the original amount you borrowed. Interest rates can vary significantly from one lender to another, so it pays to shop around and compare rates before making a decision.

Remember that the lowest interest rate isn’t always the best option, as some lenders may charge other fees or have less favorable terms and conditions. Ultimately, you’ll want to choose the loan with the most favorable terms and the lowest overall cost. By carefully considering all of these factors, you can be sure to find the best personal loan as a foreigner in Singapore.

2. The Repayment Period (Loan Tenure)

The repayment period is the length of time you must repay the loan in full. The longer the repayment period, the more time you will have to pay off the loan. However, it is important to remember that the longer the repayment period, the higher the interest rate will be.

As a result, it is important to consider your financial situation before choosing a repayment period carefully. If you are confident that you can repay the loan within a shorter time frame, it may be worth opting for a shorter repayment period to save on interest costs. However, if you need a little more time to repay the loan, choosing a longer repayment period may be your best option.

3. The Fees

There are various fees that can be charged on a personal loan, and it is important to understand them before you agree to take out a loan. The interest rate is one of the most important fees to consider, as it can significantly impact the overall cost of the loan.

In addition, there may be other fees such as application fees, origination fees, and late payment fees. Understanding all of the fees associated with a loan is important before you agree to take one out. By understanding the fees, you can ensure you get the best deal possible on your loan.



How Many Personal Loans Can You Have at Once?

What matters is the worth of the foreign loan in Singapore, not how many you are allowed to have. The overall value of all unsecured loans you are permitted to hold is limited to 12 times your monthly salary. You won’t be allowed to apply for or utilize further credit if your total amount of unsecured debt exceeds 12 times your monthly salary (debt not secured by the property).

Excessive borrowing might harm your credit score. As a general rule, you shouldn’t take out more than three personal loans because the majority of personal loans allow you to borrow up to four times your monthly salary.

How Can I Borrow a Personal Loan Fast?

Standard Chartered’s CashOne might be the perfect fit if you’re in a hurry and need a cash loan for foreigners in Singapore. The bank promises that they can disburse your funds within 15 minutes of approval.

If a bank rejects your foreigner loan application, your next best option for a fast approval foreigner loan might be from a reliable licensed moneylender.


Finding A Good Foreigner Loan

Finding a foreigner loan for expats in Singapore is possible. These are the foreign loan options available in Singapore. Make sure you compare the interest rates and terms before deciding which is right for you.

Remember, you will need proof of income and a valid work pass or employment pass to be eligible for a foreigner loan. Prepare beforehand to speed up your application process.