My family and I are on a vacation in out of the town. We stayed there for two weeks. Yet in our hometown there is a typhoon that we didn't know that will come. So we stayed out of town to keep safe as per the authorities, we cannot go home yet. After the week of typhoon, we went home and found some of the parts of our house damaged and broken due to the strong winds and rain.
The OCBC ExtraCash Loan is a true personal loan as it allows you to borrow up to 6X your monthly salary. However, I must warn that the interest rate is kinda high. If you don’t require that much money, I recommend that you consider the OCBC Cash-on-Instalments loan which is slightly cheaper. However currently with OCBC personal loan, you can get a MoneySmart exclusive rate of 3.5% (7.27% p.a.) for new loan customers with only 1% processing fee. For existing loan customers, you pay an interest of 4.7% p.a. (EIR 9.46% p.a.).
OCBC ExtraCash Loan / Oversea-Chinese Banking Corporation
With the Credit Card Funds Transfer, you can get interest-free cash in 15 minutes from as low as 0.7% processing fee (EIR from 2.83% p.a.) and also freely choose your preferred tenure of 3, 6, 9 or 12 months. Although they offer a 0% p.a. interest rate, this is valid for a Credit Card Funds Transfer with a 3, 6, 9 or 12 month tenure and is only applicable to the amount transferred pursuant to the application submitted in respect of this promotion. The prevailing interest rate of 26.9% p.a. applies after the expiration of the tenure indicated in the application form.
Standard Chartered CashOne Personal Loan / Standard Chartered Bank Singapore
This card is a great contender for the 7-year personal loans lead yet is the relative newcomer on the block. This does not stop them from being very aggressive in Singapore these past few years. Although Bank of China $martLoan’s interest rates are on the high side, Bank of China is generally more lenient than most other banks in Singapore and have a lower minimum annual income.
Bank of China $martLoan / Bank of China
DBS personal loans are based on either your credit card or personal line of credit. Thus if you have DBS credit card or DBS Cashline and a DBS deposit account, you can apply through internet banking and get your loan processed immediately and credited instantly into your account. However if you don’t have a DBS credit card you can still get this loan, but you will have to furnish your income documents and obviously you won’t get the funds right away
DBS Personal Loan / DBS Bank
Citi Personal Loans / Citibank Singapore
Maybank does not exactly offer a proper personal loan in itself but its term loan is linked to its personal credit line product. You just need to sign up for CreditAble in order to cash your credit line using the Maybank CreditAble Term Loan but note the terms & conditions and annual fee however. In my personal opinion, the loan amount is small while the interest is high, so it may be best to avoid this one.
Maybank Personal Loan / Maybank Singapore
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If you need funds for your renovations, you should get a renovation loan instead of getting a personal loan. While a personal loan does the same job as that of renovation loans, banks and moneylenders check a person's credit risk and where they will use the money to determine if they should lend you money.