You are excited! You know it's the moment you have been waiting for. You want to buy a new house or renovate it, get a new car, study at the university, or you just have personal purposes. But there is a problem... you don't have enough money. Then, What can you do? Where can you go? Who can help you?

There is one solution, you can apply for a loan at the bank! But how? What are the requirements? What is the type of loan that you need? These are some questions that people usually have before applying for the loan that can change their lives, so if you have ever wondered one of these questions or all of them, it is normal. But do not worry about it, because this is exactly what you are going to find out when you read this article. So let's get started!

First, we need to understand that there are different types of loans, depending on your needs you could apply for : personal loan, home loan, renovation loan, educational loan, car loan and/or commercial property loan.

We cannot discuss them all in this article since there are a lot of different types of loans that are not mentioned above. But we are going to talk about the main ones and the requirements needed for you to get them that will help you choose which one is the best option for you.

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The requirements will vary if you are a Singapore citizen or not.

For Singaporeans:

  1. If you are Singaporean you have to make at least $20,000 a year in order to be eligible for one.
  2. You will need to file documents that prove your residency and identity.
  3. You will need to show the proof of employment and employer details.
  4. Financing requirements, your NRIC copy, the CPF submitted over the past 12 months, and your latest original computerized payslip.

Please notice that they might want you to have landline phones in the office or at home, so they can use it for their verification purposes.

For Foreigners:

  1. You should have a minimum income of $42,000 a year.
  2. You need the employment pass, original payslip and latest Income Tax Notice of Assessment with at least six months' validity.
  3. A copy of your passport.


The bank will check:

  1. Your income.
  2. The type of work you do.
  3. How stable your employment is.
  4. Credit story.



  1. You need to be 21 years old or to have a guarantor if you are under that age, some banks might require your guarantor to be from 21 to 59.
  2. The guarantor needs to have the minimum yearly income, this can vary from 12,000 to 30,000.


You will need to show:

  1. Employment details: employer name, monthly income.
  2. Proof of income: salary payslip, income tax statement.
  3. Proof of existing financial commitment: housing loan, personal loan.
  4. Vehicle sale agreement (if you have it).


  1. Proof of home ownership.
  2. 21 to 65 of age.
  3. Singapore citizen or permanent resident.

If somebody who is not the owner wants to apply for one, he/she will need to have the owner's consent.

Be aware that renovation loans cannot be used to pay furnishings or for any other purposes, so if you are planning to apply for one, these types of loans are only for renovations.


First, we need to know that financing regulations are different for each category and there are only 3 situations that apply for a commercial loan:

An individual who is buying a commercial property. A company that is buying a commercial property. A company that is buying a residential property.

In order to be able to apply for this type of loan, you will have to talk to the bank to see what are the documents that are needed to be eligible for this type of loan.

Final thoughts

If you meet the requirements, congratulations! You are now one step away from getting the loan that will change your life! Just remember, always ask yourself what exactly do you want? And What are the interest rates? If you keep this in mind you will know which type of loan you need.