Similar to business loans, there are a wide variety of personal loans that are offered by financial institutions in Singapore, each catered to solve your different financial needs. Given the many choices available, searching for the right one can be a difficult process.
At Reliance Advisory, our consultants are dedicated to finding the best options for you to advance your endeavours.
Different Types of Personal Loans
Licensed Lending
A loan of specific sum with fixed repayments inclusive of interest across an agreed loan tenor
Renovation Loan
Special financing specifically for only home renovations
Study Loan
An education loan for students to repay tuition fees
Licensed Lending
A loan of specific sum with fixed repayments inclusive of interest across an agreed loan tenor. The maximum loan amount is usually tied to your monthly income.
Singaporeans or PR with an annual income of at least SGD$30,000, and those who are between 21-65 years of age.
*Subjected to current regulatory framework
Loan tenor of 1-5 years with varying interest rates. Generally follows a “Principal + Interest“ structure.
Renovation Loan
Special financing specifically for only home renovations of which are only available for a stipulated list of renovations, subjected to each individual financial institution. And since you will need an asset to be eligible for this loan, its interest rates are generally lower than that of a personal loan. The maximum loanable amount is based on your monthly salary.
Homeowners who want to enhance their assets. Singapore citizen or PR between 21-65 years of age, with an annual income of at least SGD$24,000. For joint applicants, at least 1 applicant needs to fulfill the minimum income criteria.
Loan tenor of 1-5 years with fix interest charged dependant on participating financial institution.
Study Loan
An education loan for students to repay tuition fees. Loan amount is based on monthly income of student or guarantor. The list of schools supported under this loan varies with each participating financial institution.
Students seeking financial assistance to repay tuition fees.
Loan tenor of 1-10 years with fixed interest rates, starting from year of graduation and dependant on the requirements of the financial institution.