You can use a personal loan for any personal financial need of yours. It gives you the flexibility to pay for stuff in small amounts of payments every month rather than paying the full amount at once. It can be used to purchase home, car, home appliances, furniture, or you can pay your debts, medical bills, wedding expenses, and much more. For example,
- If you are having several loans or credit cards outstanding with different amounts, interest rates, and duration, it would be very difficult to maintain. In this situation, you can apply for a personal loan to clear all your other debts. By merging all your debts into one you will be able to avoid different interest rates and hassle of maintaining them and it will be much easier to pay single EMI.
- Because of low-interest rates, it is better to pay your credit card debt with a personal loan. You can finalize your debt in less time because less interest means less amount to pay and the lesser the amount is the faster you will be able to finalize it.
What are the eligibility criteria for a personal loan?
The eligibility criteria to get a personal loan is varies from lender to lender but age, income, occupation, residence address and ability to repay the loan are common.
If you want to apply for a loan you must have a valid address proof, a regular source of income, whether you are salaried, self-employed or a professional. Some other points also affect your eligibility like your credit history, the company you are working with, etc.
How much can you borrow?
Well, as you know your eligibility depends upon a regular source of income; the same goes for the loan amount you can get. The Moneylender will restrict your loan amount according to your income. They try not to give you a loan amount with EMIs higher than 40-50% of your monthly income.
How and where you can apply for a personal loan?
There are many different sources from where you can get a personal loan but you should compare the offers before you apply. The more people and companies are now turning towards money lending business which results in tough competition between moneylenders. This type of competition is beneficial for consumers so it’s better to compare before you choose. Well, you just have to search Personal Loan Singapore and you will get all the details and offers you need. Isn’t it simple?