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The kind of loan you should look for depends on what you want the money for, because different loans serve distinctly different purposes and they come with varied features. You might, for example, require a student loan to pay tuition fees, a car loan to buy a car, a personal loan to go on a vacation, or a home loan to buy a home.
While different types of loans offer different features and take different factors into account, one aspect remains the same: you borrow money, and you repay it in installments over a period of time along with any interest, fees, and charges that it attracts.
You can get a fixed rate personal loan either as secured or unsecured.
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Apply today to get approved for up to 10X your monthly salary over 5 years.
| Loan type | What is it? | Loan amount | Loan terms | Eligibility | Special features |
|---|---|---|---|---|---|
| Secured personal loan | A loan used to purchase an asset that is used as a guarantee or a loan used for any purpose that requires a guarantee | As much as 100% of the collateral | 1 to 7 years or longer |
| Lower interest rate than an unsecured personal loan |
| Unsecured personal loan | A loan that can be used for almost any purpose | Typically up to 2 – 4 times your monthly income, depending on your annual income | 1 to 7 years |
| Funds can be used for almost any purpose |
| Car loan | A loan specifically designed to purchase a new or used car | 60 – 70% of the cost, depending on the vehicle’s OMV | 1 to 7 years |
| You can get a car loan for vehicles up to 10 years old |
| Short term loan | A loan up to a few thousand that is typically repaid by your next payday | S$500 – S$10,000 | 4 to 8 weeks |
| Can receive funds within the hour. No credit checks |
| Overdraft | A type of credit attached to a transaction account | Typically up to 2 – 4 times your monthly income, depending on your annual income | Ongoing |
| Access it any time from your transaction account |
| Line of credit | A maximum credit limit you can draw up to and including | Typically up to 2 – 4 times your monthly income, depending on your annual income | Ongoing |
| Only repay what you borrow |
If you aren’t sure which loan type will be right for you, ask yourself the following to narrow down your options:
Before you apply for any kind of a loan, know that you always have options in terms of lenders and comparable offerings. As a result, compare a few before moving forward with the application process.
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