Transfer of Loans in Singapore – Know more details
One of the main countries that host migrants are Singapore, many of whom are laborers. 1.4 million of the migrants are labor migrants. They primarily come from Southeast Asian nations including the Philippines, Vietnam, Thailand, and Indonesia where there are few possibilities for high-paying employment. Aside from the workers, many people from other nations reside in Singapore because of the progress it has undergone and the rich and successful lifestyle it offers. However, in cases of financial emergencies, the procedure for applying for and transferring loans might vary. It is important to understand how the finance of the country works in regard to immigrants. Here is what you should know about credit bureau search Singapore and how transfer of loans works through the same.
Transfer of Loans in Singapore for Immigrants
The need to transfer a loan in Singapore may arise due to several reasons. Some of these reasons may be due to financial difficulties, a change in employment status, or simply because the borrower has found a better interest rate from another bank. In such cases, it is important to know how to transfer a loan so that there are no complications later on.
People who are not citizens of Singapore are supposed to apply for a Foreign loan. Foreigners typically face tougher eligibility requirements than Singaporeans. For foreign applicants, a one-year job pass and three pay stubs proving an annual salary between $40,000 and $60,000 are required. Singaporeans, on the other hand, just need a minimum yearly income of $20,000 to $30,000.
Additionally, fewer banks offer loans to foreigners. Those who do will want a passport as identification, a copy of an employment pass that has been in effect for at least a year, and documentation of your address, income, and employment during the application process. Additionally, candidates must fall within the age range of 21 and 55.
The procedure and interest rates may differ depending on the bank and the type of loans a person is considering. Most banks can offer immediate approval if the borrower can match the eligibility requirements. There are institutes (online and offline) that disburse cash in a minimum of 15 minutes.
A loan transfer on average takes 7-10 business days. For balance loan transfers, banks usually charge a one-time processing fee that is up to 1.5% to 4.5% of the borrower’s approved loan amount. The home loan transfer process in Singapore is given as below –
- Go to the bank’s website.
- Read and check the terms and conditions, interest rate, and the processing fee
- If you find it suitable, request a balance transfer
- Fill in the relevant details
- After finishing this, you will be able to see the loan offer
- Complete the payment process as given and upload your information and details as asked
- Submit your applications and wait for approval
The documents that are required for transferring a loan in Singapore are proof of identity, proof of residence, documents related to a current loan, salary slips from the last three months, bank statements from the past six months, balance sheet, and profit and loss account statements for the last three years for self-employed individuals and a passport sized photo of the borrower. The borrower should make sure that all the details are accurate and that the provided information isn’t false.
Banks in Singapore usually charge a 0% transfer rate for balance transfers (as long as the borrower makes full repayment within the agreed term). Generally, balance transfer repayment periods are mainly up to 3 to 24 months in Singapore. Below are given the processing fees associated with Singapore’s best balance loan transfers for 2022:
- Processing fee by interest rate free period – 3 months – 6 months – 12 months – 18 months – minimum monthly repayment
- Citibank Credit Card Balance Transfer – 1.58% – 1.58% – 5.5% – N/A – 1% (or $50, whichever is higher
- DBS/ POSB Balance Transfer Cash line – N/A – 2.5% – 4.5% – N/A – 2.5%
- DBS/ POSB Balance Transfer Credit Card – N/A – 2.5% – 4.5% – N/A – 3%
- Citibank Ready Credit Balance Transfer – 1.58% – 1.58% – 5.5% – N/A – 3% (or $45, whichever is higher)
- HSBC Credit Cards Balance Transfer – N/A – $88 (waived) + 2.5% of interest – $88 waived if >$10,000 + 4.88% of interest – N/A – 3% (or $50, whichever is higher)
- HSBC Personal Line of Credit Balance Transfer – N/A – 1.38% – 4.88% of interest – N/A – 3%
- May bank Fund Transfer – N/A – 1.38% if >$10,000; 1.88% if >$2,000 – 2.5% + 4.99% of interest – N/A – 3% (or $10, whichever is higher)
- OCBC Balance Transfer – 1.8% – 2.5% – 4.5% – N/A – 3.0% (or $50, whichever is higher)
- Standard Chartered Fund Transfer – 0.7% – 1.5% – 4.5% – N/A – 1%
- UOB Cash Plus Balance Transfer – N/A – 2.5% – 4.28% – N/A – 2% (or $30, whichever is higher)
- UOB Credit Card Balance Transfer – N/A – 2.5% – 4.28% – N/A – 3.0% (or $50, whichever is higher)
Personal loan at Bugis, Licensed Money Lender Bugis, Singa Credit, SU Credit PTE Limited and 118 Credit are some of the financial institutions and licensed moneylenders that lend personal loans at Bugis.
Credit Bureau Singapore is owned by Info credit Holdings Pte Ltd. Credit Bureau Singapore, also known as CBS is Singapore’s most comprehensive consumer credit bureau that has full–industry uploads from all retail banks and major financial institutions. CBS is a joint venture between Info credit Holdings Pte Ltd and the Associations of Banks in Singapore (ABS).
In summary, the transfer of loans in Singapore can be a very useful tool for borrowers who are looking to refinance their existing loans. However, it is important to remember that this process is not without its risks and borrowers should always consult with a financial advisor before making any decisions. Additionally, borrowers should be aware of the potential fees associated with the transfer process and make sure to shop around for the best rates and terms.
Licensed Moneylender in Bugis– Singa Credit Pte Ltd
Established in 1992 and previously known as Yong Seng Credit,
Singa Credit Pte Ltd is Licensed Moneylender in Bugis regularly updated with the latest regulations to be in line with the requirements set out by Registry of Moneylenders.
Please feel free to call 66946166 for more info on our lowest interest rate in Singapore or walk in our office 470 North Bridge Road #02-01 Bugis Cube Singapore 188735.