Monthly Loan Requirements
You must be either a Singaporean, permanent resident or foreigner working in Singapore.
Anyone below age 18 or above 65 years of age is automatically disqualified from applying for the loan.
You must have a regular employment or source of income with an annual income that is $18,000 and above. If your annual income is below this amount, your chances of getting the loan are reduced.
In addition to the conditions mentioned above, you must also present the following documents:
Any foreigner is required to make his or her employment pass available for verification.
Make a copy of your CPF Contribution statement available. In the absence of that, your Income Tax Notice of Assessment should be made available.
Since you have to meet a basic income limit, your proof of income should be readily available to determine your eligibility for the loan based on your income.
You have to ensure that you can make your repayment on a monthly basis without defaulting in repayment. This is essential if you want to avert the late charges meted out to defaulters.
It is beneficial if you take a monthly repayment loan to address some of your financial issues than watching the problem become bigger than you can handle.