Monthly Installment Loan Requirements
You must be either a Singaporean, permanent resident or foreigner working in Singapore.
You must be at least 18 years old.
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 sure that you have a valid Singpass to log into CPF, HDB and IRAS.
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.