When working and living in Singapore as a foreigner, there is no guarantee that hard times will not arise and thus the need to get a loan arises. However unlike in ones respective country where the process is easier, there are certain requirements needed to ensure that one indeed gets the loan. Although particularly not different in Singapore, here are 5 steps on how to get a foreigner loan Singapore for any foreigner.

Have a valid work pass

The only way a foreigner can be able to get a foreigner loan Singapore is by actually showing you have a valid work pass, to the credit institution or the bank you intend to get a loan from. The work pass should have adequate time on it and should not be expiring any time soon, as this will reduce your risk factor.

Full employment basis

Reputable and legal credit institution and banks only offer loans to foreigners who are employed on a full time basis. By bringing the employment contract from where you are working from, the institution will get your employer as the guarantor to ensure that they become liable for the loan in the event you are unable to pay up.

Proof of ability to pay

Just like any other banking institutions in your country, you should be able to provide your bank statements and salary slips to show ability to pay. The amounts in the bank statements should be portray proof that you have a working plan on how you will repay the loan. It is good to note that normal loan rates in Singapore are 4.5%-10% for locals and for foreigner loan Singapore it is higher.

Residence tenancy agreement

A residence tenancy agreement from your real estate company should also be provided to the bank/credit institution in question. This is for the simple reason it further reduces your risk factor, as with your area of residency known you can be sought after when and if the need ever arises.

Be of right age

Only foreigners between the ages of minimum of 21 years and a maximum of 55 years are usually offered loans. In this case provide and ID as proof of being of legal stipulated age to get a loan.