If there is any kind of a loan that you can ever take in Singapore, then you should take a personal loan. Some people say that personal loans can be very tricky for people who do not know bank transfers, credit cards, and others. But if you use the personal loans properly, then you will know that personal loans are one of the most straightforward loans that you can take which have low-interest rates or the interest rates may vary. Several reasons are there as to why you may need a private loan Singapore. Some of the reasons when you can take a personal loan or reasons are jotted down below.
When Planning a Wedding
Instead of using your credit cards and later getting deprived due to the balance or lack of funds issues or using all your emergency money for the wedding, it is better that you discuss and choose to take a personal loan. A wedding is one of the reasons why you may need a personal loan in Singapore. You can easily have your dream wedding as now as per the Singapore law, the Singapore citizens, PR can get two times more or three times more the loan, provided they have an income of S$120,000 or more. You can check out the interest rates online.
Bills and Credit Card Debts
Another reason for taking personal loans is the bills and the credit card loans. These are two such things that become like a hassle for many people, they continue paying the bills over and over again and the interest rates are also high, then it becomes like a circle, where you go round and round on paying the bills and loans. But if you take personal loans for bills and credit cards then you can come out of that circle of debt and have only one single payment of personal loan only with low-interest rates. It will make things very easy and simple once you make timely payments.
Renovation or Relocation –
Many would-be like should you take a personal loan for home renovation? So, the answer is yes you can take a personal loan for home renovation. Even if you are shifting and moving into a new home, you can take a personal loan. A personal loan for the home renovation is available for the people who wish to renovate their homes. But there are certain eligibility criteria – You should be a PR citizen of Singapore; your age should be from 21 years of age to 65 years and you should have an income of S$24,000 or more. A home renovation loan comes with a lower interest rate and you should show an appointed ID firm or contractor i.e. give proof of work. This is how to get renovation loan in Singapore. You can also get a secondary loan which is provided under the renovation loan for using it for furniture.
Medical Emergencies –
One of the things you might be aware of if you have ever fallen sick is that the cost of medical care is very costly in Singapore. Health insurance would only allow you to get up to a limit for many procedures and conditions. So, in case of this kind of emergency, you can take a personal loan for a fixed period and the monthly amount will let you pay off your loan speedily.
Unforeseen Situations – Divorce or Funeral
Sometimes life happens when you are busy making other plans. Funerals and divorces are emotionally breaking events and can happen at any hour. If not divorce then funerals can be one of the causes. It can happen that someone dies and there is a need for money, so at that time you can quickly apply for a personal loan and repay the loan. Also, in case of divorce, if you are supposed to pay a small amount of money or a huge amount, you can take a personal loan and pay it off within some years.