How Can a Foreigner Loan Helps Expatriates in Singapore?

How Can a Foreigner Loan Helps Expatriates in Singapore?
Foreigner Loan

Singapore is one of the most expensive places in the world to live in not only for foreigners but also for Singapore Citizens/ PRs. To get through the toughest of times for many expatriates living in Singapore, there are many credit institutions that offer foreign loans with low-interest rates.

Loans for expatriates are basically those credits extended to deserving non-residents who are temporarily living in Singapore. Their chances of getting personal loans like home loans or expat loans are bigger when they present proof of income and other documents proving their capacity to repay the credit comes maturity.

What is a Foreigner Loan?

Foreigner Loans are specifically offered to expats who may be working or living in Singapore. Even those temporarily residing in Singapore for their education are entitled to this loan.

When it comes to applications in general, foreigners and Singapore citizens alike follow the same application except for eligibility criteria where they put higher standards to foreigners living in Singapore.

The annual salary requirements of foreigners living in Singapore are higher than their local counterparts. The former also have to present a Singapore work pass which the latter obviously does not need or even have.

How Does It Work?

Generally, the application process and interest rates will depend on two things. First, on the licensed money lenders. Second, on the type of loan applied for.

If you are an expat, submit all documents that will prove the fact that you are really working in Singapore. When you do not have a credit score yet, apply for a loan in Singapore with a guarantor that has a high or reasonable credit score. Loan requirements asked from foreigners are typically for the purpose of ascertaining that they will remain in Singapore for the entire duration or until the loan is fully repaid.

Take note, however, that there are lenders, both banks and licensed lenders alike, that do not extend loans to foreigners despite having guarantors, even those that have an outstanding credit score. 

How Can It Help Expatriates in Singapore?

Loans for foreigners in Singapore are primarily to help expatriates get through financial difficulty while they settle in the country. Such personal loans are a financial buffer that can fund for, in the meantime, their emergency needs, utility bill, and other specific needs. They can even spend such loans for any other personal reasons so long as they will pay them back.

Where to Apply for Foreigner Loan?

To get the most reliable source of foreign loans in Singapore, it’s important to compare your choices. Moneylender Review is a loan comparison site that can provide you up to 3 free quotes from top licensed moneylenders in Singapore.

Comparison of Top Banks Offering Foreigner Loans

1. HSBC Personal loan

Loan amount: HSBC’s personal loan requires a minimum amount that is higher than S$5,000.

Interest rate: HSBC personal loans have the lowest interest rates in the market at 3.7% p.a. (EIR 7% p.a.). There is 0% fee and the loan tenure is 1 to 7 years. This tenure is considered as one of the longest loan tenures there is in the market.

Recommended for: HSBC personal loan is highly recommended for those who intend to borrow relatively large amounts of money. The long period of time to make and complete the payment allows clients to better manage their monthly installment payments. 

Repayment: The monthly repayment is at S$309 but may be different according to the tenure.

HSBC personal loan is highly recommended for those who intend to borrow relatively large amounts of money. The long period of time to make and complete the payment allows clients to better manage their monthly installment payments. 

2. OCBC Personal loan

Loan amount: The minimum amount for OCBC personal loan is S$1,000 but those whose annual income is below S$120,000 may borrow up to 4 times their monthly salary. While those whose annual income reaches S$120,000 or more may borrow up to 6 times their monthly salary.

Interest rate: OCBC personal loans have an interest rate of 3.5% p.a. (EIR 7.27% p.a.). Unlike other bank/s that have waived the processing fee, OCBC charges S$112.30 fee or 1% of the approved amount.

Repayment: The monthly repayment for OCBC personal loan is  S$307.

3. Citibank Quick Cash Loan

Loan amount: The minimum amount of Citi is kept low at S$100 for 24  to 60 months tenure. 

Interest rate: The interest rate is 4.55% p.a. (EIR 7.5% p.a.).

When the amount is S$20,000, you may enjoy an interest rate of 3.99% p.a. (EIR 7.5% p.a.). However, this is a limited promo, which means that such is available only to new customers. For 12 months of loan maturity, new customers get to enjoy 0% interest rates with 3.5% processing fee.

The monthly repayment charged is S$316. 

Repayment: This tenure could be extended to a maximum period of 5 years. Citi waives its processing fee at 0%, provided that the terms and conditions of the bank are complied with by the borrower.

4. Standard Chartered CashOne Personal Loan

Loan amount: Standard Chartered offers a minimum amount of S$1,000. On the other hand, the maximum amount can be as high as 4 times the borrower’s monthly salary. However, such an amount should not be more than S$250,000.

Interest rate: Enjoy flat interest rates from as low as 3.48% p.a. (EIR 7.99% p.a.) for longer tenures with 0% processing fee. For shorter tenures, Standard Chartered charges 0% interest rate but with low processing fee.

Repayment: Standard Chartered charges monthly repayment amounting to S$307.

5. UOB Personal Loan

Loan amount: UOB personal loan has a minimum amount of S$45,000 and a minimum loan tenor of 36 months which is available only until 31 January 2021 with a cashback promo of S$500.

Without such promo, the minimum loan is S$1,000

Interest rate: UOB offers an interest rate of 3.68% p.a. (EIR from 7.21% p.a.). Compared with other banks, it has an expensive processing fee of S$100.

Repayment: The monthly repayment is S$308.

Factors to Consider Prior

When choosing which credit company or bank to apply for personal loans, consider some important factors that can help customers pay up their credit in the long-run.

1. Make sure to get the best deal.

By factoring in only personal loans with low-interest rates or those interest rates that are within the budget. To do this, know how much each lender of consideration offers. You may check on the bank’s website for more details.

2. Know the repayment amount and period of personal loans.

It is not enough that you qualify. You must be certain that you can comply with the terms of repayment until the tenure expires.

3. Know the application process to determine your eligibility. 

You need to complete the documents and you need to possess all the qualifications required before attempting to apply. Otherwise, you will just be wasting time applying for a loan you know (or you should know) you are not qualified for.

4. Look at the reviews posted by customers. 

They would tell you how efficient the bank is in their credit services. Reviews give you an overview of the quality of credit experience you will have with the bank.

How to Apply

Eligibility and requirements

  • At least 21 years old
  • Possesses a valid Singapore employment pass
  • Employed on a full-time basis
  • Can show residential tenancy agreement as proof of residency in Singapore in the form of phone bills, PUB bills, or other utility bills.
  • Possesses an employment letter from employer or company
  • Can show payslips for the last three (3) months
  • Produce a bank statement that shows account activities for the last six (6) months.

Steps to apply

  • Select products and see the results
  • Compare the products offered with each other.
  • Determine which loan for foreigners is best suited to your income and need.

How to Find the Best Foreigner Loan Today?

It pays to do research when you are looking for the best expatriate loan. You can save hundreds of dollars in interest rate when you get to compare the interest rates of different money lending institutions first before deciding which one to invest your commitment in. 

Let MoneyLender Review do this task for you. It has acquired expertise in comparing personal loans and can send you up to 3 loan quotes from top licensed moneylenders straight to your email. 

Customers can rely on it when they want to expand their credit options. Not only the list of potential credit institutions will be provided to you but also some of their key features like interest rates, loan amount, repayment, among others.


Foreigners living in Singapore deserve an equal chance to avail of personal loans when their bank account becomes unreliable to solve the financial difficulty. Loans for foreigners are specifically designed to give expats this chance. 

Banks and moneylenders have made innovations by offering incredibly affordable interest rates and reasonable eligibility qualifications as well as terms and conditions of the loan that will ensure that, at the end of the day, both the lending facility and the borrowing foreigner will mutually gain from their credit transaction.

 As the borrower, you have to do your part of the research and make sure to loan from the one that gives you the best terms according to your income and needs.