A personal loan can be the most effective financial tool when used properly and prudently. Should an emergency happen and there is an urgent need for cash money to deal with the issue on hand, a personal loan could prove very handy. At CYS Credit we often get such requests. - See more at: http://loansingapore.com.sg/how-get-low-interest-rate-loan-singapore/

1. How to get Low Interest Rate Personal
Loan in Singapore
A personal loan can be the most effective financial tool when used properly and
prudently. Should an emergency happen and there is an urgent need for cash money to
deal with the issue on hand, a personal loan could prove very handy. At CYS Credit we
often get such requests.
You can get the cash upfront and make repayments over the course a few months based
on your salary. Hence getting a low interest rate on your loan is still possible.
Most personal loans are unsecured, meaning as a borrower in Singapore, lenders will not
require the borrower to put down any form of collateral to put up a loan.
Factors that determines Loan Eligibility
The factor that is most important in determining the amount of loan that a borrower is
eligible for is highly dependent on their source of income. The higher a borrower earns,
the higher the loan amount that one is eligible for. Further which, this increases the
chances of loan approval be it by banks or money lenders.
A standard practise is that most banks and money lenders will lend up to four times a
borrower’s salary (monthly basis), and as long as they show the means to keep up with
the repayment on time. This basically determines whether you are able to get a low
interest rate too.
When a Personal Loan Deal is too Good
With the revision of the Moneylender Act in 2010, money lending companies have
sprung up in the neighbourhood offering loan services. However, there are an increasing
number of errant moneylenders and unlicensed moneylenders who capitalize on a
borrowers’ urgent needs and offer gimmicky loan packages.
Some will tell your about the low interest rate plans they have but charge high amount
of miscellaneous fees to add on to your loan.

2. Compare Loans before you borrow
Competition is thick for loan institutions, hence there is a varying personal loan interest
rates in SIngapore. Therefore, it is important to do your homework and compare loan
interest rates and choose one that offers low interest rate that you can maintain.
Also as a borrower, you are to keep in mind your debt servicing ratio, which is the total
amount of debt (monthly repayments for bills), in comparison to your total income. This
checks whether you are able to add one more debt, in the form on the monthly repayment
on your personal loan.
Ensure that your debt servicing ratio does not exceed 50% of your total income else it is
possible that banks and lenders will not allow you to take up the loan or they will offer
you a higher interest rate.
Finding Right Money Lender for Low Interest Rate Loan
Once you have fully consider your debt amount and the comfortable monthly term on you
personal loan plus your outstanding debts owing each month, only then should you take
your time to find the right licensed money lender.
You want to find the money lender with the lowest interest rate on your personal loans in
Singapore and a lender that is stable and honest.
Similar to the way you view things to buy or getting a credit card before you apply,
always compare loan products in the market. At times, interest rates may be lower than
others but there are other factors to consider such as repayment periods, or additional
fees.
More importantly, choose a reliable money lender that you can trust, and one that is
going to provide you the amount you need to borrower. Some lenders are able to
workout a repayment package to best suit your needs.
Head to a top ranking and trustable money lender when getting a personal loan in
Singapore. Always take your time to compare the loan interest rates and ensure that you
can afford the loan repayments.
Pick ones with low interest rate that you can maintain. Don’t forget to ensure that your
repayments are made on time.
Regardless of the reason you are applying for a personal loan, as a borrower in
Singapore, you have to take your time to find a top lending institution, learn about their
personal loan terms, and compare lenders, so you can find the right one for your loan.
Unlike a line of credit where your credit score matters, with a personal loan, it is your
income.

3. Before you borrow, you have to know as much as possible about a lender, the terms, and
what you are going to be paying, to ensure you can afford that loan term.
Find out about personal loan with low interest rate with CYS Credit Online Loan
Application today. Our friendly loan officers will attend to you.