Foreigners in Singapore have a lot to think about when it comes to applying for the best personal loans on the market. From maximum loan tenure and interest rate charges to minimum salary and monthly income requirements, there’s a lot to get your head around before you can really decide which personal loans in Singapore are the best fit for you. 

The first thing to understand is that foreigners in Singapore can apply for a very broad range of different financial products. This includes both bank loans and personal loans offered by licensed moneylenders. In some cases, standard personal loans will be available to foreigners in Singapore but often than not, you will be looking at “foreigner loans” targeted specifically at expats and other borrowers from overseas.

A foreigner loan is near enough the same as a standard personal loan, but there are a few factors that differ between the two – and you’ll want to be aware of these. Let’s look at how the two financial products compare and what you need to do to apply.

Foreigner Loans vs Personal Loans

In many ways, a personal loan and a foreigner loan are identical. If you’re applying through the same bank or licensed money lender, you’ll get the same interest rate with either type of loan – and be able to borrow the same maximum loan amount.

However, there are a few differences between these two loan types – which usually boil down to eligibility. Specifically, a foreigner loan might require you to:

  • Have a higher minimum salary or minimum annual income 
  • Be born in a foreign country 
  • Provide details of a residential address, utility bills, phone bills and/or an Employment Pass showing employment in Singapore

Conversely, when a Singapore Citizen or Permanent Resident applies for that same loan, the eligibility requirements might not be quite so strict. The good news is that foreigner loans don’t usually come with any additional costs on top of what a standard loan would cost for any other type of customer.

Who Can Qualify for Foreigner Loans? 

Depending on whether bank loans or licensed money lenders are your first port of call, you’ll need to visit your preferred lender’s website and fill out an online application form to apply for a personal loan for foreigners. 

With Fortune Credit, you can do this here – but who can qualify for one of our flagship foreigner loans? Well, in most cases, you’ll need to:

  • Originate from a foreign country and be living here in Singapore legally
  • Be at least 18 years old
  • Have a minimum salary or minimum monthly salary of $2,000 
  • Have a minimum annual income of between $30,000 and $60,000

On top of this, you’ll need to be willing to provide evidence of the following documents when you apply:

  • Your passport 
  • A valid Singapore WorkPass, Employment Pass, or S-Pass
  • A residential tenancy agreement or utility bill as proof of residence
  • Three months’ worth of payslips showing your monthly salary
  • An employment letter (if you have been at your job for less than three months)
  • Proof that you meet the minimum annual income requirements (i.e. bank statement)
  • SingPass to log into IRAS online

With Fortune Credit, you can apply for a personal loan for foreigners in three quick and easy steps, with guaranteed low interest rates and no credit score or credit history checks. Apply online today or keep reading to discover what other options might be available to you.

Where Can I Apply for a Personal Loan for Foreigners in Singapore? 

If you want to borrow money as a foreigner in Singapore, there are plenty of places you can go. Borrowers looking for the best personal loan offers will usually approach both licensed money lenders and banks looking for the best deal. The table below shows some of the most competitive money lender and bank loans on the market right now:

Money Lender / Bank

Minimum Annual Income

Annual Interest Rates

Effective Interest Rates (EIR)

Maximum Loan Amount

HSBC Personal Loan

$40,000

From 3.4%

From 6.5%

Up to 8x monthly salary


Flexible repayment options available

Standard Chartered CashOne Personal Loan

$60,000

From 3.48%

From 6.95%

Up to 4x monthly salary or $250,000


Loan tenure from 1 to 5 years

DBS Personal Loan / POSB Personal Loan

Apply online to check

From 3.88%

From 7.56%

Up to 10x your monthly salary


Loan tenure from 1 to 5 years 

OCBC Personal Loan

$45,000

From 5.42%

From 10.96%

Up to 6x monthly income


Loan tenure from 1 to 5 years

CitiBank Personal Loan

Available to CitiBank credit card holders only

From 3.5% (with processing fee)

From 7.85%

Based on your available personal line of credit


Loan tenure from 1 to 5 years 

Fortune Credit

$10,000

From 1 to 4%

Apply online to check

Up to 6x monthly income

Let’s look at little closer at the loan details of each of these popular financial products:

  1. HSBC Personal Loan

The latest HSBC Personal Loan is a great choice for foreigners on account of HSBC’s flexible repayment options. Foreigners can borrow up to 8 times their monthly salary and HSBC personal line of credit customers and existing credit card holders can sometimes get even better deals. Special offers entitle some applicants to up to $2,000 cashback, too. Don’t rule this one out – especially if you already have a HSBC personal line of credit or credit card.

  1. Standard Chartered CashOne Personal Loans

Standard Chartered is a little stricter than some of the other banks and moneylenders in our table, especially when it comes to minimum annual income requirements. That said, Employment Pass holders can enjoy fast loan applications, as they won’t need to provide any utility bill or other documents as proof of address.

  1. DBS Personal Loans / POSB Personal Loans

If you’re from a foreign country and you want to borrow a personal loan with a long loan tenor of up to 5 years, DBS will offer you up to 4 times your monthly salary. What’s more, this can actually be increased to 10x your monthly salary if you earn $100,000 or more, making this a great choice for higher-earners.

  1. OCBC Personal Loan

Foreigners earning over $120,000 can borrow up to 6 times their monthly income with OCBC, over a loan repayment schedule that can last for anywhere up to 60 months. Customers can also enjoy 1% cashback at the point of approval.

  1. CitiBank Personal Loan

If you’re an existing Citi customer, the bank’s Citi Quick Cash Loan option offers competitive interest rates and a flexible loan tenor of anywhere up to 5 years. You can also enjoy cashback promotions if you apply in good time.

  1. Fortune Credit Personal Loans

Here at Fortune Credit, you can apply for a loan with lightning-fast approval and competitive interest rates of between just 1 to 4%. We offer loans of up to 6 times your monthly income and a soft credit check that won’t scrutinize your credit score as harshly as other banks and lenders might do. What’s more, our smaller loans are still available to customers who don’t meet our $10,000 minimum annual income requirements – meaning there’s something for everyone at Fortune Credit.

How To Choose the Best Foreigner Loans 

So, there are literally tons of personal loan options available to foreigners looking for a personal loan in Singapore – but how do you find the best foreigner loan for you? We’d recommend following these three simple tips:

  • Compare different loan types

Personal loans in Singapore often have lower interest rates than credit cards, but you won’t get a maximum loan amount that’s as high as you might find on home loans or other financial products. Always think carefully about what type of loan best fits your financial situation. For example, home loans might be a better fit for property purchases.

  • Figure out the total fees

Every loan charges interest, but there are other important costs to consider, too – such as annual fee and processing fees, late payment charges and more. Look out for any loans that offer a flat interest rate that offers increased certainty, or a processing fee waiver that reduces the up-front cost burden.

  • Think carefully about monthly payment costs

Loan tenor and maximum loan amount will have an impact on your average monthly payment cost. It’s important to make sure any monthly payment required of you is realistic and doesn’t overstretch your budget – so do your calculations and plan ahead accordingly.

Common Alternatives to Personal Loan and Foreigner Loans 

If you’re worried about your credit score, hitting those tight minimum annual income requirements, or unsure whether you can afford an up-front processing fee, it might be worth considering alternatives to traditional personal loans in Singapore. Here are some popular options:

  • Personal Line of Credit 

While a traditional personal loan will require you to repay in monthly instalments, a personal line of credit is a little different. Just like using a credit card, a personal line of credit enables you to draw-down cash from your available credit limit and only ever incur interest rate charges on the money you actually spend. This might be a good option for borrowers who wish to make several smaller or very specific purchases rather than one big one.

  • Balance Transfers 

This alternative might be a good fit for borrowers who are already struggling with existing debt. A balance transfer can help you to consolidate and repay any existing loans by essentially creating a new loan that combines previous debts. If you’re able to repay within an agreed interest-free period (which most banks and credit cards will offer for up to 12 months), you could save some serious money.

  • Debt Consolidation Loans

These function in a similar way to balance transfers in that they can help you consolidate all your debts into one single loan with one straightforward monthly payment. That said, debt consolidation loans are a better fit for longer-term borrowers, or anyone who might need a lump sum of cash to pay off their other existing loans.

Whether a personal line of credit, balance transfer or debt consolidation loan is a better option for you will depend entirely on your unique borrowing needs and circumstances. In many cases, a quick, simple cash loan available with minimal processing fee costs, a generous loan tenor and a competitive interest rate will be the best and most straightforward option. Check out what kind of loans you can get from Fortune Credit here.

Factors to consider before applying for a foreigner loan 

Before applying for any kind of personal or foreigner loan, it’s important to make sure you fully understand its fee structure, overall costs and what you will eventually be required to repay. Be sure to think very carefully about:

  1. Interest Rates

Here at Fortune Credit, our interest rates on foreigner loans sit at 1 to 4%, but other banks or lenders might charge higher rates overall. You should consider the effective interest rate or “EIR” over the standard rate quoted, and calculate how much this could cost you in the long-term.

  1. Loan Amount

While some borrowers might want a quick cash loan to pay off an unexpected or one-off expense, others may need a higher maximum loan amount to put toward multiple purposes. Consider how much you need to borrow – and make sure you don’t overstretch your needs.

  1. Loan Tenure

The loan tenure you choose will affect the amount of money you will need to repay overall – and how long you will be locked into regular monthly payments. Think carefully about affordability here, and look into any early repayment charges you might have to deal with if you decide to repay early, too.

Loan Approved

FAQs About Foreigner Loans – “Do I need a bank statement?” And Other Queries

Personal loans can be very confusing. From administrative fees and eligibility criteria to the rules surrounding loan tenure and interest rate charges, there’s an awful lot to think about – particularly if you are looking for the best loans for foreigners in Singapore. Here are a few helpful FAQs to assist you in your loan search:

  1. Can foreigners apply for personal loans here in Singapore?

Yes, foreigners residing in Singapore legally can apply for a personal loan by approaching banks, money lenders and other regulated financial institutions. Personal loans for foreigners will usually be very similar to standard personal loans, but the eligibility requirements may differ and you will need to provide evidence of your residential address and employment status to apply.

  1. Do I need to provide bank statements when applying?

Usually, yes – a foreigner loan application will require you to provide proof of address, employment and more. For example, you might be asked for a bank statement or utility bill.

  1. Are foreigner loans more expensive than personal loans? 

Generally speaking, the interest rate and loan amount available to customers will be identical between standard personal loans and loans for foreigners. That said, annual fee costs, processing fees and other charges may sometimes vary between different loan types – so always double-check the small print with your preferred lender.

  1. What kind of processing fees can I expect when applying for a foreigner loan?

Most traditional banks in Singapore will charge a processing fee of around 1 to 2% of the total loan amount that you decide to borrow. However, each bank and lender will set its own terms and rates on their loans. As such, you should ask your lender for a full cost breakdown before you apply. 

  1. What is the maximum loan amount foreigners can borrow? 

More often than not, loans for foreigners in Singapore are available up to a maximum amount of 6 times your monthly salary. However, loan details will always differ from bank to bank and lender to lender. In most cases, it’s best to get a personalized quote detailing exactly how much you can borrow.

  1. Is it a good idea to get a foreigner loan? 

This will always depend on your unique financial needs and circumstances. Foreigner loan products tend to offer competitive interest rates and flexible loan tenure options to borrowers from all walks of life, but a balance transfer or personal line of credit might be a better fit for those who already have existing debts or intend to use their borrowed cash to fuel smaller or more specific purchases. You also might want to consider home loans, renovation loans and other loan types if you intend to put your loan toward property purchases or repairs.

  1. How many personal loans can I borrow at once?

The total amount of unsecured loans you can borrow is capped at 12 times your monthly income, according to the latest Monetary Authority guidance. If ever you find yourself owing any more than this amount, your credit score could be adversely affected.

  1. Which foreigner loan is best for me?

Determining which of the top foreigner loans on the market right now is the best fit for your unique financial circumstances will always be a very personal decision. You should think carefully about how much you can realistically afford to borrow and repay, what you intend to put your borrowed money towards and what kind of interest rates and approval times you require. 

  1. Where can I get a personal loan super-fast?

Here at Fortune Credit, we offer instant approval on virtually any type of personal loan in Singapore – including loans for foreigners. Apply for a cash loan today in three quick and easy steps here.

Final Thoughts – Are Foreigner Loans Right for You?

Finding the best personal loans for foreigners in Singapore can be challenging. You should always keep the following in mind:

  1. Make sure you opt for realistic monthly instalments

You should always calculate how much you can realistically afford to borrow – and try not to overstretch your budget. Compare interest rates, processing fee costs and more to determine the total cost, and only ever opt for a deal that’s within your limits.

  1. Always borrow from a licensed money lender or bank

Be sure to check with the Ministry of Law Singapore to ensure any bank or moneylender you approach for personal or home loans is 100% licensed. A list of trusted lenders can be found here.

Here at Fortune Credit, we offer cash loan, personal loan, home loans and other amazing types of loan with fast approvals and guaranteed low interest rates. Fill in a quick and easy form to find out how much you could borrow today and request a free quote completely on us!