Foreigners in Singapore will find it challenging to find financing for their spending needs. They don’t have any credit history that banks greatly need for loan application evaluations. As a result, many foreign borrowers get financial assistance through illicit means in the country.-

Thankfully, Singapore’s banks now have special personal loans for foreigners.

A loan for foreigners has different requirements versus Singapore nationals because of a work permit holder’s high-risk profile. You’ll learn more about personal loans for foreigners in the following sections below.

How Does a Foreigner Loan Work?

Both regular and foreigner personal loans supply up to six months of your monthly salary. In addition, banks might have a loan amount cap for foreigner loans.

A work permit holder’s loan might not have the same loan amount as regular personal loans because of the borrower’s perceived risk value. Banks are cautious when working with foreigners because the latter has limited collateral. Plus, they aren’t bound by Singapore law in their home country once they’ve left the country with unpaid debt.

The major differences between the two are the foreigner loan’s terms and conditions, eligibility, and supporting document requirements. You’ll learn about these in the next section.

Personal Loan Eligibility for Foreigners and Work Permit Holders


  • Must be 18 years of age
  • Employed and living in Singapore
  • Monthly income requirements vary with every bank

Document Requirements

  • Employment letter of offer
  • Passport
  • Working Permit/S-Pass/Employment Pass
  • 3 Months of Payslips
  • Bank Statement
  • 2 Years Notice of Assessment
  • Proof of Billing (Tenancy Agreements, Utility Bills, etc.)

Top Sources of Personal Loans for Work Permit Holders

Personal loans for work permit holders are available from the following Singaporean establishments

  • Banks: Singaporean banks are stringent with their work permit personal loans when it comes to minimum annual income requirements. However, they offer the highest possible maximum loan amount. Plus, foreigners can have access to their respective mobile banking applications for ease of transactions and automated payments of personal loans.
  • Licensed Moneylenders: Singapore’s licensed moneylenders offer the best terms and conditions because they don’t require high credit score. They can offer foreign workers up to six times their monthly income.

Best Foreigner Loans in Singapore

We’ve compiled the best loans for foreigners in Singapore for 2021. Each of these products is available for both Singaporeans and foreigners.

Foreigners must pay attention to the bank’s different eligibility and requirements to enjoy loan application instant approval.

Interest Rates Loan Amount Annual Minimum Income Requirement
HSBC Personal Loan 3.8

(7% Effective Interest Rate)

S $11,110 – S $20,000 S $40,000
Standard Chartered CashOne 3.88%

(7.63% EIR)

S $11,164 – S $20,000 S $60,000
OCBC ExtraCash Loan 5.42%

(12.11% EIR)

S $11,629 – S $20,000 S $45,000
Citibank Quick Cash 3.99%

(7.5% EIR)

S $11,365 – S $20,000 S $42,000
DBS Personal Loan 3.88%

(7.56% EIR)

S $11,374 – S $20,000 S $20,000


DBS Personal Loan

Foreigners earning a minimum annual income of S $120,000 can receive up to ten times their monthly salary with DBS’s loan offer. This foreign loan grants 1-5 years loan tenure and an affordable interest rate of 3.88% (7.56% EIR).

Borrowers have to use DBS’s dedicated mobile application to apply. Plus, foreign workers already using DBS Cashline for work payouts can use the app’s interface to apply for a DBS foreigner loan. By doing this, you won’t need physical copies of your monthly income and other supporting documents.


HSBC Personal Loan

HSBC’s loan is a personal line of credit that borrowers can use among many partner merchants without cash. Foreign borrowers can enjoy up to six months of their monthly salary while enjoying terms for unsecured loans.

The loan’s minimum annual income requirement is at S $40,000 for foreigners. Its interest rates are 3.8% (7.00% EIR). Plus, it has no defined loan tenure because borrowers can use it as a credit card.

However, HSBC’s loan offer might be problematic due to poor financial management because of its credit card-like service and high interest rate. Thus, foreigners who hit their annual income credit limits will find it challenging to pay back their loans.


OCBC ExtraCash Loan

OCBC’s foreigner loan in Singapore has a convenient loan application process. Borrowers can sign up for their loan offer through their online banking account. Then, this mobile application will automatically handle all their repayments through its auto-debit facility.

OCBC ExtraCash provides up to six times a borrower’s salary. It has a huge minimum annual income requirement of S $45,000. However, its virtually limitless maximum loan amount perfectly makes the minimum income and high interest rate worthwhile. Most borrowers will get interest rates at 12% annually.


Citibank Quick Cash

Citibank’s offer for foreign workers has a high S $42,000 minimum annual income requirement. Foreigners can receive interest rates at 3.99% (7.5% EIR) depending on the bank’s evaluation of their credit.

Most Singaporeans find Citibank’s Quick Cash loan one of the best. However, foreigners may find its annual income requirements and interest rate a challenge to handle.

Borrowers can apply for a loan using the bank’s dedicated mobile app

standard chartered

Standard Chartered CashOne

Work permit holders can get the highest maximum loan possible at S $250,000 using StanChart’s CashOne. Both Singaporeans and foreign workers enjoy the same loan maximum.

Foreigners in Singapore can borrow and pay back StanChart’s offer within 1-5 years. Plus, StanChart immediately pays out the loan right after you’ve received approval. However, it has one of the highest interest rates for foreigners at 3.88% (7.68% EIR).

Which Bank Can Work Well for Work Permit Holders?

DBS Personal Loan

This product is one of the best loans for foreigners because of its low initial requirements. It has the smallest annual income requirement at S $42,000 and offers ten times your monthly salary.

Standard Chartered’s CashOne is a great choice because it has a S $250,000 maximum amount limit. Out of all the loans for foreigners in Singapore, it has the highest amount available. However, you’ll need to comply with its high annual income requirement.

A Great Alternative to Bank Loans

Most foreigners will go through numerous challenging hoops until they qualify for bank loans. Fortunately, licensed moneylenders won’t require high annual income requirements or deep credit histories.

Foreign borrowers with a complete set of supporting documents and fulfill the lender’s eligibility can receive up to six months of their financing.

Choose Fortune Credit!

Fortune Credit is Singapore’s best licensed moneylender with more than a decade of experience providing the best foreign loan in Singapore.

Licensed moneylenders like us comply with Ministry of Law requirements. The best foreigner personal loan give you six months of your salary. Plus, our interest rate cap is at 4%.

Singaporeans can use Fortune Credit’s services to serve as bridging finance before taking on home loans. Thus, foreigners moving to new properties can use their bridging finance services or six months of their salary as home loans.

Foreigners Have The Best Financing In Singapore, Too!

  • Foreigners can use banks and licensed moneylenders for personal financing.
  • Work permit holders will contend with higher interest rate than Singaporeans
  • Banks offer the highest loan amounts. Licensed moneylenders offer the lowest acquisition costs and interest rate
  • Most Singapore banks offer the same loan products to Singaporeans and foreigners with varying terms, eligibility, and requirements.

You can always trust Fortune Credit top-notch and fully compliant services with the lowest interest rate for your personal loan needs.