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LATEST MONEYLENDER NEWS 5 things you’ll need to apply for a personal loan

November 21, 2016

LATEST MONEYLENDER NEWS 5 things you’ll need to apply for a personal loan

If you’re looking to take out a personal loan with a licensed moneylender it’s quick and easy to apply online – just make sure you have a few things on hand before you start:

  1. Proof of income
  2. Bank statements
  3. NRIC
  4. 12-month comprehensive car insurance policy document (for Secured Car Loans)
  5. Your car’s tax invoice (for Secured Car Loans)

We’ve outlined what you need to ensure you don’t have any hiccups along the way.

If you’re a local bank customer you can upload these documents straight away when you apply online for a fixed rate personal loan or variable rate personal loan. If you are not a customer yet, or are after a secured car loan, you can apply online and bring the documents into any branch.

1. Proof of income

You’ll need to produce your two most recent payslips, or if you’re self-employed, we’ll need your last two years’ tax returns/financial statements and the most recent tax notice of assessment issued to you by the IRAS

2. Bank statements

Moneylenders need to see statements for any savings, loans or credit cards you have with any other financial institutions.

  • If you’ve been a local bank’s customer for more than six months you only need to provide statements covering one month of your most recent transactions.
  • If you’ve been a local bank’s customer for less than six months you’ll need to provide at least three months’ worth of statements.

3. Personal identification

If you’re an existing customer there is no need to provide personal ID. If you’re a new customer we’ll just need to see one of these (which contains your photo):

  • Passport
  • Singapore driver’s licence
  • NRIC

If you don’t have any of those handy, we’ll need to see two of these:

  • Birth certificate
  • Internationl driver’s licence
  • Utility/ Telco bills or IRAS assessment notice

Want to apply for a car loan?

If you’re in the market for a car and want to take out a Secured Car Loan, there are a couple of extra things we need.

4. 12-month comprehensive car insurance policy document

This will have to be organised and paid for prior to the purchase of the car, and you’ll need to specify the name of the bank as the financier of the motor vehicle when taking out the insurance. We’ll also need a copy of your policy.

5. Tax invoice

We’ll need a tax invoice for your car that includes some standard information, such as:

  • Car registration number
  • Vehicle log card & chassis number
  • Engine number
  • Purchase price of the car

Depending on where you’re buying your car from, these forms will help you collect the information we need about the car:

  • From a dealer: Dealer Tax Invoice Request Form
  • Through a private seller: Private Sales Invoice Form.
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