The Complete Personal Loan Guide for Foreigners & Expats in Singapore (Updated May 2024)

By Amanda Goh The Complete Personal Loan Guide for Foreigners & Expats in Singapore (Updated May 2024) | Updated 21 May 2024 6 minutes


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If you’re a foreigner or expat living in Singapore, you might find yourself in situations where you’ll need urgent cash. A personal loan can help with financial aid for unexpected emergencies. Thankfully, it’s easy in Singapore to find financial institutes offering collateral-free loans for your needs. However, as a foreigner, the criteria can be stricter than locals. So, you must know what’s required before applying. Read on to find out more about personal loans for foreigners in Singapore.

Why Should You Opt for a Personal Loan?

As a foreigner in Singapore, you might encounter situations where you need a personal loan. Whether to tide over sudden unemployment, unexpected medical crises, or just to pay for rental, a personal loan can offer financial relief. The best thing is that Singapore offers a range of personal loan choices from various banks and financial institutions.

Depending on your eligibility, you can secure these loans at competitive interest rates and repayment periods. Foreigners are not disadvantaged due to residency status and can still access flexible financial solutions. Find out more about the difference in personal loan applications for foreigners and how to get the best personal loan in Singapore.

Eligibility Criteria To Get Approved

Foreigners in Singapore face stricter eligibility standards than citizens for personal loans.

Common requirements are:

  • Age 21-55 years old
  • Valid employment pass with 1+ years remaining
  • Minimum annual income of S$40,000-60,000
  • Good credit history or Singaporean guarantor

Permanent residents have similar application criterias as Singaporeans. While work passes like EP, S-Pass, and WP qualify as foreigner status.

Required Application Documents

Proper documents help lenders assess default risk and determine suitable loan terms.

Foreigners commonly need:

  • Passport copy
  • Employment pass copy
  • Income proofs like payslips and bank statements
  • Singapore address proof like utility bill
  • Credit report from CBS

Documentation also shows lenders you plan to remain in Singapore during the loan period.

Comparing Options for Singaporeans vs Foreigners

Interest rates are usually higher for foreigners. Citizens often enjoy lower interest rates due to their established local credit histories, which gives lenders confidence that they will return the loan in time. However, foreigners do not have credit histories and are often considered riskier borrowers. Therefore, they might face higher interest rates.

Here’s a side-by-side comparison that highlights the difference between Singapore citizens and foreigners:

Overview Foreigners Singaporeans
Eligibility Requirements Minimum annual income requirement of $40,000 to $60,000
May have restrictions based on length of stay in Singapore.
Minimum annual income of $20,000 to $30,000
Interest Rate Higher due to higher risk of defaulting May have access to lower interest rates
Loan Options Limited number lenders that provide loans for foreigners More banks & moneylenders to provide loan options

Current Personal Loan Rates for Foreigners

This overview illustrates the starting interest rates from lenders in Singapore as of Saturday, October 14, 2023. Let’s look at the example of a foreigner borrower with a monthly income of $5,000 seeking a $10,000 term personal loan to be repaid over 3 years. Note that these rates are subject to change.

LenderAnnual Interest Rate Effective Interest RateProcessing Fee
Citibank 3.45% 6.50%$0
Standard Chartered 3.48% 6.95%$0
DBS 3.88% 7.56%$100
HSBC 4.00% 7.50%$0
*Today's Personal Loans Rates - 21 May 2024

Alternative Lending Options

1. Moneylenders

Licensed moneylenders can lend to foreigners but have a quota of 15 foreign borrowers monthly and 50 annually.

Tips to secure a moneylender loan:

2. Loan Marketplace

ROSHI’s loan marketplace connects you with major banks and lenders to receive customized rates and terms tailored to your financial profile. Because the pre-qualified offers are non-binding, you can shop and compare options across multiple lenders to find below-market rates.

Singapore’s 1st
Loan Marketplace

Apply Now

With ROSHI, getting the best loan terms is easy. Our customer success team provides support via email and chat to advise you and expedite the application process. Check your customized options now without impacting your credit score.

Discover the ideal personal loan for foreigners in Singapore

Considering that the criteria are more rigorous and interest rates are higher, foreigners in Singapore looking for a personal loan must do careful research. You’ll need to compare the best loans in the market to find one that aligns with your needs and offers competitive interest. Thankfully, with Roshi’s assistance, looking for the best personal loan tailored for you is a breeze.



ROSHI is one of Singapore’s most trusted lending platforms that allows borrowers to compare loans in a unique real-time loan marketplace with up-to-date pricing benchmarks, user-friendly comparison tools and professional advice for all financial queries. With a streamlined and user-friendly online loan research and application process, foreigners in Singapore can swiftly research and compare loan proposals from various banks and lenders.

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