What can I use a personal loan for?
A personal loan is an unsecured instalment loan that you can use to finance a medical emergency, your next holiday, education fees, new laptop or luxury items you’ve been planning to buy.
This one-time unsecured loan is usually provided by a financial institution, and repayments can be arranged via fixed monthly instalment.
Our interest rates are lower than credit cards offered by banks in Singapore.
There are more specialized loan products available at KST Credit if you need to finance your lifestyle needs such as renovation or wedding.
Do I qualify for a personal loan?
As a licensed Moneylender in Singapore, we require all applicants to submit relevant information before any approval and disbursement of a loan.
Here are some basic requirements:
- You must be a Singapore or Permanent Resident
- If you are a foreigner, you must have a valid working pass in Singapore.
- Age: 21 – 65
- Proof of income
- CPF Statement
- You should be employed full-time under a legitimate company
- If you are self-employed, relevant documents are required
- Credit Rating may be required.
How much can I borrow with a personal loan?
You may borrow up to 4 times of your monthly salary, if your annual salary is from $20,000 to $30,000 onwards.
What are the loan tenures for personal loans?
The tenures for personal loans at KST Credit range from 3 months to 12 months, or up to 3 years, depending the type of personal loan that you apply for. If you apply for a longer tenure, your monthly repayments are lower, but you incur a higher interest.
Are there any additional fees when I apply for a personal loan with KST Credit?
We charge a processing fee and late charges do incur if you miss a repayment deadline.
As a licensed Moneylender in Singapore, we adhere to all laws under the Moneylenders Act by Ministry of Law, and the guidelines set by the Monetary Authority of Singapore (MAS).
What are the documents needed to apply for a personal loan?
These are the documents you will need to submit:
- Photocopy of your NRIC (both sides)
- For salaried employees:
- latest e-statement,
- CPF contribution history statement for the last 3 months minimum
- latest Income Tax Notice of Assessment
- For self-employed individuals:
- latest 2 years of Income Tax Notice of Assessment
- Bizfile registration