Singapore is well known for its most trusted money lenders who have a legal license. At CRAWFORT SG, you will find a new era of technology that enables consumer finance on traditional models. There are various types of loans that are available in the market for borrowers in Singapore.
The banking industry and other financial institutions are involved in lending activities. A person takes loans for different reasons like for building or buying new homes or for educations or any other personal or business needs. Hence the money lending companies provide loans accordingly.
As you know, money lending is a practice of giving cash loans, and this practice is done by different banks, societies, credit unions, buildings, and insurance companies. Best Money Lenders Singapore offers various categories of loans for the borrowers making their choice easier for taking the loan.
Hence the borrower gets a chance to choose the right loan that they need from various types of loans. In CRAWFORT SG, you will find different types of loans that are available by the authorized lenders. Different types of loans that are available Singapore like personal loan, Foreigner loan, Instant cash loan, Education loan, Vacation loan, business loan, short term loan, renovation loan, Personal loan, Cash advance loan, etc.
Types of loan that is available in the Singapore Market
There is popular Best Money Lenders Singapore who offers different types of loans to the borrowers. People borrow money for various reasons and sue to which the money lenders are providing loans as per borrower needs. There are different types of loans, and each type of investment carries some benefits with it. Hereunder you will be able to see different types of loan that are available for the borrowers:-
- Car loan
Car loan is a type of loan that a borrower borrows from the money lending companies for the purchase of a brand new vehicle. The car loan is also available for the pre-owned vehicle also. In Singapore, the maximum tenure for the car loan is five years; this means that the car loan amount must be repaid within five years. When vehicles cost more than SG $ 20,000, the borrower needs to pay fifty percent of the purchase price as the price of the car loan. The borrower needs to pay sixty percent of the maximum buying price when the car cost is than SG $20,000.
- Home loan
Buying a home in today’s world is quite expensive for many peoples. The home loan is the most premium loan that allows the person to borrow money in order to build their own house. Properties like private properties or HDB flats or others are eligible for a home loan. It is the most common and cheapest form of loan that is provided by the lenders. Different banks or a financial institute has different rates for a home loan. Before taking a home loan, you must, in the first place, determine how much you can afford to take.
- Personal loan
The most common but the most popular form of loan is the personal loan. In Singapore, the personal home loan is an unsecured personal loan. The personal loan is mainly taken for different personal reasons like for occasions, holidays, medical, buying any personal product, etc. The personal loan could be borrowed up to four times your monthly income and have a fixed rate of interest. The personal loan is an alternative for early repayment, and the monthly repayment amount is the same every month. In Singapore, the rates of personal loans are less than a home loan.
- Short term loan
Short term loan is the convent loan type that is taken by the borrowers to fulfill their short-term needs. For applying for a short-term loan, there is no application form required. The type of short-term loan is very flexible and easy to access for the people who need to fulfill their short term financial needs. Mostly small business borrows the short term loan to fix their cash flow issues. The most important benefit of taking short –term loan is that within an hour, you will be able to get the loan approval.
- Renovation loan
People take renovation loans with a purpose to remodel or repair their property, and the repayment is between one to five years. A renovation loan is available with an amount between SG $10,000 and SG $ 30,000, as it has a large loan limit. The rate of interest is charged from three percent to six percent, and the borrower could choose in between fixed and variable interest rates. According to the loan type, the repayment method is selected. In the renovation loan, the borrower could make weekly or monthly payments.
- Education loan
The education loan is taken for higher education purposes like tuition fees, books purchase, and the basic daily living expenses in the learning institutions. The education loans have a more flexible repayment method then the personal loan. The education loan includes a lower interest rate, and this is the best benefit of education loans. The education loan gets quick and easy approval; almost all the students qualify for education loans.
- Business loans
The Business loan is for the business owner so that they could get financial help in caring for their business smoothly. For borrowers, business loans are easily accessible and convenient. A business loan is a short term loan that is used to solve a business cash flow problems, and it could be approved fast by the financial institutions. Form one borrower to the other, the interest rate, the loan amount, and the repayment date vary.
The Best Money Lenders Singapore provide loan to the borrowers in order to help them in fulfilling their basic or luxurious expenses. The borrower repays the loan amount afterward with interest. But before borrowing any amount of loan, a borrower must first do some research and find the best lender in the market to borrow loans.