How Much Personal Loan I Can Get On My Salary In Singapore? 

Personal loans are a popular financial instrument in Singapore that many people choose when they need additional finances. Personal loans can be a convenient alternative for borrowers, whether they are used to cover an unexpected expense or to fund a large-ticket purchase. Nonetheless, your salary is one of the most important criteria in deciding the loan amount that you can qualify for. This tutorial will look at how much personal loan you can acquire in Singapore based on your salary. We’ll go through the numerous variables that lenders take into account when analysing loan applications, as well as provide advice on how to improve your chances of getting approved for a loan that suits your needs. Understanding these aspects allows you to make informed decisions about your borrowing options and select an inexpensive and manageable loan. 

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Factors that Affect Personal Loan Eligibility 

Singapore personal loans are based on numerous factors, including: 

  1. Income: Lenders weigh income heavily when assessing loan applications. Lenders favor borrowers with stable incomes and greater incomes qualify for larger loans. 
  1. Your employment history determines loan eligibility. Lenders want borrowers with solid jobs and income. Self-employment or frequent work changes may affect loan eligibility. 
  1. Credit Score: Lenders evaluate your loan application based on your credit score. Higher credit scores reflect responsible borrowing and debt repayment. Low credit scores can make it harder to get a loan or increase your interest rate. 
  1. Debt-to-Income Ratio: Your DTI indicates your debt management skills. Lenders compute DTI by dividing your monthly debt payments by your monthly income. Higher DTI ratios indicate more debt compared to income, which can affect loan eligibility. 
  1. Age: Age affects loan eligibility. Personal loans in Singapore demand a 21-year-old minimum. Several lenders limit loan applicants to 60–65 years old. 
  1. Loan Amount and Tenure: These factors also affect loan eligibility. Lenders may want higher income and credit scores for larger loans or longer terms. 
  1. Variables: Lenders may also evaluate your occupation, citisenship, and financial commitments. 

These factors impact personal loan eligibility, and lenders examine each application. Before applying, be sure you’re eligible and can afford the loan. 

How Much Personal Loan Can You Get on Your Salary? 

Singapore salary-based personal loans depend on income, credit score, and debt-to-income ratio. Singaporean lenders offer personal loans from $1,000 to $200,000 for 1 to 5 years. 

Singapore salary loans are limited by income. Most lenders base the maximum loan amount on your monthly income. Singaporean lenders often give 6 times your monthly earnings in personal loans. 

Tips for Maximising Your Personal Loan Eligibility 

There are various ways to enhance your eligibility for a Singapore personal loan and increase your chances of being approved for a bigger loan amount. Advice: 

  1. Keep a solid credit score: Singapore personal loans require good credit. Credit scores determine loan eligibility and creditworthiness. Higher loan amounts are approved with higher credit scores. Maintain a decent credit score by paying bills on time and keeping credit utilisation low. 
  1. Get off debt: Lenders evaluate your debt-to-income ratio. Your loan application may be denied or reduced if you have too many debts. Pay off bills and lower your debt-to-income ratio to qualify for a larger loan. 
  1. Determine how much money you need before applying for a personal loan. Applying for a loan amount larger than needed may result in rejection or approval for a smaller amount. Choose a loan amount you can afford. 
  1. Submit accurate and comprehensive loan application information. Any errors or insufficient application information can result in denial or a lesser loan amount. Before applying, double-check everything. 
  1. If you have a low credit score or high debt-to-income ratio, consider a co-signer for a personal loan. A co-signer with solid credit and a regular salary can help you receive a larger loan. 
  1. Don’t accept the first loan offer. Compare loan offers from different lenders to obtain the best rates and terms. Before picking a loan, consider processing fees, prepayment penalties, and other fees. 

These suggestions can help you receive a greater Singapore personal loan by maximising your eligibility. 

Also read: How do I check if a lender is licensed in Singapore? 


Finally, your earnings determines your Singapore personal loan eligibility. Your credit score, employment history, and debt-to-income ratio determine your loan amount. To obtain the finest loan program for your financial circumstances, investigate and compare lenders’ loan products. This guide will help you get a personal loan with a good interest rate and terms. Borrow appropriately and manage your funds to reach your financial objectives and retain good credit. 

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