Eligibility criteria varies from bank to bank. Apart from matching eligible borrowers with their personalised rates, Lendela also provides personalised customer service to borrowers who want answers to their questions. Below are some common eligibility criteria.
Age: Typically, you must be at least 21 years old. Some providers may have a maximum age limit, often around 65 to 70 years.
Income: Minimum income requirements vary by provider but generally range from $20,000 to $30,000 annually for Singapore citizens and PRs. For foreigners, the minimum income requirement is often higher, usually around $40,000 to $60,000 annually.
Employment: Stable employment is a key criteria of banks and loan providers. Most prefer borrowers who have been employed for at least three months. Self-employed individuals may need to provide additional documentation, such as tax returns.
Credit Score: A good credit score increases your chances of approval and getting favourable interest rates. Credit scores in Singapore range from 1000 to 2000, with higher scores indicating better creditworthiness. If you’d like to know more about improving your credit score, check out this article.