A well settled businessman or high salaried person won’t need a loan, if he is in habit of saving money. Those who don’t save money because of low incomes and face domestic issues usually ask for loans from banks that offer loan facilities. This is the story of every developing country where people ask for loan facilities when they need it the most. Here arises a question that a person who can manage his responsibilities don’t a need personal loan, but what about a needy person who can’t fulfil his desires due to low income or domestic responsibilities. Should he stop thinking about his dreams? Hasn’t he any right to fulfil his desires? Absolutely every human being has this right that can’t be deprived from him. As far as loan is concerned, so there lies the answer to this question that a needy person can avail the option of personal loan to live his dreams.
Every human has right to attain the option of loan no matter loan is needed for which purpose, although it should be meaningful. There are so many reasons behind loan application, some of the major reasons for getting loan is to fulfil the purpose of education, medical purpose, buying of assets, gifts, marriage, repaying of old loans and for some minor investments etc. Every person can apply for loan whether a person is lawyer, doctor, engineer and chartered accountant etc. Even a person who has studied business administration are also included in this category and they take it for investment purpose. Personal loan is always granted to a person who is facing these minor issues and the limit of loan can go up to $27000 SGD.
There is an eligibility criteria that government of Singapore has set up for granting loans and it vary from person to person with respect to designation. Disappointment issues are not faced by people in this fast developing country where economy is competing with first world countries. Other than eligibility criteria, there are so many reasons that are behind the purpose of obtaining personal loans. Self-employed persons usually fall in this category where banks evaluate the criteria whether person who has appealed for loan really needs it. Pay day loan is also demanded by those who have some big needs like marriage, medical purpose and education.Some of the banks have set different criteria on granting loan that vary according to their services, some ask for quick repayment of loan although some banks provide good amount of time to that go up to 5 years. Service charges are also added up that normally is 3% set by some banks. Any responsible citizen