POSB salary based loans

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Requirements to apply for salary based loan at POSB

  • You should have been receiving your salary through POSB for at least 3 months
  • Proof of employment e.g original or copy of your payslip
  • Original national ID or copy
  • Current proof of residence
  • A “permanently employed guarantor whose salary is sufficient to cover loan repayments”.
  • If you are employed in the private sector, your employer must have an existing arrangement with POSB to make payroll deductions

Loan conditions of POSB’s salary based loan

  • Maximum amount you can borrow

Up to 7 times your gross monthly salary. For instance, if you earn $1000, you can borrow a maximum of ($1000×7) $7000.

Between 31% and 35%

  • Maximum repayment period

The loan is repaid in monthly installments for 36 months regardless of the amount you borrowed

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