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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.
- Interest rate
Between 31% and 35%
- Maximum repayment period
The loan is repaid in monthly installments for 36 months regardless of the amount you borrowed