November 26, 2020

Mymap

All about money

List of Documents Needed When Applying for Personal Loan

To apply for credit at any financial organization, a person will require a package of documents. If you are a rare client of the credit institutions, you may forget what data to collect. It must be remembered that the personal data for getting a loan are different when applying to a bank or MFI. Let’s find out the differences.

 

Banks vs MFIs

If you are applying for personal credit to a Singaporean banking institution, get ready to be checked by many parameters. The evaluation of the data is usually made by an automatic scoring system. It takes up to several days and requires the following data:

  • Complete application form;
  • Copy of National Registration Identity Card (NRIC);
  • CPF Contribution History Statement for 9 months or Annual Income Tax Notice of Assessment (NOA);
  • Credit Card information;
  • Utility bills for home address verification;
  • Other documents.

Usually, the required list of docs varies on the sum you need: the larger it, the more extensive the list of certificates. Additionally, a certificate of marriage and/or birth of a child, a graduation diploma can be optionally requested. At the same time, the risk of failure is still high for customers with a poor credit history, younger than 21-25 years old, with low official income or debt. All these docs are necessary to make sure, that you can pay back a loan. When it comes to MFI request, you will have to collect the following docs:

  • Complete application form;
  • Copy of National Registration Identity Card or Residence Permit;
  • CPF account statement;
  • Credit Card information for issuing a loan;
  • Other documents (optional).

Contacting online microfinance organizations, you significantly boost your chances of getting a loan. This is a great opportunity to get a small loan for any needs in one day.

If you do not have an ID or CPF, you cannot get a loan. First, you will need to apply for the restoration of your identity card to the responsible office of your area.

Having learned what data is needed to take credit, it only remains to choose the optimal amount and calculate the interest. Most sites have a free calculator that allows you to get the info you need in seconds.

When a decision is made on your request, you will receive a notification via SMS or e-mail indicated in the application form. Make sure to indicate the relevant data to stay in touch with your lender. Otherwise, the risk of refusal is very high.

 

In Conclusion

Getting a loan at microfinance organizations is quite simple today. They are fast, affordable and more loyal to their clients. If you urgently need some money — MFI is a good solution for you. The only thing remains — to collect all the required data, fill in the application form and receive your money.