How to get maximum Personal Loan
These are a few ways to get maximum personal loan:
1) During application submission, use Notice Of Assessment (NOA) instead of pay slips – the reason is NOA include your annual bonus. This shows the bank that your monthly income is higher.
Example:
Mr Tan income is $2500 monthly and has 3 months year-end bonus.
If Mr Tan apply Personal Loan using his pay slip as supporting documents, the maximum available loan is $2500 x 4 = $10,000.
If Mr Tan apply Personal Loan using his NOA as supporting documents,
Monthly income = $2500
3 months bonus = $2500 x 3 = $7500
NOA reflected income = $2500 x 12 + $7500 = $37,500
NOA reflected monthly income = $37,500 / 12 = $3125
Maximum available loan = $3125 x 4 = $12,500
2) Clear off credit card or other personal loan debt before applying
If Mr Tan is applying a loan from Bank A, he must make sure he do not have any outstanding loan amount with Bank A as this will affect his total available approved amount.
Example:
Mr Tan monthly income is $2500. He apply a $10,000 (4 times his income) personal loan with bank A. However, his credit card with Bank A has an outstanding loan of $2000.
Thus, maximum loan available for Mr Tan is capped at $8000 ($10,000 – $2000 credit card outstanding amount).
3) Bring in another borrower
Mr Tan needs $20,000 for personal use. However, his income is at $2500 and maximum personal loan available is capped at $10,000 (4 times of income).
Mr Tan can consider bringing another borrower with similar income to support his applicant. If the new borrower earns $2500 a month, plus Mr Tan $2500 monthly income, the maximum available personal loan is $20,000 ($5000 x 4 times).
