Can a Person Under 21 Take a Personal Loan in Singapore?

For young adults in Singapore seeking financial support, age may be a hindrance. As a rule of thumb, lenders typically mandate a minimum age of 21 years for loan applicants, alongside a consistent income that fulfills certain criteria. 

What is the rationale for this age limit, and what are the alternatives for those below the age threshold? In this article, we delve into the reasons underpinning the age restrictions and explore other funding avenues for individuals who fail to meet the minimum age requirements.

Are you qualified to seek a personal loan from a bank?

Are you of legal loan-applying age in Singapore? The majority of financial institutions set the minimum age requirement at 21 and the maximum at 65

However, more than simply meeting the age criteria is required. You must also bring to the table a steady income that meets the minimum requirement set by the lender.

For those who call Singapore home, securing a bank loan often requires a minimum yearly income of S$30,000. But there are some financial institutions that may be more lenient, setting the bar at S$20,000.

If you’re a non-Singaporean with an Employment Pass, the standard minimum income requirement of S$40,000. Although depending on the lender, there are a few that require a high-income standard of $S60,000.

Age• Minimum age of 21 and a maximum of 65.
Income for Singaporean• Minimum yearly income of S$30,000. 
• Some lenders set the bar at S$20,000.
Income for Foreigners • Standard minimum income requirement of S$40,000. 
• Some lenders require a high-income standard of S$60,000.

Why is there an age limit for loan applications in Singapore?

To safeguard the interests of borrowers who have not yet attained 21 years of age, Singapore imposes an age limit for loan applications. This is mainly because such individuals are often students, fresh graduates, or just starting their careers. As a result, they lack the financial capacity to secure loans, much less repay them.

Granting early access to loans to young borrowers could result in severe financial difficulties, potentially jeopardizing their financial stability and future prospects. The burden of debt may impede career growth, making it challenging to repay their loans fully.

It is crucial to consider the long-term consequences of financial decisions made in haste. On the other hand, loan applicants aged 21 years and above typically have stable jobs and sufficient income, making it easier for them to repay their loans promptly and without difficulty.

Ways in Which Those Under 21 Can Obtain Financing

If you’re under 21, obtaining a traditional bank loan may seem impossible. But don’t lose hope; there are alternative avenues to explore.

Why not consider seeking support from your loved ones? Reaching out to close family members or trusted friends for financial assistance can be a practical solution. Sometimes, a listening ear and a shoulder to lean on are all you need to start your journey to financial stability.

Non-bank institutions offering personal loans are also worth considering, as their age requirements may be less stringent, and repayment terms more flexible. Alternatively, credit card loans are another option, albeit with higher interest rates.


In summary, securing a personal loan from a bank can be a wise move toward achieving financial stability. However, before taking the leap, it’s crucial to establish a reliable foundation for repayment by verifying your legal age and securing a dependable source of income. Without a clear and feasible repayment plan, taking on debt could lead to long-term financial difficulties.

Discover Your Eligibility for Loans from Accredit Moneylender

Obtaining funding can be a challenge, but Accredit Moneylender in Singapore can offer a solution. To qualify for a loan, you must meet specific eligibility requirements, such as holding a valid residency status, being over 21 years of age, and furnishing proof of employment and income via pay stubs.

Fortunately, Accredit Moneylender doesn’t rely solely on credit scores to determine eligibility, setting them apart from conventional lenders. Even if you have a poor credit history, you might still be able to borrow from them.

Ready to secure your loan? Contact Accredit Moneylender today and see if you’re eligible for their services.

Accredit Pte Limited has 4 locations island-wide, to bring our transparent services closer to you.


Tampines Branch
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Yishun Branch
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Hougang Branch
(+65 6245 2662)
Clementi Branch
(+65 6261 2662)

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