Can You Apply for a Bank Personal Loan Without Income Tax?

In Singapore, most banks demand income tax statements when processing loan applications, but what if you don’t have them? Can you still apply for a personal loan

This article answers that question and provides tips on how to apply for a personal bank loan with a CPF statement and computerized payslip, even without income tax statements. Get the lowdown on personal loans in Singapore without the hassle of income tax statements.

Income Tax and Personal Loans in Singapore

When it comes to personal loan applications in Singapore, income tax statements are a must-have for most lenders. These statements offer banks a comprehensive view of your income, tax payable, and relief, enabling them to assess your creditworthiness and ability to repay the loan.

Banks require income tax statements for a good reason. Firstly, it provides them with reliable information to evaluate your financial status. Secondly, it enables them to validate your loan application information, such as your employment status and income.

Unfortunately, if you don’t have an income tax statement when applying for a personal loan in Singapore, getting approval can be an uphill task. But don’t worry; you can opt for an alternative – CPF Statement and Computerised Payslip.

CPF Statement and Computerised Payslip for Personal Loans in Singapore

When seeking a personal loan in Singapore, income tax statements are a typical requirement from banks. However, CPF statements and computerized payslips offer a viable alternative. CPF statements reveal the total amount of funds in your account, encompassing employer and employee contributions, as well as voluntary contributions. 

On the other hand, computerized payslips give a comprehensive breakdown of your salary, bonuses, and deductions. Banks view CPF statements and computerized payslips as reliable indicators of your financial status, including your income, expenses, and savings.

Personal Loan Application Requirements for Salaried Employees

To obtain a personal loan in Singapore as a salaried employee, you’ll need to satisfy specific criteria. Below, you’ll find a list of the necessary documents per bank offering personal loans in Singapore. Take note that you’ll be asked to provide your NRIC along with any of the three documents: CPF statement, Notice of Assessment (NOA), or computerized payslip. 

Personal LoanSalaried Employees Requirements 
HSBC Personal Loan• NRIC (front and back)
• Latest 3 months’ computerized payslip, or 
• Latest NOA with the latest 1 month’s computerized payslip, or 
• Latest 6 months CPF statement 
CIMB Personal Loan• NRIC (front and back)
• Latest computerized payslip, or 
• Latest NOA/ CPF
Standard Chartered CashOne Personal Loan• NRIC (front and back)
• Latest month’s computerized payslip, or 
• Latest 6 months CPF contribution history statement
DBS/POSB Personal Loan• NRIC (front and back)
• Latest 9 months CPF contribution history statement, or
• Latest 1-year Income Tax Notice of Assessment, or
• Latest computerized payslip, or
• Salary crediting into DBS/POSB account
UOB Personal Loan• NRIC (front and back)
• Latest 3 months’ computerized payslip
• Latest NOA with the latest 1 month’s computerized payslip, or
• Latest 6 months CPF statement 

Personal Loan Application Requirements for Self Employed 

If you’re a self-employed individual looking to apply for a personal loan in Singapore, it’s essential to keep a few requirements in mind. Unlike salaried employees, you’ll need to provide your NOA to prove your income. Due to fluctuating income levels, self-employed individuals may find it difficult to demonstrate their income. That’s why an NOA is crucial when applying for a personal loan in Singapore. 

Personal LoanSelf Employed Requirements 
HSBC Personal Loan• NRIC (front and back)
• Last 2 years Income Tax Notice of Assessment
CIMB Personal Loan• NRIC (front and back)
• Last 2 years Income Tax Notice of Assessment
Standard Chartered CashOne Personal Loan• NRIC (front and back)
• Last 2 years Income Tax Notice of Assessment
DBS/POSB Personal Loan• NRIC (front and back)
• Latest 1-year Income Tax Notice of Assessment
UOB Personal Loan • NRIC (front and back)
•Last 2 years Income Tax Notice of Assessment

Qualifying for a Personal Loan Without Income Tax: Licensed Moneylenders

If you’ve been turned down for a personal loan by traditional banks due to a lack of income tax documentation, licensed moneylenders may be your solution. Despite the absence of income tax, you may still be eligible for a loan if you can provide the following documents:

Proof of IdentityNRIC or Passport and Employment Pass (for foreigners)
Proof of AddressBank statements or utility bills 
Proof of IncomePayslips or CPF
Remember, it’s crucial to work only with licensed moneylenders to protect yourself from scams and high-interest rates. Do your research and compare rates and terms before committing to a loan.

How to Obtain CPF Statement and Computerized Payslip?

Getting your CPF statement is simple: just head over to the CPF website and log in using your SingPass. Don’t have a SingPass? Not a problem. You can apply for one at any SingPass counter or through their online portal.

Regarding your computerized payslip, it should be provided by your employer. However, if they don’t provide electronic payslips, you can always ask for a written statement that outlines your earnings and deductions. With these tips in mind, securing your CPF statement and computerized payslip has never been easier.

How to Apply for a Personal Loan in Singapore without Income Tax?

For the self-employed populace in Singapore, the thought of securing a personal loan can seem daunting. Nevertheless, there’s no need to fret, as obtaining a loan without an income tax declaration is possible, provided that you are gainfully employed and receive a stable salary.

Research and Compare Loan Options

Undertake a comprehensive investigation of the various loan options provided by multiple banks throughout Singapore. Your objective should be to locate those that offer lower interest rates and flexible repayment terms.

Gather Necessary Documents

Upon selecting a financial institution and a desired loan, it’s imperative to collect all mandatory paperwork. Ensure to acquire your CPF statement, computerized payslip, bank statements, employment letter, and other pertinent documents.

Submit Loan Application Online or In-Person

Whether you opt for the convenience of submitting your loan application online or prefer the personal touch of visiting a physical bank location, the importance of thoroughness remains the same.

Wait for Loan Approval and Disbursement

Upon submission of your loan application, the bank will undertake a thorough assessment to ascertain its qualification for approval. Once the eligibility criteria are met, the loan amount will be expeditiously transferred to your specified bank account.

The Bottom Line 

When applying for a personal loan in Singapore, income tax statements are typically required. However, viable alternatives include CPF statements and computerized payslips. Regardless of employment status, both salaried employees and self-employed individuals can apply for personal loans if they meet the necessary criteria and provide appropriate documentation. Researching and comparing loan options is essential, along with gathering the necessary documents and submitting a comprehensive loan application. 


Get Fast and Convenient Loan Approval with Accredit Moneylender

When it comes to loans in Singapore, Accredit is the trusted and licensed moneylender that provides a seamless loan processing experience. By completing our user-friendly online application, you can get started with ease.

An experienced officer from our team will then guide you through the necessary document requirements, which include identification papers, address verification, employment proof, and pay slips to verify your income. Stop letting financial emergencies keep you from achieving your goals. 

Contact Accredit Moneylender now and enjoy a hassle-free solution to your borrowing needs.

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