Income proof is one of the criteria to qualify for a personal loan in Singapore. 

It shows how much you earn yearly and you’re expected to earn at least $20,000 a year to be eligible for a loan from a licensed money lender. Banks typically need annual incomes to be at least $30,000. 

So if you’re a low-income earner or have no income proof to show, this could prove to be a major hurdle to overcome. 

But in this article, we’ll share how to get a personal loan with no income proof in Singapore. 

How Much Can You Borrow With A Salary?

The answer to this depends on your income, the financial institution you’re borrowing from, loan tenure, and interest rate. 

If you earn less than $20,000 per year, licensed money lenders can loan you up to $3,000. But if you earn more than $20,000 yearly, you’re allowed to borrow up to six times your monthly salary. 

On the other hand, most banks will only allow you to borrow up to four times your monthly income. 

What Documents Do You Need For A Personal Loan?

To get a personal loan without income proof Singapore, you need to provide the following documents:

Proof Of Income

As mentioned, your proof of income is a document that shows how much you currently earn monthly. 

With that information, your lender – be it a bank or licensed money lender – will decide if you can pay back the loan, the loan amount you’re eligible for, and the interest rate. 

With a high income, you can borrow more and pay less interest. But if your income is low, the amount you can borrow is limited. 

Proof Of Residency

When applying for a personal loan in Singapore, you need to submit any document that shows proof of residency. This document will confirm that you’re indeed living in Singapore. Some of the documents you can submit to show proof of residency include:

  • Utility or phone bills
  • Tenancy agreement
  • Bank statements

If you cannot get your hands on any of the documents mentioned above, you can also submit letters that have been addressed to you. 


Another document you can submit when applying for a personal loan in Singapore is a payslip that proves that you’re indeed being paid at a job. 

Most money lenders in Singapore usually ask for payslips from the last three months. You can get your payslips from your company’s HR department. 

CPF Contribution

You can also submit your CPF contribution statement to get no income proof loans Singapore. Your contribution history displays how much you have received in your CPF account in the past 12 months. 

How To Get A Personal Loan With No Income Proof  

If you’re not earning a regular income or you’ve just started a new job, getting the documents mentioned above can be tricky. 

However, there are other documents that you can submit to get a personal loan without income proof Singapore. 

These documents include the following:

Employment Contract

If you just started a job, the chances that you can produce payslips or proof of income are pretty slim. However, you may be able to get no income proof loans Singapore if you show your employment contract.

Your employment contract should have your full name, NRIC, salary information, signature, and company stamp. It should also have the company’s letterhead and the date of your employment. 

Income Tax Statement

Another document that you can submit to get a personal loan without income proof Singapore is your income tax statement. 

Your income tax statement will show that you receive taxable income despite not being able to produce a proof of income statement.

Although lenders want to be sure that you earn a steady income, they usually aren’t all that concerned about where your income comes from. 

Hence, you can add the following to your income tax statement:

  • Payments from contract-based jobs or freelancing
  • Equity compensation
  • Rental income from leased properties

If you want to get a higher loan amount, the payments mentioned above may not be enough to get your application approved. However, you can add some non-taxable income sources to your income tax statement just to boost your overall income. 

Here are some examples of the types of non-taxable income that you can include:

  • Alimony
  • Housing allowance
  • Interest income
  • Windfalls
  • Retrenchment benefits

Bank Statements

If you’re looking for low income loans in Singapore but don’t have income proof, you can show lenders your bank statements to prove that you have a regular cash inflow. This option is suitable for those who are freelancers, receive non-taxable income, or get paid in cash.

Although this is a good option, it might limit how much you can get for a loan. Many people don’t put all the income they earn into their bank account, hence their bank statements are likely not a true reflection of their earnings. 

Luckily, you can fix this problem by adding payment vouchers to your bank statement when applying for a loan. 

Notice Of Assessment

Another document you can submit in your loan application is a Notice of Assessment. 

Also called a tax bill, this document is given to you after your income tax has been submitted. This document includes information on how much you pay in taxes. Hence, a lender can use it to calculate how much you earn.

If you’re a new employee who has yet to pay taxes, you won’t have a Notice of Assessment document. Also, this document does not show information on non-taxable income. 

Hence, you’ll need to include that information in your application to improve your chances of getting a larger loan amount. 

What To Do If You Are Unemployed But Need A Loan  

If you’re unemployed, your chances of getting a personal loan from a licensed money lender in Singapore are pretty low, but there is no harm in trying. 

Although you don’t have proof of income to show, some lenders consider other things before accepting your loan application for an unemployed loan Singapore, such as:

  • Credit score: A good credit score will boost your chances of getting a personal loan as an unemployed person in Singapore. You can apply for credit cards for low income persons to improve your credit score. 
  • Asset ownership: If you’re unemployed, you can present your assets as proof of your reliability. This includes both liquid and non-liquid assets. 
  • Other sources of income: Money lenders will consider other sources of income like rental income and income from investments. If your spouse earns a regular income, you can include them as a co-guarantor. 

While it may be possible to get personal loans as an unemployed person in Singapore, the loan amounts are usually smaller when compared to loans granted to people who are employed. 

Where To Apply 

If you want a personal loan in Singapore, you can apply at banks and licensed money lenders. 

  • Banks: Banks provide personal loans to Singaporeans and residents. They offer larger loan amounts compared to other lenders. They also offer lower interest rates. 

However, their loan processes are far more complicated and their eligibility criteria are often strict. In Singapore, the salary benchmark to qualify for a personal loan from a bank is $30,000. But if you’re a foreigner, the benchmark is set at $40,000. 

  • Licensed money lenders: Licensed money lenders in Singapore offer personal loans to Singaporeans and foreigners who are residents in Singapore. Unlike banks, licensed money lenders are able to offer personal loans for low income Singapore and their interest rate is set at up to 4% per month. The best thing about borrowing from licensed money lenders in Singapore is that the loan process is quick and easy, and the eligibility criteria are fairly easy to meet. 

Learn How To Get A Personal Loan With No Income Proof 

If your monthly salary cannot qualify you for a personal loan, you can still get a low income loan Singapore. 

You can apply for a personal loan without income proof Singapore using other documents such as an income tax statement, employment contract, and Notice of Assessment.

If you want to apply for a personal loan, U Credit is one of the most reliable licensed money lenders in Singapore. 

Contact us now to find out more or apply for a loan with affordable interest rates and flexible loan tenures today.