CPF Personal Loan
- Low-interest rates from 1 to 4% only
- Unsecured loan – No need for collateral or pledging of assets
- Borrow up to 6x your monthly income
Use Your CPF to Meet Your Urgent Financial Needs
Find yourself in a financial bind? Before you consider securing a debt against your home – which may lead to repossession, there are better solutions for your immediate financial needs. CPF personal loan is a new initiative that allows you to tide over tough financial conditions.
A CPF personal loan is an unsecured loan that allows clients to use their CPF savings to apply. This financial solution is offered to individuals who are close to their retirement. To apply for this personal loan, you must be at least 54 years old.
Loan Application Process
Apply For a Loan in 3 Easy Steps
Call or Apply Online
Skip the lines and apply online on our official website or talk to our loan officer at 6588 1886.
Attend In-Person Consultation
Our loan officer will schedule an appointment for you further to discuss the terms and conditions of your loan plan.
Get Your Money
Receive your money in cash as soon as the agreement has been signed.
Call or Apply Online
Skip the lines and apply online on our official website or talk to our loan officer at 6588 1886.
Attend In-Person Consultation
Our loan officer will schedule an appointment for you further to discuss the terms and conditions of your loan plan.
Get Your Money
Receive your money in cash as soon as the agreement has been signed.
Eligibility
At Least 54
Years Old
Individuals who are about to reach 55 years old can apply for CPF personal loan.
Minimum
Salary
Singapore Citizen or Permanent Resident: S$2,000
Eligible to Withdraw
At Least
S$5,000 from Special or Ordinary Account Savings
Documents Requirements
Local and Permanent Residents
- Identity card / NRIC
- Proof of residence (utility bill, a letter addressed to you, and or tenancy agreement)
- Proof of employment (certificate of employment or recent 3 months payslip)
- SingPass (to log into CPF, HDB, IRAS website)
CPF Personal Loan FAQ
What Is a CPF Personal Loan and How Does It Work?
A CPF personal loan works like an unsecured personal loan that allows you to get the immediate cash you need. However, you will be using your CPF savings to apply.
Say for example you find yourself in a financial bind before you can withdraw funds from your CPF. You can take out a CPF personal loan to meet emergency expenses. You can pay off the loan when you can withdraw one lump sum from your Ordinary Account or Special Account.
To be eligible for the loan, you must be turning 55 years old.
What Do I Need To Know Before Applying for a CPF Personal Loan?
With a CPF personal loan, you can borrow up to 6 times your monthly income. Plus, since it is an unsecured loan, no collateral or pledging of assets is needed. Lastly, interest rates are capped at 4% per month, regardless of your income.
But before taking out a CPF personal loan, you must consider other alternatives, such as various Government financial assistance schemes.
Here are other things to keep in mind:
- Verify if the licensed money lender is licensed. Check the complete list of licensed money lenders in Singapore on the Ministry of Law’s website.
- Can you afford to repay the loan? Borrow only what you need and can repay.
- Make sure you understand the terms of the loan. The licensed money lender must explain the terms and conditions of the loan in a language you understand.
- Read the fine print. Read the contract carefully before agreeing to any contractual terms and ask the money lender if you have any questions.
- Get a copy of your signed loan contract. The licensed money lender must provide you with a copy of the loan contract.
- Compare loans. Shop around for favorable loan terms before making a commitment.
What Are The Differences Between Personal Loan And CPF Personal Loan?
| Personal Loan | CPF Personal Loan |
| Age eligibility is at least 21 years old | Age eligibility is at least 54 years old |
| Borrow up to 6x monthly income | Borrow up to 6x monthly income |
| 1% to 4% interest rate per month | 1% to 4% interest rate per month |
| 6 to 12 months loan tenure | 1 to 6 months loan tenure or until your 55th birthday |
| N/A | Must be eligible to withdraw at least S$5,000 from Special or Ordinary Account Savings |
What Are the Interest Rates for CPF Personal Loans?
The interest rate for CPF personal loans is between 1% and 4% per month.
How Long Does It Take To Get My Loan Approved?
You can get your cash as quickly as the same day you applied for the CPF personal loan. It’s possible to get approval for your loan application within 30 minutes as long as you have all the necessary documents ready.
Does CPF Personal Loan Affect My Credit Score?
No credit score is required when applying for a CPF personal loan. However, just like any type of loan, it will have an effect on your credit score. If you fail to repay the loan, it will have a negative impact on your credit score as licensed money lenders will have to report it.
How Much Can I Borrow With a CPF Personal Loan?
You can borrow up to 6x your monthly income if your annual income is above $20,000. Note that the maximum loan amount will also depend on the withdrawal amount in your CPF account.
Can I Apply for CPF Personal Loan if I Am Over 70 Years Old?
No, you are not eligible for a CPF personal loan if you are over 70 years old. Only individuals who are turning 55 years old can apply.
What Is the Repayment Period for CPF Personal Loan?
The repayment period of a CPF personal loan is 1 to 6 months or until your 55th birthday.
Make sure to pay your loan on time and in full to avoid late interest payments and fees.
