Loan on retrenched foreigner

Member since 11 December 2020

mcb345Member25 October 2023 10:24:19

I would like to know lets say there is a foreigner who is doing non-collateral loan to a bank with tenure of 3years

And in the 2nd year retrenchment happen to the person, I understand the obligation to pay is not waived. But without visa, can we still have loan or any account at all with the respective bank ? Will the loan still be able to be paid by installment (just like the way it was and supposed to be) ? Or the bank will force us to do early repayment ?

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surya2k VIP Member

Member since 22 June 2014

surya2kVIP Member25 October 2023 14:05:30

2892

Your bank account is not based on your EP or any other work pass rather bank ask to present your passport copy at the time of opening bank savings account. But at the time of your loan sanction, yes you need to mention and provide your copy then using Singpass to apply a loan.

So, when your EP got cancelled and you have to leave Singapore, you still can maintain and active your bank account here, absolutely no issue. I know people who left Singapore 3yrs back still maintaining their bank accounts here.

So, you still can use the present bank account and pay your remaining EMI amount. This is the contractual obligation to fulfill. There are foreigners who left and dont follow their obligations and get black listed and bank also can file court case etc.