Bugis Credit grab taxi

What Every First-Time GrabTaxi Driver in Singapore Should Know

GrabTaxi has changed the dynamics of public transportation in Singapore that it has become a lucrative part-time job.

One person even reportedly earned more than $12,000 in just five weeks of being a private-hire driver, so it’s possible to earn more or less the same amount if you sign up as a GrabTaxi driver.

If you’re looking for loans designed for those who work for GrabTaxi, Singapore has several licensed money lenders where you can apply for a hassle-free personal loan. You can even get the money in as fast as 30 minutes with complete documents.

How Can You Apply for a GrabTaxi Driver Loan?

Bugis Credit Application for Loan

Licensed money lenders in Singapore are the best option for GrabTaxi drivers, especially for those without credit histories. Banks will require you to have at least 12 months of payment history to determine your creditworthiness.

You don’t have to worry about having no credit score if you submit the following documents to a licensed moneylender: NRIC card, taxi driver’s vocational license (TDVL), taxi pass, at least seven days of job summaries, car rental contract, proof of income (e.g. driver commissions and salaries), proof of billing address and your income for 2019.

How Does GrabTaxi Work?

Bugis Credit How Does GrabTaxi Work

Once you get the money, the next thing to do involves being aware of GrabTaxi’s system. Current taxi drivers can still sign up for the system even if they are under contract with an existing fleet operator.

The Land Transportation Authority allows Grab to operate as a third-party taxi booking app in Singapore, so there should be no problem if you work as a part-time GrabTaxi driver.

Interested parties should also apply for a TDVL, which will be handy in case you decide to switch from GrabTaxi to a private-hire driver. You can apply for a TDVL when you are at least 30 years old with a valid Class 3 or 3A driver’s license for 12 months in Singapore.

Those who don’t meet the age requirement will have to apply for a private-hire car driver’s vocational license (PDVL), which will require them to have valid Class 3, 3A, 3C, or 3CA driver’s license for two years up to the time of application.

The course fee for a TDVL costs $294.25. You can use your SkillsFuture credits to pay up to $240.75 of the price. The course will have two sessions of eight hours each for two days.

You need to pass three one-hour exams that will test your knowledge on service quality, health and safety; taxi and private hire car rules and regulations; and route planning.

PDVL courses cost $155.15 with up to $128.40 being SkillsFuture claimable. You need to attend an eight-hour session for one day and pass two exams about service quality, health and safety, and taxi and private hire car rules and regulations.

How Much Can You Earn?

Bugis Credit How Much Can You Earn

A private-hire or GrabTaxi driver in Singapore can earn as much as they want, although the limitless income demands a lot of your time. One person who earned more than $12,000 in five weeks had to work between 12 and 14 hours for six days each week.

Private-hire drivers can earn $30 per hour on average during peak travel hours and $25 per hour on average at off-peak hours.

Take note that the hourly rate refers to your gross earnings. The actual amount will depend after you deduct the expenses from fuel, parking fees, electronic road pricing and other miscellaneous costs.

GrabTaxi drivers should also account for the rental vehicle fees when they create a target income figure. Taxi operators in Singapore charge from $75 to $105 per day on average for renting out their vehicles, while diesel expenses cost between $30 and $50 per day.

This means that you must earn at least $105 daily just to break even with the recurring fees.

GrabTax and private-hire drivers, however, can deduct their expenses on diesel, parking, rental vehicles, and vocation license fees worth up to 60% of their taxable income.

The 60% deemed expense on taxes is applicable to anyone whether they work part-time or full-time drivers

Beware of Fraudulent and Illegal Money Lenders

Bugis Credit - beware of fraud

Don’t fall for unscrupulous individuals who promise to lend money without the need to submit documents. This might seem attractive, but you could be dealing with a loan shark.

If you need money to pay for your vocational license and other fees for signing up with Grab, a licensed money lender remains the best way to do so.

Illegal money lenders trick people, especially those who are desperate, into borrowing money from them. Some of them will not require you to sign a document, which is already a red flag for borrowers.

Loan sharks sometimes don’t have a signed contract with you because they know that it’s illegal for them to charge sky-high interest rates. Licensed money lenders are not allowed to charge more than a 4% rate every month, unlike illegal lenders’ rates that can reach up to 20%.

The absurd charges make it almost impossible to repay your loan with them. Loan sharks want you to be trapped in an endless cycle of debt payment and when you’re unable to pay your dues, they won’t think twice of resorting to harassment and violence.


Being a GrabTaxi driver in Singapore can be a lucrative part-time job, but you need to take all expenses into account to earn a decent salary. Licensed money lenders won’t use force or unethical practices.

The Monetary Authority of Singapore and the Ministry of Law bound them to comply with regulatory standards, particularly for debt collection.

Always check the Registry of Moneylenders to determine the legitimacy of a licensed money lender. Click here to know more about Bugis Credit’s loan products and we’ll help you with choosing the right one.

extra income 5 Ways to Earn Up to $3,000 From Side Gigs in Just 1 Month

5 Ways to Earn Up to $3,000 From Side Gigs in Just 1 Month

Are you constantly living from paycheck to paycheck? Perhaps you like to earn more money and save for emergencies? The gig economy has been flourishing in recent years thanks to the advent of social media and the Internet.

While there are lots of jobs to choose from, some of us want to earn more in less time. Here are five simple ways to earn money even with a full-time job. Some of them can even turn a profit of up to $3,000 in just one weekend!

Take Out Your Camera and Learn Photography

Those who are fond of snapping photos and love taking them from different angles should consider a part-time job as a photographer. The pay varies depending on your experience and type of photos. Novice photographers can earn at least $5 to $10 per project for passport-size pictures. Photo-editing services start at $0.5 per photo for beginners.

Headshots are more lucrative with prices ranging up to $100 per project, and that’s just for newbie photographers. Amateur photographers usually charge at least $100 per hour for photoshoots and $150 per day to work as an assistant. Once you establish a loyal customer base, you can take part in the wedding photography business. Professionals in this field earn up to $3,000 per project. If you like to teach, you can charge up to $500 per student.

Another easy way to earn more in a short time requires you to sign up for photography contests. Make sure you have the best photos in your portfolio and earn up to $2,500 for each competition.

Get a License as a Personal Trainer

Gym enthusiasts might as well profit from the time they spend at fitness centers. You can apply as a personal trainer during weekends, when demand seems to be higher and therefore have more need for trainers. You don’t need to have a perfectly sculpted body to become a legitimate trainer, but it helps to maintain a good physique. There’s no better way to achieve this than hitting the gym and earn money at the same time.

Personal trainers earn between $75 and $150 per hour. If you work at least four hours per day during weekends, you can earn up to $1,200 in a month or even more when you work on holidays. You must have a Certified Personal Trainer qualification before you can accept clients. Other certifications can improve your competency and your professional fee.

Be a Freelance Tour Guide

Bugis Credit Pte Ltd Be a Freelance Tour Guide

A tourist guide probably has more consistency in earning money than other side gigs, due to the steady flow of tourists from around the world. Millions of foreigners visit the country each year with the number sometimes exceeding more than three times the local population.

You should have an extensive experience in staying at different places in Singapore to boost your qualifications, which can include expertise on the best dining spots and shopping centers across the mainland. Freelance tour guides earn from $80 to $150 per hour. Anyone can become a tour guide with the right attitude, personality and knowledge on as many things as possible about Singapore.

Get Rid of Your Old Items

Carousell is one of the places for owners to eliminate old items and exchange them for cash. The amount that you can earn depends on the value of items. The general rule for this: the harder it is to find an item anywhere, the higher the price tag. Limited-edition books, vintage electronics and collector’s items are some of the examples of rare products.

You can even sell your car in Carousell, which can turn into a sizeable profit if you set the right price. Online sellers should expect buyers to haggle on the listed price, so the best way to earn money will involve a price markup before selling the item to offset a likely lower price offered by customers.

Practice Your Public Speaking Skills

Bugis Credit Pte Ltd Practice Your Public Speaking Skills

Do you always volunteer to be the emcee for special occasions like weddings and birthdays? An events host can earn from $100 per hour, which can easily turn into thousands if you accept multiple gigs in a month. Some experienced emcees even earn five-figure salaries just by getting on the stage and speaking in front of a large audience.

This type of side hustle works best for people who aren’t shy. Those who are just starting their freelance stint as a host can charge a lower rate, possibly $50 for two hours. You can market yourself to more events (not just birthdays or weddings) and build a wider network to earn more money.

What You Should Do Before Choosing a Side Gig

Build a strong online presence to reach your target audience. Social media accounts will be your best resources for advertising your services. Don’t expect to earn a lot in your first month, as your rate gradually increases once you have more connections and clients.

You should also maintain a website to make it easier for potential clients to see your portfolio, especially if you plan to be a photographer or events host. If you’re having trouble with finding clients, you can start by asking friends to refer you to their connections. You shouldn’t offer your service for free when you’re particularly good at it.


There’s no quick and easy way on how to earn money in Singapore. A side sig requires determination and discipline before it can become lucrative. If you need money to jumpstart your freelance career, you should consider applying for a personal loan (e.g. for buying photography equipment). Licensed money lenders such as Bugis Credit offer competitive rates and flexible payment terms. Call us today and find out more about our services.

Bugis Credit What First-Time Buyers in Singapore Must Know About House Hunting

What First-Time Buyers in Singapore Must Know About House Hunting

There are several factors that will influence the actual cost of buying a studio apartment. Singapore enforces different rules for families and single individuals, particularly for those who plan to buy a Housing & Development Board (HDB) flat.

Aside from marital status, the price of buying your first apartment will depend on your income and the type of property. Some of the common types of apartments include mature and non-mature build-to-order (BTO) flats, Design, Build and Sell Scheme (DBSS) flats, and Executive Condominiums (EC). The HDB offers 99-year leasing deals for these properties.

The Rules and Requirements

HDB has imposed new income ceilings for buying flats, which means more people have access to housing options. A typical family who plans to buy a new flat shouldn’t earn more than $14,000 per month. The same income ceiling applies to a purchase of a resale flat on the open market with CPF Housing Grant.

Single buyers who are 35 years old and above shouldn’t earn more than $7,000 per month if they plan to buy a new two-room Flexi flat in a non-mature property. A non-mature estate simply means that there are fewer facilities than in mature properties. This is also the reason why it’s more expensive to buy an apartment in a mature estate.

Those who are orphans and have no siblings can apply for an HDB purchase upon turning 21 years old, pursuant to the Orphan’s Scheme. If you and a friend plan to be roommates, then a joint applicant is possible for up to four unrelated people under the Joint Singles Scheme.

Bugis Credit The Prices of Properties
The Prices of Properties

There are limited prices for a BTO studio apartment either in a non-mature or mature estate in Singapore. ECs and private condos (PC) cost at least $420,000 and $600,000, respectively. These are already too expensive for median-income earners. A BTO HDB Flexi flat may cost around $75,000 to $158,000 depending on the location. A drawback of buying this kind of property requires a long waiting time of at least three years.

The units are also restricted to two-room properties between 35 square meters and 45 square meters. Competition among buyers is also noticeable because of fewer units, and you can’t sub-let your house when you acquire one. A resale two-room HDB flat may cost between $250,000 and $343,00 on average. You can buy in as fast as six months without any restrictions on the number of rooms starting from three-room units.

You can also sub-let a resale flat, but the possibility of buying a property with defects is much higher because another person previously owned it. A renovation may be expensive as well because of existing fixtures that may need replacements.

If you plan to buy a BTO flat in a non-mature district, the average price for a three-room property will cost from $150,000 to $190,000. Four-room properties may cost between 295,000 and $350,000, while five-room units may cost from $390,000 to $500,000.

BTO flats in mature districts may cost $200,000 to $300,000 for three-room apartments. Four-room units may cost between $290,000 and $320,000, and five-room apartments may range from $400,000 to $550,000.

Factors Affecting Prices of Resale Flats

By now, you may be thinking of just buying a resale flat to avoid a long waiting time and have more options. Those who decide to acquire one should be prepared to spend more money. Resale flats are more expensive because real estate prices appreciate every year. Some properties in Singapore, particularly those in the central business district, may even have higher prices after just several months!

Owners of resale flats also place a premium, which is called a Cash Over Valuation (COV), in addition to the actual property value. Some sellers may put up to $50,000 premiums on the price tag, but there are properties with no COVs. If you see a listing on a zero-premium unit, you should expect bids to pour in from several buyers. Many are willing to pay a higher price than the seller’s quoted figure, especially if the unit is in a strategic place (e.g. near an MRT station).


Bugis Credit How Much Should You Save?
How Much Should You Save?

You should set aside at least 5% of the unit’s purchase price for cash down payments. If you borrowed money through an HDB Concessionary Loan, you will be required to pay 10% upfront. You can use cash, a CPF Ordinary Account or a combination of both to settle the down payment. Singaporeans or permanent residents who borrowed money from a bank or licensed money lender should pay 25% of the property’s price.

The option fees for buying a flat range from $500 to $2,000 depending on the number of rooms. This should be included in the price of a down payment. First-time buyers should also consider legal fees when making a budget. Some of them include stamp duty for 99-year lease agreements, conveyancing fees and a caveat registration fee.

You can calculate stamp duty by taking 1% for the first $180,000 of the purchase price, 2% for the next $180,000 and 3% for the next $640,000. If you bought an apartment for $200,000, you should get 4% of the remaining amount. The same calculation applies to prices that fall in between the percentage brackets. You can also use the Inland Revenue Authority of Singapore’s Stamp Duty Calculator to check the estimated price.


As prices of rooms for rent in Singapore continue to increase in some areas, it makes sense for people to buy apartments for themselves. If you still need cash to fulfill a down payment, then call us today to find out how we can offer the best home loan. Our rates are competitive and reasonable, as we are regulated by the Monetary Authority of Singapore.