3 Personal Loans in Singapore with the Lowest Interest Rates

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Citi Ready Credit Loan - SingSaverDon’t go to a moneylender if you need cash. OCBC, HSBC and Standard Chartered offer the lowest interest personal loans in Singapore, available exclusively on SingSaver.

Editor’s note: Personal loan and bank rates are subject to change. The information reflected here is accurate as of 7 Feb 2019.

Whether it’s an emergency or simple cash flow management, most of us will need a personal loan at some point. Comparing and applying for the best personal instalment loan can take forever. So we’ve done our research to compare all the personal loans being offered by banks for you and the following are the three personal loans with the lowest interest rates:

 

S$20,000 loan with 3-year tenor

Bank Loan Flat Annual Interest Rate Effective Interest Rate (p.a.) Processing Fees Total Repayment
(Interest)
Monthly Payment
HSBC Personal Loan 3.70% 7.00% S$88 (waived) S$22,220
(S$2,220)
S$617.22
Standard Chartered CashOne Personal Loan 3.88% 7.90% S$0 S$22,328
(S$2,328)
S$620.22
Citibank Quick Cash 3.99%* 7.50% S$0 S$22,394
(S$2,394)
S$622.06

* Rate is exclusive to SingSaver and not available on the bank’s website

When it comes to interest rates for personal loans, the lower they are, the better. This is especially true if you need to borrow a large amount. Most loan rates come with many different conditions, but you will definitely find one that fits your bill.

1. HSBC Personal Loan 

If you are an existing OCBC Credit Card and EasiCredit customer, and have annual income of at least S$80,000, the HSBC’s Personal Loan is an option worth considering.

It has an annual interest rate of 3.70% for a loan tenure of at least 3 years, provided you meet the minimum annual income criteria of $80,000. The HSBC’s Personal Loan offers the longest loan tenor on the market — you can spread out your payments over up to 7 years.

Also enjoy a waiver of the S$88 processing fee, as well as a S$50 cashback as exclusive welcome offers.

Loan Tenor (years) Flat Annual Interest Rate (p.a) Effective Interest Rate (p.a) Additional Benefits
For applicants with annual income of at least S$80,000
1 to 2 7.10% 13.00% • S$50 cashback+

• S$88 processing fee waiver

3 to 7 3.70% 7.00%
For applicants with annual income of less than S$80,000
1 to 2 7.10% 13.00% • S$50 cashback+

• S$88 processing fee waiver

3 to 7 4.80% 9.00%

+ HSBC terms and conditions apply

Eligibility

Nationality Singaporean or Permanent Resident (PR) Foreigners (residing in Singapore)
Age 21 – 65 years old 21 – 65 years old
Minimum Annual Income S$30,000 and above S$40,000 and above
Other requirements N.A. Employment Pass with at least 12 months’ validity

Loan amounts can range from as low as S$10,000 to a maximum of 4x your monthly salary. If your annual income exceeds S$120,000, you can borrow up to 8x your monthly salary, or a maximum of S$200,000.

Foreigners residing in Singapore will need a minimum annual income of S$40,000, and may borrow up to 2 times their monthly income, or a maximum of S$100,000.

Apply HSBC's Personal Loan now

 

2. Standard Chartered CashOne Personal Loan 

Lastly, if you don’t fall within the income bracket of S$80,000 and above, Standard Chartered CashOne Personal Loan will be your best option with the guaranteed flat interest rate of 3.88% p.a, regardless of loan amount or tenure.

With a flat interest rate of 3.88% p.a., Standard Chartered Bank offers one of the lowest guaranteed interest rates among banks in Singapore, regardless of loan amount or tenure.

There are no processing fees for this loan but Standard Chartered charges an annual fee of S$199. Subsequently, a S$50 fee waiver will also be awarded (in the form of a cashback) from the second year onwards, if all payment is received by the due date for the past 12 months.

What’s more, you get the cash the very next banking day.

SingSaver Exclusive: Get up to $388 cash upon approval for every 10th applicant to be approved! This promotion is valid from 1 – 28 February 2019. Terms and Conditions apply.

Eligibility

Nationality Singaporean or Permanent Resident (PR) Foreigners (residing in Singapore)
Age 21 – 65 years old 21 – 65 years old
Minimum Annual Income S$30,000 and above S$60,000 and above
Other requirements N.A. • Foreigners must be holders of P1, P2 or Q type Singapore Employment Passes
• Q Pass holders must have minimum 1-year validity remaining on their passes

Apply Standard Chartered CashOne Personal Loan now

 

3. Citibank Quick Cash

Enjoy one of the lowest interest rates in town at only 3.99% p.a.! This interest rate is exclusive to new Citibank customers who apply through SingSaver. Other attractive factors include no processing fees a flexible repayment period of up to 60 months.

Do note that you will be required to open a Citibank Ready Credit account before you can apply for a Citibank Quick Cash.

Apply from now till 28 Feb 2019 and receive a SingSaver exclusive welcome gift of S$100 NTUC vouchers upon approval. Terms and conditions apply.

Eligibility

Nationality Singaporean or Permanent Resident (PR) Foreigners (residing in Singapore)
Age 21 – 65 years old 21 – 65 years old
Minimum Annual Income S$30,000 and above S$35,000 and above

Apply OCBC Personal Loan now

 

If you’re still undecided, we compared all the personal loans being offered by banks and put them on one single page so you can easily compare the various terms and conditions. Compare and apply through SingSaver now and save more with exclusive welcome gifts and better interest rates.

 

What to read next:

5 Ways to Get the Highest Credit Score in Singapore
4 Times In Life You Should Consider Getting a Personal Loan
How to Get a Cash Loan From Your Card’s Credit Limit
6 Things To Know About Interest-Free Credit Card Instalment Plans
What’s the Average Personal Loan Interest Rate in Singapore?

 


Alevin ChanBy Alevin Chan
A Certified Financial Planner with a curiosity about what makes people tick, Alevin’s mission is to help readers understand the psychology of money. He’s also on an ongoing quest to optimize happiness and enjoyment in his life.