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.

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 (p.a.) Effective Interest Rate (p.a.) Processing Fees Total Repayment
(Interest)
Monthly Payment
OCBC Personal Loan 3.50% 6.96% 1.00% S$22,100
(S$2,100)
S$613.89
HSBC’s 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

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. OCBC Personal Loan

If you do not have an OCBC Credit Card or any EasiCredit account, OCBC Personal Loan will be the best for you.

With an interest rate of 3.5% p.a, this is the lowest interest rates* available in Singapore. But there is a catch to it – you will have to pay an upfront processing fee of 1% of approved loan amount.
Fret not though, SingSaver is currently running a promotion now to give away $100 cash reward upon approval which you can then use it to offset the 1% processing fee. 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$20,000 and above S$45,000 and above

*Lowest rate in Singapore as of 10 October 2018.

Apply OCBC Personal Loan now

2. HSBC’s 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

3. Standard Chartered CashOne Personal Loan 

Lastly, if you don’t fall within the income bracket of $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, which is waived for the first year. Subsequently, a S$50 fee waiver# will also be awarded (in the form of a cashback), if all payment is received by due date for the past 12 months.

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

In addition, SingSaver is running an exclusive offer of giving away $388 cash reward for 38 approved applicants, just in time for Chinese New Year 2019! Promotion is valid till 31 January 2019. Other 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

 

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 now.


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.