3 Personal Loans in Singapore with the Lowest Interest Rates

|Posted by | Personal Loans


Don’t go to a moneylender if you need cash. Citi, HSBC and CIMB offer the lowest interest personal loans in Singapore, available exclusively at SingSaver.com.sg.

Updated on 24 Nov 2017. 

Whether it’s an emergency or simple cash flow management, most of us will need a personal loan at some point. The good news is we have a lot of banks in Singapore, and competition compels them to lower their prices.

The bad news is that finding the best personal instalment loan among them can take forever. So we found you three loans with the lowest 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
Monthly Payment
Citi Ready Credit Paylite* 4.27% 8.00% S$0 S$22,562
HSBC Personal Loan* 4.5% 8.5% S$0 S$22,700
CIMB CashLite Personal Instalment Loan 4.5% 8.5% S$0 S$22,700

*Exclusive rate, only for new applicants signing up through SingSaver.com.sg. 
Citi Ready Credit Loan

1. Citi Ready Credit Paylite – Up to S$100 NTUC FairPrice Voucher

When it comes to loan interest rates, the lower they are, the better. This is especially true if you need to borrow a large amount.

Citi is offering the lowest interest rates on personal loans among banks in Singapore. If you are a new customer, apply for a Citi Ready Credit Paylite loan with a 3-year loan and a principal of S$20,000, and you will receive flat interest rate of 4.27% per annum (EIR 8% p.a.).

Find Out More About UOB CashPlus Loan

Not only will your monthly instalment payments be the lowest with Citi, you will also enjoy a waiver on your processing fees. Perhaps best of all – sign up through SingSaver.com.sg and receive instant decision on your loan.

SingSaver.com.sg exclusive offer: Act now to receive up to S$100 NTUC FairPrice vouchers! 


To apply for this personal loan, you must be a Singaporean or PR at least 21 years old. Your annual income must be at least S$30,000.

HSBC personal loan

2. HSBC Personal Loan – Up To S$150 Grab/NTUC Fairprice Voucher 

Another good choice for a personal loan is HSBC.

The HSBC Personal Loan has an annual interest rate of 4.5% for a 3-year loan – this is a special rate available only on SingSaver.com.sg.

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


HSBC Personal Loan offers the longest loan tenor on the market – you can spread out your payments over up to 7 years.


To be eligible for the loan, Singaporeans will need to have an annual income of at least S$30,000. The maximum amount you can borrow is capped at 4 times your monthly salary. If your annual income exceeds S$120,000, you can borrow up to 8 times 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.

Loan Tenor (years) Flat Annual Interest Rate Effective Interest Rate Maximum Loan Amount (Singaporeans and PR)
1 4.7% 8.5% Annual Income from S$30,000 to S$120,000 4 x monthly salary
2 to 3 4.5%
4 to 5 4.6% Annual Income more than S$120,000 8 x monthly salary, or S$200,000
6 to 7 4.7%

SingSaver.com.sg exclusive offer: Apply for this loan and receive a S$150 Grab/NTUC FairPrice vouchers with minimum approved loan of S$25,000, or S$100 Grab/NTUC FairPrice vouchers with minimum approved loan of S$10,000. 

ocbc extracash loan singsaver.com.sg

3. CIMB CashLite Personal Instalment Loan

If somehow you don’t qualify for both of the above loans, there’s one more option you can try. CIMB is offering a personal instalment loan with competitive interest rates – good enough to make it into our Top 3 list.

Borrow S$20,000 on a 3-year tenor and enjoy flat annual interest rate as low as 4.5% p.a. (EIR 8% p.a.).

One caveat though: this low interest rate is offered based on your credit rating. You may not get the lowest advertised rate, if your credit report has some issues.

However, if you have been practicing good money habits (such as paying your bills on time, keeping your unsecured balances low, etc), you just might qualify for the lowest interest rate.


To be eligible for the CIMB CashLite Personal Instalment Loan, you will need a minimum annual income of S$30,000, and be 21 years old at least.

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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.