3 Best Personal Loans in Singapore with the Lowest Interest Rates

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3 Best Personal Loans in Singapore with the Lowest Interest Rates | SingSaver

Need cash? Standard Chartered, HSBC, and Citibank 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 3 May 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 3.7%*# 7.00% S$88 (waived) S$22,220
(S$2,220)
S$617.22
Standard Chartered CashOne Personal Loan 3.88% 7.63% S$199 (waived)
S$50 annual fee from second year
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
# Rate is applicable for a tenor of 2 to 4 years

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’re looking at a loan tenor of 2 to 4 years, the HSBC’s Personal Loan offers the best annual interest rate of 3.70% for all income levels above $30,000 per annum. This interest rate is only available on SingSaver and cannot be found on HSBC’s own website. 

The HSBC Personal Loan also offers the longest loan tenor on the market — you can spread out your payments over up to 7 years. Enjoy a waiver of the S$88 processing fee as part of your welcome offer.

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$30,000
1 3.80% 7.50% • S$88 processing fee waiver+
2 to 4 3.70%* 7.00%
5 to 7 3.80% 7.50%

* Rate is exclusive to SingSaver and not available on the bank’s website
+ 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 2x their monthly income, or a maximum of S$100,000.

Read a more in-depth review of HSBC Personal Loan here. 


HSBC Personal LoanApply HSBC's Personal Loan now


2. Standard Chartered CashOne Personal Loan 

With a guaranteed flat interest rate of 3.88% p.a, regardless of loan amount or tenure, the Standard Chartered CashOne Personal Loan is one of the best options in the market.

There are no processing fees for this loan but Standard Chartered charges an annual fee of S$199 (waivable for the first year). 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 can now get instant approval and loan disbursement – no more waiting 3-5 working days to receive your cash!

Read our in-depth review of Standard Chartered CashOne Personal Loan here.

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 for the Standard CashOne Personal Loan by 31 May 2019 and receive $100 + $1,000 in welcome gifts and bonus cash!

Exclusively for the month of May 2019, SingSaver is running a promotion that is rewarding you with up to $1,100 in additional welcome cash if you apply for the Standard Chartered CashOne Personal Loan! Simply apply through our promotion page and tell us what you would do if you had an additional $1,000 cash and why.

The top 3 most inspirational answers will win $1,000 in cash! Terms and conditions apply.


Standard Chartered Bank CashOne Personal LoanApply 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, instant pre-approval, 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.

SingSaver Exclusive: Apply from now till 31 May 2019 and receive a SingSaver exclusive welcome gift of S$100 NTUC vouchers upon approval. Terms and conditions apply.

Read a more in-depth review of Citi Quick Cash here.

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


Citibank Quick CashApply Citibank 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.

Alternatively, check out our summary of the Best Personal Loans in Singapore 2019 for our recommendations of the best loans based on different needs.

Compare Best Personal Loan Offers | SIngSaver

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What’s the Average Personal Loan Interest Rate in Singapore?