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. HSBC, POSB, and Standard Chartered Bank 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, compared all the personal loans being offered by banks 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
Standard Chartered CashOne Personal Loan* 3.88% 7.63% S$0 S$22,328
(S$2,328)
$620.22
POSB Personal Loan 3.88% 7.9% 1% S$22,328
(S$2,826)
$620.22
HSBC Personal Loan 3.70% 7.00% S$88 (waived) S$22,220
(S$2,220)
S$617.22

Exclusive rate, only for new applicants signing up through SingSaver.

1. Standard Chartered CashOne Personal Loan 

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. However, most loan rates come with many different conditions.

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.

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

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.

#Standard Chartered 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

Find Out More About UOB CashPlus Loan

 

HSBC personal loan - SingSaver

2. POSB Personal Loan

If you have a good credit profile, another good choice for a personal loan is POSB.

See also: What is a Credit Rating, and Why Should Singaporeans Care?

With an interest rate of 3.88% p.a., this is also one of the lowest interest rates available in Singapore but this rate may differ from borrower to borrower based on credit history, loan amount and tenure.

There are two existing promotions available when you apply for a POSB Personal Loan. If you are a new customer, you stand to receive:

  1. S$120 NTUC vouchers if you have an approved loan amount of at least S$3,000 in a single application. Promotion ends 31 Dec 2018. Terms and Conditions apply.
  2. A processing fee waiver of up to S$1,000 if you have an approved loan amount of at least S$30,000 in a single application or same-day combined applications on both DBS Cashline and Credit Card. Promotion ends 31 Dec 2018. Terms and Conditions apply.

These promotions are not mutually exclusive. This means that if you apply for a personal loan of $30,000, you stand to receive both the S$120 NTUC voucher and the fee waiver.

DBS also offers a loan with similar interest rates. The difference is in the mechanics of how the money is disbursed to you.

Eligibility

Nationality Singaporean or Permanent Resident (PR)
Age 21 – 65 years old
Minimum Annual Income S$20,000 and above

In addition, applicants will also need:

(i) a Cashline and/or Credit Card account to grant the loan amount, and
(ii) a DBS/POSB deposit account (excluding Joint All, Trust, MSA, SAYE and POSB current accounts) for loan disbursement

See also: Best bank accounts

Find Out More About UOB CashPlus Loan

 

ocbc extracash loan singsaver.com.sg - SingSaver

3. HSBC Personal Loan 

If you have annual income of at least S$80,000, the HSBC Personal Loan is an option worth considering.

It has the lowest annual interest rate of 3.70% for a 3-year loan, provided you meet the minimum annual income criteria of $80,000.

The HSBC 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.

Find Out More About UOB CashPlus Loan

Compare the best personal loans

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.

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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.