3 Personal Loans in Singapore with the Lowest Interest Rate

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

Updated on 4 Jul 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$10,000 loan with 3-year tenor

Bank Loan Flat Annual Interest Rate Effective Interest Rate Processing Fees Total Repayment
(Interest)
Monthly Payment
HSBC Personal Loan* 4.50%

4.17%^

8.50% S$0 S$11,350
(S$1,350)
S$315.28
Citibank Ready Credit Paylite 4.55% 8.50% S$0 S$11,365
(S$1,365)
S$315.69
Standard Chartered CashOne 5.68% 11.21% S$0 S$11,704
(S$1,704)
S$325.11

*Exclusive rate, only for new applicants signing up through SingSaver.com.sg. ^With exclusive S$100 IKEA voucher giveaway, available for a limited time only.

Citi Ready Credit Loan

1. HSBC Personal Loan – Receive Up To S$100 IKEA 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.

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.

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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 by 31 Jul 2017 and receive a S$100 IKEA voucher with minimum approved loan of S$25,000, or S$50 IKEA voucher with minimum approved loan of S$10,000. 

ocbc extracash loan singsaver.com.sg

2. Citibank Ready Credit Paylite

Sometimes, you can’t be sure how much you need, or whether you should even borrow. Case in point: you run a business and have a client who is unreliable with payments (they may pay on time this month, they may not.) Or perhaps you have a bonus coming, but aren’t sure when – if it comes within a certain number of weeks you may not need a loan.

Under indecisive circumstances, the Citibank Ready Credit Paylite loan provides a safe alternative. New customers get a 4.55% p.a. interest rate (EIR 8.5% p.a.) for a minimum loan amount of S$1,000 with a 3-year loan tenor.

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For new Citibank Credit Card or Ready Credit holder:

Loan Tenor (years) 1 2 3 4 5
Flat Annual Interest rates 4.94% 4.82% 4.55% 5.72% 5.79%
Effective Interest Rates 9% 9% 8.50% 10.50% 10.50%

For existing Citibank Credit Card or Ready Credit holder:

Loan Tenor (years) 1 2 3 4 5
Flat Annual Interest rates 8.76% 7.76% 7.39% 7.79% 7.92%
Effective Interest Rates 15.80% 14.25% 13.50% 14.00% 14.00%

To be eligible for the Citibank Ready Credit Paylite loan, Singaporeans will need a minimum annual income of S$30,000. For foreigners, you’ll need at least S$42,000.

With among the lowest interest rates, and a low minimum loan amount, the Citibank Ready Credit Paylite loan is suitable if you just need some funds to tide yourself over in the short term.

HSBC personal loan

3. Standard Chartered CashOne

A third option for an affordable personal loan in Singapore is CashOne, by Standard Chartered. Although interest rates offered are slightly higher than HSBC and Citibank, the flat annual interest still clocks in at under 6% per annum.

You can also enjoy a one-time cashback of up to S$1,088 – at the rate of 1% cashback for loans up to S$50,000, and 1.5% for higher amounts.

Find Out More About SCB CashOne Loan

Helping to offset the cost of your loan, you’ll also receive a S$199 rebate towards your annual fees. You can also avoid any annual fees (S$50 per year from the second year onwards) if you make a repayment before the due date for the preceding 12 months.

Note that you’ll need a minimum annual income of S$30,000 to qualify for this loan.

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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.