3 Lowest Interest Personal Loans in Singapore

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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 3 April 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% 8.50% S$0 S$11,350
(S$1,350)
S$315.28
Citibank Ready Credit Paylite 4.55%

4.21%^

8.50% S$0 S$11,365
(S$1,365)
S$315.69
CIMB CashLite Personal Instalment Loan As low as 4.5% 8.41% S$0 S$11,350
(S$1,350)
S$315.28

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

Citi Ready Credit Loan

1. Citibank Ready Credit – Receive S$100 NTUC Voucher

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.

ocbc extracash loan singsaver.com.sg2. HSBC Personal Loan

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%

Think HSBC Personal Loan is the one for you? Start your application at SingSaver.com.sg’s Personal Loan page.

HSBC personal loan

3. CIMB CashLite Personal Instalment Loan

At first glance, the offer for CIMB Cashlite Personal Instalment Loan is an attractive one: among the lowest interest rates of 4.5% p.a., minimum loan amount of S$1,000, loan tenor of between 1 to 5 years, and no admin fee to boot!

However, the 4.5% p.a. (EIR of 8.41% for loan tenor of 3 years) is a conditional rate. This offer is dependent on your credit history and other factors affecting your risk profile.

This means that you may not qualify for the low-interest rate, and may end up with a higher interest on your loan than you expected. This is unlike personal loans offered by other banks, which apply their advertised rates on eligible applications.

Another difference is that your loan amount is capped at 80% of your CIMB credit card limit. If you don’t have a credit card with CIMB, you’ll first be offered a CIMB Platinum Mastercard credit card, before being offered a rate for your personal loan. In contrast, for the other banks on this list, your loan amount is up to 4 times your monthly salary.

To qualify for a CIMB CashLite Personal Instalment Loan, applicants will need a minimum annual income of S$30,000. 

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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.