INFOGRAPHIC: Are Personal Loans Hard to Get in Singapore?

Lauren Dado

Lauren Dado

Last updated 09 March, 2016
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Getting personal loans in Singapore is easy as long as you meet the qualifying criteria.

Of all the questions we get about personal loans in Singapore, the most popular one has to do with eligibility. Many Singaporeans and permanent residents aren't aware of how easy the application process is.

In general, you can get a loan in Singapore if you are a Singaporean or Permanent resident earning more than S$2,000 per month (S$24,000 per year).

However, the higher your annual income, the more you qualify for lower interest rates. For customers with an annual income of S$30,000 and above, OCBC ExtraCash Loan offers the lowest interest personal loans in Singapore if you apply through

Make sure to prepare the necessary documents for a smooth application process.

And that's it! With everything ready, you can get your loan as fast as an hour.

Check out this infographic for more information about OCBC ExtraCash Loan:


Top Tips on Getting a Personal Loan

1. Borrow What You Need and Repay Quickly

The longer the loan tenure, the greater the interest rate

2. Look at Other Fees and Charges

Besides the representative rates, look at the fees and charges. Types of fees include processing fees, late fees, early repayment fees, and restructuring fees.

See also: Your Go-To Personal Loans Guide in Singapore

3. Use a Loan Calculator

Loan calculators are handy tools that will help you figure out the monthly instalments you need to pay.

4. Check Your Credit Score

Note that you can only get OCBC ExtraCash Loan's exclusive low rate if you have a Risk Grade of AA. Check your Risk Grade by getting a copy of your credit report from Credit Bureau Singapore (a fee of S$6.42 applies).

Do You Qualify?

If you are a Singaporean or Permanent Resident earning more than S$2,500 per month, with a Risk Grade of AA, you can easily get a personal loan.

OCBC ExtraCash Loan Has the Lowest Interest Rates in Singapore

If you apply for OCBC ExtraCash Loan through, you can enjoy the lowest interest rates in Singapore - only 3.35% p.a. for a 3-year loan!

OCBC's Lowest Interest Personal Loans at

Loan Tenure1 Year2 Years3 Years4 Years5 Years
Flat Annual Interest Rate3.64% p.a.3.54% p.a.3.53% p.a.3.55% p.a.3.57% p.a.
Effective Interest Rate10.98% p.a.9.01% p.a.8.33% p.a.7.98% p.a.7.77% p.a.

With interest rates as low as these, emergency expenses won't make a big dent on your wallet. You'll save hundreds of dollars on annual interest repayments, even if you extend the tenor for as long as 5 years.

OCBC ExtraCash Loan's exclusive rates are only available through until 31 May 2016. Take advantage of this unique offer and apply now!

Lauren is the Content Manager at When she’s not helping people save time and money, she’s doing yoga, hunting for bargains, and scoring travel deals.


Use a personal loan to consolidate your outstanding debt at a lower interest rate!

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