Standard Chartered, OCBC and HSBC offer the lowest interest personal loans in Singapore, available exclusively on SingSaver.
Editor’s Note: Personal loan and bank interest rates are subject to change. Last updated in March 2020.
Whether it’s due to an emergency or simple cash flow management, most of us will need a personal loan at some point. Personal loans do get a bad reputation sometimes, but if you understand how to manage cash flow and know how to take advantage of promotional interest rates, they can be used to your advantage.
The most important factor when deciding on a personal loan is the interest rate for the personal loan. The lower the interest rate, the better. This is especially true if you need to borrow a large amount. Interest rates being offered via SingSaver are often lower than the ones being offered by the bank but also take note that ultimately, the final loan interest rate will also take into account your credit score, salary and repayment history.
Also pay attention to any admin or processing fees involved (sometimes, they are waivable), annual fees, how quickly you can get your cash as well as the monthly instalments to be repaid. Here’s a quick guide on the dos and don’ts when applying for a personal loan. We’ve compared the lowest interest rate personal loans available on the market right now and shared them below.
$20,000 Loan on a 3-year tenor
| Bank Loan | Flat Annual Interest Rate | Effective Interest Rate (p.a) | Processing Fees | Monthly Payment |
| SCB CashOne Personal Loan | 3.88%* | 8.73% | $199 (offset as cashback) | $620 |
| Citi Quick Cash Loan | 3.99%* | 7.50% | $0 | $622 |
| OCBC Personal Loan | 3.5%* | 7.27% | $200 | $614 |
| HSBC Personal Loan | 3.7%* | 7.00% | $88 (waived) | $617 |
*Exclusive rate only available on SingSaver.
1. Standard Chartered CashOne Personal Loan
With a guaranteed flat interest rate of 3.88% p.a. (EIR from 8.73% 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 $199 (which is offset by the $199 cashback you receive when you apply for the loan). You can also get cashback of 50% of your first month’s instalment if you borrow at least $15,000 and have a loan tenure of 4-5 years (promotion ends 31 March 2020).
Lastly, from now till 31 May 2020, you can also get $20 cashback when you apply via MyInfo. What’s more, you can now get instant approval and loan disbursement – no more waiting 3-5 working days to receive your cash!
SingSaver Exclusive: When you apply for a Standard Chartered CashOne Personal Loan through SingSaver, you will enjoy guaranteed low interest rates as low as 3.88% p.a. (EIR: 8.73% p.a.). In addition, you will also get $199 cashback and a pair of Apple AirPods! 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 | $30,000 and above | $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 |
Read our in-depth review of Standard Chartered CashOne Personal Loan.
Standard Chartered Bank CashOne Personal Loan
2. Citi Quick Cash Loan
The Citi Quick Cash Loan offers an interest rate of 3.99% p.a. (EIR 7.5% p.a.) with a minimum loan amount of $20,000. This rate is exclusive for new to Citibank loan customers who apply via SingSaver.
No processing fee will be charged for the Citi Quick Cash Loan. You can also borrow up to 4x your monthly salary, with a minimum loan amount of $100 for 24 months to 60 months loan tenure period. You are required to have a Citibank Ready Credit or Citi Credit Card account to be offered a Citi Quick Cash loan. More terms and conditions found here.
| Nationality | Singaporean or Permanent Resident (PR) | Foreigners (residing in Singapore) |
| Age | 21 – 65 years old | 21 – 65 years old |
| Minimum Annual Income | $30,000 and above | $42,000 and above |
3. OCBC Personal Loan
Enjoy the low interest rate of 3.5% p.a. (EIR 7.27% p.a.) — the lowest in the market currently — when you apply for an OCBC Personal Loan. This rate is exclusive for new to OCBC loan customers who apply via SingSaver. In addition, get $20 cash via PayNow upon loan approval. (Note: existing OCBC loan customers will be offered an interest rate from 4.7% p.a)
The downside for this loan is there’s a one-time processing fee of 1% of the loan amount. So if you’re looking at a $20,000 loan amount, that will be a processing fee of $200. There is a minimum loan amount of $1,000 required to apply for the OCBC Personal loan.
Do note you will need to open an OCBC Credit Card or OCBC EasiCredit account to service your loan. Your maximum credit limit will be 6x your monthly salary if you’re earning $120,000 a year and above (if not, it will be 4x your monthly salary). Click the “Apply Now” button below and follow the instructions to apply for both the credit account and cash loan.
SingSaver Exclusive Rate: This low rate of 3.5% p.a. (EIR 7.27% p.a.) for your OCBC Personal Loan is exclusive to customers who apply through SingSaver and is not available on the bank’s own website.
Eligibility
| Nationality | Singaporean or Permanent Resident (PR) | Foreigners (residing in Singapore) |
| Age | 21 – 65 years old | 21 – 65 years old |
| Minimum Annual Income | $30,000 and above | $42,000 and above |
Read a more in-depth review of OCBC Personal Loan.
4. HSBC Personal Loan
If you’re looking at a loan tenor of 2 to 4 years, the HSBC Personal Loan offers the best annual interest rate of 3.7% p.a. (EIR 7% p.a.) 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. There is no processing fee incurred.
Loan amounts range from a minimum of $5,000 to a maximum of 4x your monthly salary. If your annual income exceeds $120,000, you can borrow up to 8x your monthly salary, or a maximum of $200,000.
Foreigners residing in Singapore will need a minimum annual income of $40,000, and may borrow up to 2x their monthly income, or a maximum of $100,000.
Eligibility
| Nationality | Singaporean or Permanent Resident (PR) | Foreigners (residing in Singapore) |
| Age | 21 – 65 years old | 21 – 65 years old |
| Minimum Annual Income | $30,000 and above | $40,000 and above |
| Other requirements | N.A. | Employment Pass with at least 12 months’ validity |
Read a more in-depth review of HSBC Personal Loan.
If you’re still undecided, we’ve compared all the personal loans being offered by banks 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 2020 for our recommendations of the best loans based on different needs.
Read these next:
5 Ways to Get the Highest Credit Score in Singapore
4 Times In Life You Should Consider Getting a Personal Loan
How to Get a Cash Loan From Your Card’s Credit Limit
Top 6 Myths About Personal Loans Busted
This is How Much You Can Borrow From Different Loans in Singapore
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