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 September 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.
| Bank Loan | Flat Annual Interest Rate | Effective Interest Rate (p.a) | Processing Fees | Monthly Payment |
| HSBC Personal Loan | 3.7%* | 7.00% | $0 | $617 |
| OCBC Personal Loan | 3.5%* | 7.27% | $200 | $614 |
| Citi Quick Cash Loan | 3.99%* | 7.50% | $0 | $622 |
| DBS/POSB Personal Loan | 3.88% | 7.90% | $200 | $620 |
| SCB CashOne Personal Loan | 3.48%* | 7.99% | $199 | $614 |
*Only available on SingSaver
Flat Annual Interest Rate: The interest rate advertised.
Effective Interest Rate (EIR): The actual interest rate you incur per annum, with factors such as processing fees taken into consideration. Read more about EIR.
Processing Fee: Fee charged by the bank to process your loan.
Monthly Payment: How much you have to pay the bank each month.
1. 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.
| 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.
Apply now and get rewarded with $88 cashback for approved loans and enjoy S$0 processing fees.
2. 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. (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.
| 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.
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.
3. 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 |
4. DBS/POSB Personal Loan
DBS/POSB offers a relatively low personal loan at 3.88% p.a with a processing fee of 1% of the approved loan amount. For those looking for a small loan amount, you can opt for the DBS/POSB personal loan as the minimum loan amount is S$500. Existing DBS/POSB users can apply via SingSaver and get instant approval and loan disbursal.
A personal loan with DBS/POSB is also a good option for lower income earners. While most banks require a minimum annual income of S$30,000 to apply, those earning S$20,000 to S$30,000 annually may be eligible for DBS/POSB loan at a higher annual interest rate and processing fee.
| Nationality | Singaporean or Permanent Resident (PR) | Foreigners (residing in Singapore) |
| Age | 21 – 65 years old | 21 – 65 years old |
| Minimum Annual Income | $20,000 and above | $40,000 and above |
| Other requirements | N.A. | Employment Pass with at least 12 months’ validity |
5. Standard Chartered CashOne Personal Loan
With a flat interest rate of 3.48% p.a. (EIR from 7.99% p.a.), 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.
Applying via MyInfo will get you $20 cashback. You will also receive 50% cashback on your first month’s instalment. What’s more, you can now get instant approval and loan disbursement – no more waiting 3-5 working days to receive your cash!
| Nationality | Singaporean or Permanent Resident (PR) |
| Age | 21 – 65 years old |
| Minimum Annual Income | $20,000 and above |
| Other requirements | N.A. |
Read our in-depth review of Standard Chartered CashOne Personal Loan.
Standard Chartered Bank CashOne 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.
Read these next:
5 Ways to Cope With Financial Setbacks Hitting Singaporeans Hard Amid COVID-19
4 Ways to Pay Off Credit Card Debt in Singapore
Why It’s So Important To Clear Your Credit Card Debt During COVID-19
How to Get a Personal Loan in Singapore With a Bad Credit Score
4 Times In Life You Should Consider Getting a Personal Loan
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