Best Personal Loans With Instant Approval In Singapore (2020)

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Although Singapore has exited the Circuit Breaker, the relatively low herd immunity means we have no choice but to take measured steps when attempting to re-open our economy. 

This means no small degree of anxiety at the glacial pace with which things seem to be moving. With the pandemic taking away jobs and earnings since the beginning of the year, many Singaporeans are facing a very real danger of running low on finances

If you find yourself in need of some extra cash to tide through the rest of the year, know that a personal loan from a bank is a fuss-free, low-interest way to maintain your cashflow. 

And because we don’t need any further reasons to be more anxious, here are the five best bank loans with convenient digital applications and instant approval that will provide quick relief from your fiscal worries.

Bank LoanDigital ApplicationInstant Approval Funds disbursed Loan featuresCurrent promotion
Standard Chartered CashOne Personal LoanYes, via website, SingSaver, or  online banking with MyInfoYes, with MyInfo, or upon submission of all relevant documentsWithin 15 minutes Amount: Up to 4x monthly salary (maximum loan amount: $250,000)

Tenure: 1 to 5 years

Interest (EIR): From 7.67% per annum
$20 cashback when you apply with MyInfo

50% cashback off first month’s instalment
DBS/POSB Personal LoanYes, use digiBank app or MyInfoYes, with existing Cashline or credit card account
Otherwise, 3 to 5 working days 
Immediately upon approvalAmount:
– Annual salary at least $30,000: 4x monthly salary 
– Annual salary at least $120,000: 10x monthly salary

Tenure: 1 to 5 years

Interest (EIR): from 7.56% per annum
NIL
OCBC ExtraCash LoanYes, via website using MyInfoYes, when applying using MyInfo 
Immediately upon approval Amount: Up to 6x monthly salary 

Annual income of at least $20,000 for Singaporeans and PRs; and $45,000 for foreigners above age 21

Tenure: 1 to 5 years

Interest (EIR): from 10.96% per annum 
NIL
HSBC Personal LoanYes, via website using MyInfoYes, upon submission of all relevant documentsUpon processing of application lAmount: Minimum $5,000.
– Annual salary at least $30,000: 4x monthly salary 
– Annual salary at least $120,000: 8x monthly salary 

Tenure: 1 to 7 years

Interest (EIR): from 7% per annum)

Redraw on existing loan with no processing fee
Receive $108 cashback and $0 processing fee
UOB Personal LoanYes, via website using MyInfoYes, for existing bank customers, or new customers applying with MyInfo

Immediately upon approvalAmount: Minimum $1,000, maximum depends on your annual income.

Tenure: 1 to 5 years

Interest (EIR): from 7.75% per annum
Enjoy promotional interest rate of 3.68% (EIR starting from 7.21%) with only a 1% processing fee. 

Standard Chartered CashOne Personal Loan

We like the Standard Chartered CashOne Personal loan for its simple online application and speedy loan disbursement — approved applications can expect loan crediting to be completed within 15 minutes. 

But that’s not all. This loan also saves you money with low interest rates and generous cashback. With a competitive Effective Interest Rate (EIR) of as low as 8.04% per annum, you won’t be paying too much in interest. 

Not only that, you’ll enjoy a $199 cashback to offset the loan’s first-year annual fee, and 50% off on your first month’s installment. Use MyInfo to apply for further convenience and speed, and enjoy an additional $20 cashback. All these savings make for an easier time with your first month’s repayment, so you budget more to attend to other more urgent needs. 

You can apply for up to 4x your monthly salary with this loan, or a maximum of $250,000, at loan tenures between 1 to 5 years. 

Eligibility

  • Age 21 to 65
  • Minimum annual income of $20,000

DBS/POSB Personal Loan

If you’re a DBS or POSB customer and have a digibank app, you’re pretty sorted for the application. 

This is, by far, the most convenient way to apply for a loan, as everything from your personal information to your eligible loan amount is pre-filled for you. All you have to do is to verify the amount you need, accept the terms and make your application. 

Like all other loans in this article, approval is nearly instant, with funds disbursed to your account within minutes. However, this only works if you have an existing credit card or credit line account with DBS or POSB, or have your salary credited into a DBS or POSB bank account.  

If not, you’ll need to wait up to 5 working days for your credit facilities to be processed.

You can borrow up to 4x your monthly salary with this loan. But if your annual income is higher than $120,000, you can get a loan up to 10x your monthly salary instead. Loan tenures are from 1 to 5 years, with EIR from 7.56% per annum. 

Eligibility

  • Singaporean or Permanent Resident
  • 21 to 65 years old
  • Minimum annual income of $30,000

OCBC ExtraCash Loan

If you’re an OCBC customer and you need a loan, ask about their (aptly named) ExtraCash Loan that gives you up to 6x your monthly salary.

Be sure to make use of MyInfo when submitting your application for easy and instant retrieval of your personal particulars, as doing so will also help OCBC to provide instant approval for your loan. 

You can choose loan tenures from 1 to 5 years, but do note that the EIR here is slightly higher, starting from 10.96% per annum. This is likely due to the inclusion of a processing fee — $200 or 2% of the loan amount, whichever is higher if your annual income is at least $30,000. The processing fee is $100 if your annual income is lower than that.

Eligibility

  • Singaporean or Permanent Resident
  • At least 21 years old
  • Minimum annual income of $30,000 for Singaporean or PR
  • Minimum annual income of $45,000 for foreigners


HSBC Personal Loan

Most personal loans in Singapore allow you up to a maximum of 5 years to repay your loan, which could be a challenge if you need to borrow a large amount. 

Extending your loan over a longer period will mean more time to pay your loan back, which means lower monthly installments. HSBC has got you covered in this regard, with a maximum loan tenure of 7 years (for salaried employees only), which means potentially the lowest monthly installment payments yet.

While this may be attractive to the cash-strapped, bear in mind that 7 years is a fairly long-term commitment. However, if you’re willing, this loan is ideal for you. Of course, you can always opt to pay your loan back early (but you’ll incur a small fee for doing so at 3% of the remaining amount), or you could opt for a shorter tenure to begin with. 

The HSBC Personal Loan lets you borrow up to 8x your monthly salary, and EIR is as low as 7%. You can also choose to redraw on your existing loan with no existing fee. 

If you apply online, you’ll get instant in-principle approval. Funds disbursement may take a few days as you’ll need to wait for final approval for your application. 

Eligibility

  • Singaporean or Permanent Resident
  • At least 21 years old
  • Minimum annual income of $30,000 for Singaporean or PR ($40,000 for self-employed or commission-based)
  • Minimum annual income of $40,000 for foreigners with employment pass validity of at least 1 year

UOB Personal Loan

With a minimum amount of $1,000, and with a maximum loan quantum determined by our annual income, the UOB Personal Loan is a convenient, affordable and flexible personal installment loan.

Enjoy instant approval if you make your application via UOB’s website using MyInfo. You’ll need to be an existing UOB credit card or CashPlus customer, though. It is also competitively priced with EIR starting from 7.75% per annum, on par with the others on the list. Loan tenures of between 1 and 5 years are available. 

From 1 August 2020, enjoy promotional interest rate of 3.68% (EIR starting from 7.21%) with only a 1% processing fee when you apply.

Eligibility

  • Singaporean or Permanent Resident
  • 21 to 60 years old
  • Minimum annual income of $30,000 
  • Existing UOB credit card or CashPlus customer

Read these next:
Best Personal Loans In Singapore With The Lowest Interest Rates (2020)
Best Personal Loan Promotions In Singapore 2020
Four Types of Personal Loans: What You Need to Know
Best Personal Loans For Foreigners Living In Singapore
4 Times In Life You Should Consider Getting a Personal Loan


By Alevin Chan
An ex-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 optimise happiness and enjoyment in his life.