Money Mantra 3: Always Compare Personal Loans

Rohith Murthy

Rohith Murthy

Last updated 15 April, 2016

Rohith Murthy shows you how you can save hundreds of dollars just by comparing personal loans on this podcast episode of Money Mantra.

What is Money Mantra about?

Our team at aims not only to equip every Singaporean with sufficient personal finance knowledge but to save in every aspect of their lives. Money Mantra is a mini podcast series with each episode addressing different ways to get savvy with saving money.

Our last two episodes were on credit cards. You can listen to both of them here.

About Rohith Murthy

Rohith Murthy takes his lessons as Managing Director of outside of the workplace too. He regularly applies money saving advice and tips in his life, especially as a new father and sole breadwinner of his family.

Rohith often writes his experiences on's blog and has been featured on Channel NewsAsia.

Money Mantra 3: Always Compare Personal Loans

In this episode, Rohith Murthy talks about how taking a few minutes of your time to compare personal loans can save you S$1,104. Here are some issues he covers:

  • Why people take out personal loans and when it's a better option than credit cards
  • Always look out for exclusive offers that has on our comparison tool
  • Never apply for the first personal loan you see; by shopping around you can save a lot

*Disclaimer: OCBC personal loan has an even lower exclusive interest rate of 3.53% for a 3-year loan on

Tell us what you think on our Facebook page!

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

Here's a breakdown of personal loans interest rates:

S$10,000 Loan Over 3 Years

Bank NameAnnual Flat Interest RateEIR (Effective Interest Rate)Processing Fees/ Annual FeesInterest (3 Years)Principal + Interest (3 Years)

Foreign Banks

HSBC*4.70% p.a.8.50% p.a.Waived$1,410$11,410
Citibank4.83% p.a.9.00% p.a.Waived$1,449$11,449
Standard Chartered Bank8.38% p.a.16.63% p.a.$299$2,514$12,514

Local Banks

OCBC*3.53% p.a.8.33% p.a.$200$1,059$11,059
DBS6.80% p.a.13.63% p.a.$200$2,040$12,040
UOB8.00% p.a.15.84% p.a.$180$2,400$12,400

* Exclusive interest rates for applicants who apply through *Always read and understand the terms and conditions before applying.


""So always shop around when you pick a personal loan and you save thousands in interest and fees.""

Read This Next:

Limited Offer: Exclusive Low Rates from OCBC and HSBC

6 Personal Loans Myths in Singapore Debunked

Rohith Murthy

By Rohith Murthy

Rohith leads Singapore’s, a financial comparison site aimed at helping consumers in Singapore save money and time by finding the right financial products.

Rohith is the Group General Manager of Hyphen Group’s SaaS platform that connects, powers and accelerates an ecosystem of consumers, financial institutions and the ‘Creator Economy’.


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

Sign up for our newsletter for financial tips, tricks and exclusive information that can be personalised to your preferences!