Subscription Modal Banner
Weekly newsletter subscription
Get SingSaver’s top tips and deals, plus an exclusive free guide to investing, sent straight to your inbox.

I agree to the terms and conditions and agree to receive relevant marketing content according to the privacy policy.

Success Tick Icon
Congratulations on successfully joining Singsaver Newsletter

Personal Loans Comparison: SCB CashOne vs Citi Quick Cash vs HSBC Personal Loan

Denise Bay

Denise Bay

Last updated 24 February, 2022

Choices are never easy. That’s why, we do the math, so you don’t have to. Compare This, a SingSaver series, is here to help make decisions a little easier for you.

SCB CashOne, Citi Quick Cash and HSBC Personal Loan deliver competitive interest rates and more. Find out which one’s superior.


In this SCB CashOne vs Citi Quick Cash vs HSBC Personal Loan comparison, you’ll learn more about the features that make these three personal loans some of the most attractive on the market. 

While the banks will not ask customers to divulge why they’re taking up the personal loan during the approval process, it pays to know how these personal loans differ as well as what they have in common. 

As it stands, fixed monthly repayments aren’t the only similarity SCB CashOne, Citi Quick Cash and HSBC Personal Loan share.

What SCB CashOne, Citi Quick Cash and HSBC Personal Loan have in common

SCB CashOne, Citi Quick Cash and HSBC Personal Line of Credit Instalment Plan (i.e. HSBC Personal Loan) are accessible. The minimum annual income requirement for Singaporeans and PRs stands at S$20,000 for SCB CashOne and S$30,000 for Citi Quick Cash and HSBC Personal Loan. 

Their minimum loan amount is S$1,000 — great for those who only need to borrow a smaller amount. Eligible applicants for the respective personal loans can also enjoy quick approval and disbursement of loan. 

SCB CashOne, Citi Quick Cash and HSBC Personal Loan are versatile, too. The funds can be used for a variety of purposes without any hard or fast rule. For example, one may utilise the funds to pay for medical bills, unexpected repairs, business expenses or even big ticket purchases. The sky’s the limit, really.

Back to top

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

How SCB CashOne, Citi Quick Cash and HSBC Personal Loan differ

#1 Interest rate

  SCB CashOne Citi Quick Cash HSBC Personal Loan
Interest rate From 3.48% p.a. (EIR 6.95% p.a.) From 3.45% p.a. (EIR 6.50% p.a.) From 3.2% p.a. (EIR 6% p.a.)

SCB CashOne, Citi Quick Cash and HSBC Personal Loan all offer relatively low interest rates in the world of personal loans. 

Pro tip: Be sure to zoom in on the EIR (i.e. effective interest rate) for a more accurate gauge of the interest rate you’ll actually incur when you take out the personal loan. The EIR factors in other costs such as processing fees.

#2 Maximum loan amount

  SCB CashOne Citi Quick Cash HSBC Personal Loan
Maximum loan amount Up to 4X monthly salary, capped at S$250,000 90% of your available credit limit Up to 8X your monthly salary, capped at S$200,000

Citi Quick Cash converts your up to 90% of your unutilised credit limit from your Citi Credit Card or Citibank Ready Credit Account to cash.

A feature of HSBC Personal Line of Credit, HSBC Personal Line of Credit Instalment Plan (i.e. HSBC Personal Loan) lets you apply for an instalment loan with up to 95% of your existing credit limit with HSBC Personal Line of Credit. The bank has made clear only customers with good credit standing are eligible to apply. You can get cash of up to 8X your monthly salary, capped at S$200,000.

#3 Processing fee

  SCB CashOne Citi Quick Cash HSBC Personal Loan
Processing fee S$199: First year; deducted from approved loan amount 

S$0: From second year till expiry of instalment tenor
0% for 12- to 60-month tenor 1% of approved instalment plan amount, subject to a min. of S$88

SCB CashOne terms its processing fee as an annual fee. Keep in mind that from the second year till the end of your loan period, the bank will charge S$50 annually if any instalments are not paid on or before the due dates in full for the preceding 12 consecutive calendar months. Additionally, if you wish to change your loan period, the bank will levy a charge of S$50 for each change. 

For those interested in HSBC Personal Loan, keep an eye out for HSBC’s processing fee waiver promotions! The bank is known to roll out such promotions from time to time. As of time of writing, HSBC offers S$0 processing fee.

#4 Early repayment fee

  SCB CashOne Citi Quick Cash HSBC Personal Loan
Early repayment fee 3% of the outstanding principal or S$150, whichever is higher 3% of outstanding amount or S$100, whichever is higher 2.5% of the outstanding amount

An early repayment fee will apply for all three personal loans when you repay your loan in full ahead of time, cancel or terminate the loan. 

#5 Late payment fee

  SCB CashOne Citi Quick Cash HSBC Personal Loan
Late payment fee S$100  Loan will be terminated if (i) the minimum payment amount is not paid in full for 2 consecutive months or (ii) if you default S$75

Citi Quick Cash has the most stringent rules amongst the three personal loans. The bank has no qualms about terminating your loan if you default or don’t make the effort to make the minimum payment amount.  

Important note: Unpaid loan repayments will incur interest charges, so always make it a point to make monthly repayments punctually before the due date!

Back to top

Conclusion: Which one should you choose?

With so many personal loans available on the market, things can be overwhelming when it comes to narrowing down the loan best suited for your unique needs and circumstances.

Choose SCB CashOne: SCB CashOne is a good pick if you are looking for a personal loan with a relatively low flat rate interest for loan periods ranging from two to five years, or if you need to borrow a fairly large sum of money. 

With an EIR from 6.95% p.a., it is also pretty competitive compared to other personal loan options on the market. Foreigners who are considering SCB CashOne need to make at least S$60,000 per annum.

Standard Chartered CashOne Personal Loan Welcome Gift: Enjoy up to S$4,100 cashback when you apply for loan with a loan tenure of 3 to 5 years. Plus, enjoy 3x cashback on the first month's interest upon approval. Valid till 31 December 2023. T&Cs apply.

Choose Citi Quick Cash: As its name suggests, Citi Quick Cash is fantastic for those who already have a Citibank credit card or Citibank Ready Credit account and are sure they can make punctual repayments. New-to-Citi customers will enjoy the 0% processing fee. Foreigners can take advantage of Citi Quick Cash if they earn at least S$42,000 per annum.

Choose HSBC Personal Loan: HSBC Personal Loan is a great option if you need a loan across a longer period; it offers up to seven years. HSBC Personal Loan has the lowest effective interest rate amongst the three personal loans, too. This personal loan is also available to expats so long as they make at least S$40,000 per annum — one of the lowest income criteria for foreigners residing in Singapore.


SingSaver Exclusive Promotion: Enjoy 1x chance to win your share of up to S$200,000 in prizes in our epic 101! Milestone Giveaway, including S$5,000 bonus cash each week on top of ongoing promotions. Valid till 20 December 2023. T&Cs apply. Click here to check out our past Lucky Draw winners!

Receive an Apple iPhone 15 Pro 256GB (worth S$1,809) or an Apple Watch Ultra 2 GPS + Cellular 499mm (worth S$1,199) or an Apple iPad 10th Gen 64GB + AirPods Pro 2nd Gen Bundle (worth S$1,047.65) or a Dyson AirWrap (worth S$859) or a Nintendo Switch OLED (worth S$549) or S$50 cash via PayNow when you get approved for a loan of min. S$10,000 with tenure of 3 to 5 years. Valid till 7 January 2024. T&Cs apply.

Read these next:
Best Personal Loans in Singapore
Citibank Quick Cash Loan Review (2022): Enjoy 0% Interest Rate For 12-Month Loans
HSBC Personal Loan Review (2022): Lowest Income Criteria For Expats
Standard Chartered CashOne Personal Loan Review: Probably The Lowest Interest Personal Loan You’d Find
Top Credit Card Promotions And Deals On SingSaver
Best Citibank Credit Cards in Singapore
Best HSBC Credit Cards in Singapore
Best Standard Chartered Credit Cards in Singapore

While Denise has a thing for travel, K-dramas, 0% sugar bbt (with boba!), Japanese cuisine and flat white, her curious nature means all sorts of random tabs are open on her phone 24/7. She doesn’t like to pay full price for anything, too.


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!