Get the Lowest Personal Loan Rates in Singapore: From Just 1.85% p.a. (EIR 3.40% p.a.)

💎 Enjoy rewards worth up to S$1,749 (only until July 6!!). Compare top bank offers with transparent rates and flexible terms. Trusted by 1.3M+ Singaporeans.

+ In this guide (Updated: Jul 5, 2025)

Getting the best offers for you...

🔎 Find the Best Loan for You

Enjoy low interest rates and up to 💎 $1,749 in rewards! (only until July 6!!)

Product   Interest Rate
(p.a.)*		 EIR
(p.a.)		 Disbursement Flexible
Tenure		 SingSaver
Reward
scb-logoCredit Card
Funds Transfer		 Apply Now 🔄 0%** 3.62% 🟢 Instant 3-12 mo -
uob-logoPersonal Loan Apply Now ✅ 1.85% 3.40% 🟢 Instant
 1-5 yrs

🎁 Up to S$1,499
GXS Logo small2FlexiLoan Apply Now 1.88% 3.47% 🟡 Mins 2-60 mo

🎁 Up to S$1,299
scb-logoCashOne
Personal Loan		 Apply Now 1.90% 3.63%

🟢 Instant

 1-5 yrs

🎁 Up to S$1,299
hsbc-logo-2Personal Loan Apply Now 2.20% 4.00%

🟢 Instant

 ↔️ 1-7 yrs

💎 Up to S$1,749
trustInstant Loan Apply Now 2.22% 4.22%

🟡 60 sec

 1-5 yrs

🎁 Up to S$1,499
*Interest Rates and EIR stated are of a minimum loan amount of S$8,000 with minimum 36 months tenure.
**SCB Credit Card Funds Transfer is based on 12 months tenure and minimum loan amount of S$10,000

💳 You will have higher chances of approval!

If you have a savings account or credit card with the bank. Don’t skip this advantage!

🏦 Lowest Interest Rate: UOB

Enjoy the lowest interest rate in Singapore from UOB, starting at just 1.85% p.a. (3.40% EIR) for loans of S$30,000 over 3 years. Ideal for those seeking maximum affordability over the loan term.

Why pick UOB?
  • Lowest rate in market
  • Trusted, established bank
  • 🎁 Up to S$1,499 in cashback & rewards (only until July 6!!)
Getting the best offers for you...
Getting the best offers for you...

Thinking About a Personal Loan? Here’s Why It Could Work

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Lower Interest, Predictable Payments

Enjoy lower rates than credit cards and fixed monthly repayments — ideal for managing your budget with peace of mind.

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Fast, Flexible Funding

Get approved quickly with no collateral needed. Use it for anything — from emergencies to renovations or debt consolidation.

smart finance choice

Smarter Financial Control

Consolidate high-interest debts or fund big goals without draining your savings — borrow wisely, repay steadily.

⚡ Fastest Loan Disbursement: Trust Bank & Standard Chartered

Need your loan urgently? Trust Bank and Standard Chartered offer fast, convenient approvals, with loan disbursement within minutes.

Why pick Trust Bank or Standard Chartered?
  • Funds within minutes after approval
  • Competitive interest rates
  • Easy online application
  • 🎁 Up to S$1,429 in cashback & rewards (only until July 6!!)
Getting the best offers for you...
📉 Longest Repayment Tenure: HSBC

Prioritize smaller monthly repayments with longer tenure options. HSBC offers the most flexible repayment plans, easing your monthly financial commitments.

Why pick HSBC?
  • Extended repayment period of up to 7 years
  • Lower monthly repayment amounts from S$110
  • Flexible terms to fit your budget
  • 🎁 Up to S$1,749 in cashback & rewards (only until July 6!!)
Getting the best offers for you...
🔄 Best for 0% Interest: Standard Chartered

Looking for short-term, 0% interest with flexible repayments? SCB’s Credit Card Funds Transfer (balance transfer) lets you consolidate card debt and access cash instantly—with no fixed monthly repayments, for up to 12 months.

Why pick Standard Chartered?
  • Interest-free short-term solutions
  • No mandatory fixed monthly repayments (conditions apply)
Getting the best offers for you...
💎 Best Rewards & Cashback: UOB & Standard Chartered

Maximize your savings with generous rewards from UOB and SCB. By taking a loan of at least S$20,000 with a minimum tenure of 36 months, you can significantly lower your effective loan repayment.

Why pick UOB & Standard Chartered?
  • 🎁 Up to S$1,499 in cashback & rewards (only until July 6!!)
  • Rewards exclusive to SingSaver
  • Real savings for smart borrowers
Getting the best offers for you...

Loan Need-to-Knows

number 1

Only borrow what you really need — and repay it as fast as you can

Taking the full loan amount you’re approved for isn’t always smart. Borrow just enough for your actual need (e.g. renovation, medical), and choose the shortest tenure you can comfortably manage to save on interest.

number 2

Credit history matters, but income affects how much you can borrow

Your credit score (CBS report) helps determine approval and rates, but your monthly income and existing debts (TDSR ratio) are what determine how much you can actually borrow from banks in Singapore.

number 3

Always check the EIR, not just the advertised interest rate

The flat interest rate might look low, but it’s the Effective Interest Rate (EIR) that reflects the true cost of your loan — including fees and compounding. All banks in Singapore are required to show EIR, and so do we.

number 4

You may be able to repay early — but check for penalties

Some banks in Singapore allow early repayment without penalty, but others may charge early redemption or processing fees. Always review the loan terms if you plan to pay off the loan sooner.

SingSaver’s Take on Personal Loans

Here’s what we like about personal loans — and a few things to keep in mind before you apply. We’ve broken it down simply so you can decide if it’s the right move for your financial goals.

Pros

✅ Lower Interest Rates (vs Credit Cards)

Personal loans typically start from 1.85% p.a., making them much cheaper than credit cards, which can charge over 20% p.a. in interest.

✅ Fixed Monthly Repayments

Enjoy predictable payments with a fixed schedule, making it easier to budget and avoid surprise charges.

✅ Longer Tenures Available

Flexible loan durations — from 1 to 7 years — allow you to manage repayments at a pace that fits your financial situation.

✅ No Collateral Required

Most personal loans are unsecured, meaning you don’t need to pledge assets like your home or car to borrow.

Cons

❌ Requires Good Credit Score

Your credit history and income level will affect approval chances and the interest rate offered.

❌ Fixed Commitments

Unlike credit cards, personal loans have fixed monthly payments. Missing payments can lead to penalties or impact your credit score.

❌ Fees May Apply

Some loans come with processing fees, early repayment charges, or late payment penalties — always read the terms.

❌ Borrowing Temptation

Easy access to funds might lead some borrowers to overborrow or use the loan for non-essential spending.

A personal loan can be a powerful financial tool when used responsibly — especially for large, planned expenses or debt consolidation. But it’s important to compare offers and ensure you can comfortably manage the repayments.

Benefits of Personal Loans Over Other Options

Options Rates Borrowing Methods Repayment Flexibility
🏦 Personal Loan 🏆 Lower interest rates (from 1.85% p.a.) 🏆 Fixed repayments 🏆 Up to 7 years tenure
💳 Credit Card Higher rates (20%+ p.a.) Revolving credit, harder to manage Pay minimum or full each month
💰 Licensed Moneylender Regulated but higher rates (max 48% p.a.) Shorter tenures, smaller loan sizes 1–2 years tenure max

Why Apply Through SingSaver

SingSaver isn’t just another comparison site — we’re Singapore’s leading financial marketplace, built to help you find the best deals quickly, securely, and transparently.

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Trusted by 1.3M Singaporeans

Join over 1 million Singaporeans who’ve used SingSaver to compare, apply, and save.

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Exclusive rewards

Save up to S$1,749 in interest and rewards, simply by picking the best deal for your needs.

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100% Free & Secure

Free to use, with bank-level encryption and data protection, so your personal information is always safe.

Are You Eligible for These Loans?

  • Check if you meet the basic criteria to apply and start saving today.
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Eligibility

Open to Singaporeans, Permanent Residents and Foreigners*.

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Minimum income

You must earn at least S$20,000** annually, though requirements may vary by provider.

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Healthy Credit Score 

A good credit score helps you qualify for better rates.

*Foreigners with a valid employment or employment pass may apply. Do note that additional income** criteria may apply based on the provider.

Trusted by 1.3 Million Singaporeans

⭐⭐⭐⭐⭐
“I managed to consolidate my credit card debt with a personal loan I found through SingSaver. The rate was lower than expected, and I got approved the next day!”

 
— Jeremy L

⭐⭐⭐⭐⭐
“SingSaver made it so easy to compare interest rates across banks. I applied through them and got S$1,200 cashback too — worth it!”

 
— Fiona C

⭐⭐⭐⭐⭐
“Got my loan from Trust Bank within minutes after applying through SingSaver. Whole process was super smooth — no hidden fees.”

 
— Ahmad R

Frequently asked questions about personal loans in Singapore

Understanding Personal Loans

How do personal loans work?

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A personal loan provides you with a lump sum of money that you repay with interest over a set period. You'll make regular monthly repayments until the loan is fully repaid.

What’s the difference between advertised rate and EIR?

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The advertised interest rate shows the base cost of the loan, but the Effective Interest Rate (EIR) includes fees and reflects the true yearly cost — making EIR the better figure for comparing loan offers.

What’s the total cost after fees and charges?

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The total cost varies depending on the bank and their specific fees.

Application & Approval Process

How long does it take to get a personal loan?

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When it comes to how long it takes to get a personal loan, approval and disbursement time can vary between lenders. Some lenders offer same-day or next-day approval and disbursement, while others may take a few days to process your application. However, before taking on a loan, it is important to know if you’re eligible. Pre-qualify with SingSaver to save time and avoid applying for loans you’re unlikely to get.

Which bank is most likely to approve my application?

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Approval depends on your credit score, income, existing debt, and the bank’s internal criteria. While no bank can guarantee approval, applying to one where you already have an account or history may improve your chances.

Will having an existing credit card or savings account with the bank help my chances?

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Yes, it can improve your chances of approval and may lead to faster cash disbursement, as the bank already has your account and credit history on file.

Is the bank reputable and trusted?

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Yes, all banks listed are licensed and regulated by the Monetary Authority of Singapore (MAS), ensuring they meet strict standards for security, transparency, and consumer protection.

What happens when I click Apply?

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1. You’ll be redirected to the bank or lender’s secure site.
2. Fill out your application and submit the required documents.
3. The provider will review your details and contact you with the outcome.
4. It’s fast, secure, and you’ll hear back directly from the lender.

Eligibility Requirements

Can foreigners get a loan in Singapore?

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Yes, foreigners can apply for personal loans in Singapore, but they may have to meet additional eligibility criteria, such as having a valid work pass and a minimum income.

Which bank gives personal loans very easily?

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Different banks have different eligibility criteria for personal loans. Some banks may have more lenient requirements than others. However, as a general rule of thumb, banks require a minimum annual income of S$30,000 for Singaporean citizens. Online lenders may also have more flexible criteria compared to traditional banks.

Interest Rates & Costs

Which bank has the lowest interest rate?

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Please refer to the table above for the most up-to-date interest rates.

How does SingSaver find the best rates?

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SingSaver partners directly with banks and licensed lenders, using proprietary comparison tech to scan real-time offers — so you always see the lowest available rates, all in one place.

Can rewards lower my overall cost?

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Yes, rewards can help offset your overall cost by reducing your effective monthly repayment, especially when they come in the form of cash.

Credit Score Considerations

How does a personal loan affect your credit score?

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Taking out a personal loan can affect your credit score in both positive and negative ways. Making timely repayments can improve your credit score, while late payments or defaulting on the loan can negatively impact your score.

Will checking rates affect my credit score?

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No, checking rates on SingSaver won’t affect your credit score — it’s a soft inquiry, so you can compare offers freely without any impact. For more details, do visit our page to know more information.

Repayment & Loan Management

What’s my monthly repayment amount?

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Your monthly repayment amount depends on the loan amount you choose. To calculate your exact repayment, please use the toggle in the table above.

Can I stretch repayments over a longer tenure for affordability?

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Yes, many banks offer flexible loan tenures, allowing you to extend the repayment period for lower monthly payments. However, keep in mind that longer tenures may result in higher total interest paid over time.

Should I choose a fixed repayment schedule or more flexible repayments?

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Choose a fixed schedule for consistent monthly payments and easier budgeting. Go for flexible repayments if you want the option to pay more or less depending on your cash flow. It depends on your financial stability and discipline.

Others

Is a 0% balance transfer better for short-term needs?

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Yes, if you can repay the debt within the 0% promo period. It helps save on interest, but watch out for transfer fees and higher rates after the offer ends.

Is same-day disbursement possible?

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Yes, but it depends on each bank's terms, conditions, and eligibility criteria.

Why apply through SingSaver?

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SingSaver gives you more with your application — enjoy exclusive perks like cashback, vouchers, and gifts!

 

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