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Best Personal Loans with Low Interest Rates in Singapore in 2024

Find the best personal loans in Singapore from Singsaver's curated list of personal loans with the lowest interest rates.Compare various loans from banks such DBS, Standard Chartered, Citibank, HSBC, UOB, OCBC, CIMB, Maybank, and many more. Whether you're looking for personal loans with low interest rate, flexible repayment tenures, fast approval and loan disbursement, you can find the best personal loan for your financial needs. Apply online on Singsaver and get the funds you need.

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Personal Loans Repayment S$10000 to be repaid in 3 years
S$
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S$ 10,000
S$ 50,000
yrs
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1 yrs
3 yrs
5 yrs
S$1,000 Min Loan Instant Approval Up To 7-Year Tenure Instant Loan Disbursement

HSBC Personal Loan

HSBC Personal Loan
Monthly repayment S$
Annual Interest Rate
 %
EIR
 % p.a.
Processing Fee
S$

Offer Available

SingSaver Exclusive Offer
Apple iPhone 15 Pro 256GB (worth S$1,825.75) or S$700 eCapitaVoucher
Apple iPhone 15 Pro 256GB (worth S$1,825.75) or S$700 eCapitaVoucher

Valid until

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Apple Macbook Air 256GB 13 inch (M2 chip) (worth S$1,613.80) or S$600 eCapitaVoucher
Apple Macbook Air 256GB 13 inch (M2 chip) (worth S$1,613.80) or S$600 eCapitaVoucher

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30 June 2024

SingSaver Exclusive Offer
Apple iPad 10th Gen 64GB + AirPods Pro Gen 2 bundle (worth S$1,057.30) or S$500 eCapitaVoucher
Apple iPad 10th Gen 64GB + AirPods Pro Gen 2 bundle (worth S$1,057.30) or S$500 eCapitaVoucher

Valid until

30 June 2024

SingSaver Exclusive Offer
Dyson Airwrap™ multi-styler and dryer (Complete) (worth S$859) or S$400 eCapitaVoucher
Dyson Airwrap™ multi-styler and dryer (Complete) (worth S$859) or S$400 eCapitaVoucher

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30 June 2024

SingSaver Exclusive Offer
Dyson V8 Slim Fluffy (worth S$509) or S$300 eCapitaVoucher
Dyson V8 Slim Fluffy (worth S$509) or S$300 eCapitaVoucher

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30 June 2024

SingSaver Exclusive Offer
S$50 eCapitaVoucher
S$50 eCapitaVoucher

Valid until

30 June 2024

Instant Loan Disbursement No Processing Fee S$20,000 Min Annual Income Up to 5-Year Loan Tenure

CIMB Personal Loan

CIMB Personal Loan
Monthly repayment S$
Annual Interest Rate
 %
EIR
 % p.a.
Processing Fee
S$

Offer Available

SingSaver Exclusive Offer
Apple Macbook Air 256GB 13 inch (M2 chip) (worth S$1,613.80) or S$1,200 Cash via PayNow
Up to Apple Macbook Air 256GB 13 inch (M2 chip) (worth S$1,613.80) or S$1,200 Cash via PayNow

Valid until

19 June 2024

SingSaver Exclusive Offer
Dyson V12s Detect Slim Submarine™ (Complete) (worth S$1,449) or S$750 Cash via PayNow
Dyson V12s Detect Slim Submarine™ (Complete) (worth S$1,449) or S$750 Cash via PayNow

Valid until

19 June 2024

SingSaver Exclusive Offer
Sony PlayStation® 5 Slim Disc Edition (worth S$799) or S$600 Cash via PayNow
Sony PlayStation® 5 Slim Disc Edition (worth S$799) or S$600 Cash via PayNow

Valid until

19 June 2024

SingSaver Exclusive Offer
Dyson AM07 Tower Fan (worth S$459) or S$280 Cash via PayNow
Dyson AM07 Tower Fan (worth S$459) or S$280 Cash via PayNow

Valid until

19 June 2024

SingSaver Exclusive Offer
S$50 Cash via PayNow
S$50 Cash via PayNow

Valid until

19 June 2024

Low Interest Rate Instant Loan Disbursement No Processing Fee Low Income Requirement

Standard Chartered CashOne Personal Loan

Standard Chartered CashOne Personal Loan
Monthly repayment S$
Annual Interest Rate
 %
EIR
 % p.a.
Processing Fee
S$

2 Offers Available

SingSaver Exclusive Offer
Apple iPhone 15 128GB (worth S$1,311) or S$1,020 eCapitaVoucher
Apple iPhone 15 128GB (worth S$1,311) or S$1,020 eCapitaVoucher

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30 June 2024

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Dyson Purifier Cool™ TP07 (worth S$909) or S$740 eCapitaVoucher
Dyson Purifier Cool™ TP07 (worth S$909) or S$740 eCapitaVoucher

Valid until

30 June 2024

SingSaver Exclusive Offer
Apple iPad 10th Gen WiFi 64GB (worth S$529) or S$540 eCapitaVoucher
Apple iPad 10th Gen WiFi 64GB (worth S$529) or S$540 eCapitaVoucher

Valid until

30 June 2024

SingSaver Exclusive Offer
Dyson V8 Slim Fluffy (worth S$509) or S$300 eCapitaVoucher
Dyson V8 Slim Fluffy (worth S$509) or S$300 eCapitaVoucher

Valid until

30 June 2024

SingSaver Exclusive Offer
Nintendo Switch (Generation 2) (worth S$399) or S$240 eCapitaVoucher
Nintendo Switch (Generation 2) (worth S$399) or S$240 eCapitaVoucher

Valid until

30 June 2024

SingSaver Exclusive Offer
S$100 eCapitaVoucher
S$100 eCapitaVoucher

Valid until

30 June 2024

SingSaver Exclusive Offer
S$50 eCapitaVoucher
S$50 eCapitaVoucher

Valid until

30 June 2024

Welcome Offer
Up to S$4,100 Cashback
Up to S$4,100 Cashback

Valid until

30 September 2024

Instant Approval No Processing Fee S$1,000 Min Loan Lowest Interest Rate

UOB Personal Loan

UOB Personal Loan
Monthly repayment S$
Annual Interest Rate
 %
EIR
 % p.a.
Processing Fee
S$

Offer Available

SingSaver Exclusive Offer
Apple iPhone 15 128GB (worth S$1,311) or S$1,220 eCapitaVoucher
Apple iPhone 15 128GB (worth S$1,311) or S$1,220 eCapitaVoucher

Valid until

09 July 2024

SingSaver Exclusive Offer
Apple iPad 10th Gen WiFi 64GB (worth S$878) or S$800 eCapitaVoucher
Apple iPad 10th Gen WiFi 64GB (worth S$878) or S$800 eCapitaVoucher

Valid until

09 July 2024

SingSaver Exclusive Offer
Dyson Airwrap™ multi-styler and dryer (Complete) (worth S$859) or S$620 eCapitaVoucher
Dyson Airwrap™ multi-styler and dryer (Complete) (worth S$859) or S$620 eCapitaVoucher

Valid until

09 July 2024

SingSaver Exclusive Offer
Dyson Purifier Cool™ TP10 (worth S$599) or S$400 eCapitaVoucher
Dyson Purifier Cool™ TP10 (worth S$599) or S$400 eCapitaVoucher

Valid until

09 July 2024

SingSaver Exclusive Offer
Apple Watch SE 2nd Gen (worth S$382.50) or S$300 eCapitaVoucher
Apple Watch SE 2nd Gen (worth S$382.50) or S$300 eCapitaVoucher

Valid until

09 July 2024

SingSaver Exclusive Offer
S$180 eCapitaVoucher
S$180 eCapitaVoucher

Valid until

09 July 2024

SingSaver Exclusive Offer
S$100 eCapitaVoucher
S$100 eCapitaVoucher

Valid until

09 July 2024

DBS Personal Loan

DBS Personal Loan
Monthly repayment S$
Annual Interest Rate
 %
EIR
 % p.a.
Processing Fee
S$

Offer Available

Welcome Offer
2% unlimited cashback and up to S$300 eCapitaVoucher
2% unlimited cashback and up to S$300 eCapitaVoucher

Valid until

30 June 2024

Instant Approval Flexi Loan Tenure No Processing Fee Instant Loan Disbursement

GXS FlexiLoan

GXS FlexiLoan
Monthly repayment S$
Annual Interest Rate
 %
EIR
 % p.a.
Processing Fee
S$
Instant Approval Instant Loan Disbursement S$500 Min Loan S$30,000 Min Annual Income

POSB Personal Loan

POSB Personal Loan
Monthly repayment S$
Annual Interest Rate
 %
EIR
 % p.a.
Processing Fee
S$

Offer Available

Welcome Offer
2% unlimited cashback and up to S$300 eCapitaVoucher
2% unlimited cashback and up to S$300 eCapitaVoucher

Valid until

30 June 2024

OCBC Personal Loan - Existing OCBC loan customers

OCBC Personal Loan - Existing OCBC loan customers
Monthly repayment S$
Annual Interest Rate
 %
EIR
 % p.a.
Processing Fee
S$

Comparison of the Best Personal Loans in Singapore

Bank Loan

Flat Annual Interest Rate (p.a.)

Effective Interest Rate (p.a.)

Processing Fees

HSBC Bank Personal Loan

HSBC Personal Loan

2.92%

5.50%

S$0

Standard Chartered Personal Loan

SCB CashOne Personal Loan

2.88%

5.84%

S$0

CIMB bank personal loan

CIMB Personal Loan

2.80%

5.28%

S$0

uob personal loan

UOB Personal Loan

2.88%

5.43%

S$0

dbs personal loanposb personal loan

DBS/POSB Personal Loan

2.68%

5.43%

1% (S$300)

Citibank personal loan

Citi Quick Cash Loan

3.45%

6.50%

S$0

LOGO_OCBC-e1581408406966

OCBC Personal Loan

5.43%

11.47%

S$100

 

How Does a Personal Loan Work?

A personal loan is an unsecured form of borrowing from banks or credit unions for various personal needs. Instead of pledging collateral, applicants only need to undergo a credit check and, if approved, receive a specified loan amount with an associated interest rate. Repayment occurs through fixed monthly instalments over a defined period.

Borrowers should be aware of potential fees and penalties. Timely repayments positively impact credit scores, making it crucial to review and understand the loan terms before acceptance.

Guide to Personal Loan Interest Rates

What are Advertised Interest Rates?

Advertised interest rates refer to the publicly promoted rates that financial institutions, such as banks or credit card companies, display to attract potential borrowers. These rates are used in marketing materials, advertisements, and promotional campaigns to showcase the cost of borrowing or the return on savings or investments.

Advertised interest rates are typically the starting rates and may vary based on factors like the borrower's creditworthiness, the type of loan or account, and the prevailing market conditions. Consumers must carefully review the terms and conditions, as the actual rate they qualify for may differ from the advertised rate.

What are Effective Interest Rates?

Effective interest rates, commonly known as Annual Equivalent Rates (AER) or Annual Percentage Rates (APR), offer a comprehensive view of the total cost of borrowing or the genuine return on savings and investments. These rates go beyond nominal or advertised figures by incorporating additional fees and charges and considering the impact of compounding over a specified period. 

For loans, the effective interest rate includes upfront costs, providing borrowers with a more accurate representation of the overall expense. Utilizing effective interest rates is crucial for making well-informed financial decisions, enabling individuals to compare various financial products more accurately and choose the option that best aligns with their financial goals.

Personal Loans with 0% Interest Rate

It is possible to apply for a personal loan with 0% interest. However, the qualifying requirements for these personal loans are much stricter. For instance, the borrower must attain a certain credit score, income level or employment history, among others.

Sometimes, the bank will require you to pay a high processing fee, so instead of paying the interest later on, you will be paying the bank upfront for the release of funds for your personal loan.

What is a Tenure Loan Period?

A "tenure loan period" typically denotes the duration a borrower commits to repaying a loan. This period is agreed upon between the borrower and the lender at the time of taking out the loan and is often expressed in months or years. The loan tenure is a critical part of a loan agreement, as it influences the monthly repayment amount and the total interest paid over the life of the loan.

Compare Personal Loan Repayment Rates in Singapore

Product

Loan Repayment Rate

HSBC Bank Personal Loan

HSBC Personal Loan

1 to 7 years

Standard Chartered Personal Loan

SCB CashOne Personal Loan

1 to 5 years

CIMB bank personal loan
CIMB CashLite Personal Loan

1 to 5 years

uob personal loan
UOB Personal Loan

1 to 5 years

dbs personal loan
DBS Personal Loan

6 months to 5 years

posb personal loan
POSB Personal Loan

1 to 5 years

LOGO_OCBC-e1581408406966
OCBC Personal Loan

1 to 5 years

Maybank-logo
Maybank Creditable Term Loan

1 to 5 years

 

What Can a Personal Loan Be Used For?

A personal loan can be a helpful financial tool in times of financial need or when pursuing major life events. It offers individuals the flexibility to address various expenses and goals.

Paying for Home Renovations

Personal loans can be a practical solution for financing home improvement projects. Whether it's remodeling a kitchen, adding a new room, or making necessary repairs, a personal loan provides a lump sum that can be used to cover the costs. This allows homeowners to enhance the value and comfort of their homes without tapping into other financial resources.

Settling Medical Expenses

Unforeseen medical expenses can place a significant financial burden on individuals and families. Personal loans can be used to cover medical bills or other healthcare-related costs. The flexibility of personal loans allows borrowers to address urgent medical needs without delay, providing a financial cushion during challenging times.

Covering Wedding Expenses

Weddings often come with substantial costs, including venue rental, catering, attire, etc. Personal loans offer a way for couples to finance their dream wedding or cover unexpected expenses that may arise during the planning process. The fixed repayment structure of personal loans also allows for better budgeting and financial management.

Debt Consolidation

Personal loans can be used to consolidate high-interest debts, such as credit card balances or multiple loans. By combining multiple debts into a single personal loan with a potentially lower interest rate, borrowers can simplify their financial obligations and reduce the overall repayment cost. This strategy can help manage debt more efficiently.

Paying Education Fees

Educational expenses, including tuition fees, textbooks, and other related costs, can be covered using personal loans. This option can be particularly beneficial for students or parents who need financial assistance to fund education. Personal loans provide a straightforward way to manage education-related expenses and ensure individuals can invest in their academic pursuits.

How To Pick The Most Suitable Personal Loans for You

Selecting the most suitable personal loan requires careful consideration. Here's a guide on how to pick the right personal loan for your needs:

Assess Your Needs

Identify the specific purpose of the loan, whether it's for home renovations, debt consolidation, or other expenses. Knowing your needs helps determine the loan amount and terms required.

Compare Interest Rates

Research and compare interest rates from various lenders. Remember, a lower interest rate reduces the overall cost of the loan. You may also consider fixed or variable rates based on your preference and financial situation.

Understand Fees and Charges

Be aware of additional fees, such as origination fees, prepayment penalties, or late payment charges. Understanding the full cost of the loan helps in making informed decisions. To do this, actively ask lenders about what other fees you should be aware of.

Learn More About The Different Types of Personal Loans With SingSaver!

Let SingSaver Help You Make More Informed Decisions With Our Personal Loans Guide

Frequently Asked Questions

No worries, we've got you covered!

How can a personal loan help?

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Personal loans can come in handy during a period of cashflow difficulty. Some of such situations include sudden medical costs, weddings, funerals, divorces and more. Rest assured that the bank won’t require you to get personal on personal loans and share the reason for taking it up during the approval process.

What are the different types of personal loan interest rates?

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Advertised Interest Rate: The advertised rate, or nominal interest rate, is used when calculating the interest charge on your loan. For example, if you are considering a loan for $200,000 with a 6% interest rate, your annual interest charges will come up to $12,000 per year, or a monthly payment of $1,000.

Effective Interest Rate (EIR): The EIR reflects the true cost of borrowing to the consumer. This interest rate is usually higher than the advertised rate because it includes service fees, annual fees or one-time processing fees for processing and approving your loan application.

0% Interest Personal Loans: Some banks offer 0% interest rate personal loans for short-term loans. However, these tend to come with higher processing fees. This means that you will still be paying the bank for the loan, with the main difference being that the bank collects your money upfront rather than through interest payments in the future.

What’s the difference between the annual interest rate and effective interest rate (EIR)?

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The annual interest rate is the interest rate advertised by the bank. EIR is a better gauge of the interest rate you actually incur. The EIR is often higher than the annual interest rate because it factors in other costs such as transaction fees and administrative fees. They add to the final amount you pay.

Can foreigners apply for personal loans in Singapore?

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Yes, as long as you fulfil the eligibility criteria. These requirements can vary from bank to bank, but generally, personal loan applications for foreigners require you to:

  • Hold a valid Singapore employment pass
  • Have a residential tenancy agreement (or any other proof of your residential address in Singapore)
  • Produce a bank statement (reflecting account activities for the past 6 months)
  • Meet the minimum annual income requirement for foreigners (usually $40,000 to $45,000 p.a.)

Which Bank will provide personal loan easily?

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Granted, there are a lot of requirements you need to meet in order to qualify for a personal loan. Here are some of the banks that might make applying for a loan much more worth the effort:

  • DBS: DBS Bank offers a arnge of personal loan options to consider with borrowing amounts up to 4 times your monthly income and flexible repayment terms of up to 5 years
  • OCBC: OCBC provides competitive interest rates, loan amounts of up to 6 times your monthly salary and flexible repayment terms of up to 5 years

  • UOB: UOB offers a loan amount of up to 6 times your monthly salary with flexible repayment terms of up to 5 years
  • Standard Chartered: Standard Chartered Bank offers up to 4 times your monthly salary with flexible repayment terms of up to 5 years

What is the personal loan interest rate?

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The current personal loan interest rate ranges from 3.5% to 10.8% per annum. The interest rate varies across banks and depends on factors such as the loan tenure.

What are the fees I have to take note of when I take up a personal loan?

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Besides the processing fee that is charged, other fees involved when taking up a personal loan include:

  • Late payment fee: Charged if you miss your monthly repayment.
  • Early repayment fee or cancellation/termination fee: If you choose to repay your loan early, or cancel your loan.
  • Change of tenor: Fee incurred if you change your loan tenure.
  • Annual fee: To be paid every year (this fee could differ from the first year and subsequent years).

 

What if you don’t qualify for a personal loan?

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If ineligible for a personal loan, consider secured options, like offering collateral or involving a cosigner. Otherwise, work on improving your credit score, explore alternative lenders, such as online platforms or credit unions, and look into peer-to-peer lending. Negotiate with creditors for better terms or seek assistance from a credit counseling agency. Carefully assess each option and choose based on your needs and repayment ability, and consider seeking professional financial advice for guidance. If the need isn't immediate, focus on building an emergency fund.

How much can you borrow with a personal loan?

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The amount you can borrow with a personal loan in Singapore varies based on factors like creditworthiness, income, and lender policies, typically ranging from a few thousand dollars to tens of thousands. Generally, higher credit scores and incomes may qualify for larger amounts. It's advised to directly contact lenders to determine specific loan amounts and inquire about eligibility criteria and offerings.

What are the common eligibility requirements for a personal loan?

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Common eligibility requirements for a personal loan in Singapore include being between 21 and 65 years old, holding Singaporean citizenship, permanent residency, or a valid work permit for foreigners. Documentation such as identification papers, proof of income, and employment details is generally required during the application process.

 

Lenders typically set minimum income thresholds and assess applicants based on proof of employment, income stability, and creditworthiness. A good credit score enhances eligibility, while stability in employment and a manageable debt-to-income ratio are also key considerations. Prospective borrowers should review each lender's specific eligibility criteria before applying.

How does a U.S. Fed rate hike influence personal loan rates?

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A U.S. Fed rate hike typically leads to an increase in global interest rates, including those in Singapore. This results in higher borrowing costs for personal loans in Singapore, as local banks adjust their rates in response to changes in the global market influenced by the U.S. Federal Reserve's actions. Therefore, personal loan rates in Singapore are indirectly influenced by U.S. Fed rate hikes.

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