Best Personal Loans in Singapore (2020)

How can a personal loan help?
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 some of the main considerations of a personal loan?
A personal loan tends to offer interest rates that range between 3.5% and 11% per annum. When applying for one, do also consider the following key features:

• Choice of loan tenures
• Fixed monthly repayment and repayment period
• Interest rates, barring late fees or other penalties
• Minimum loan amount

Read this article to find the best personal loans in Singapore with the lowest interest rates.

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