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Best Personal Loans in Singapore (September 2023)

Find the best personal loans in Singapore from Singsaver's curated list of personal loans with the lowest interest rates.

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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.

CIMB Personal Loan

SingSaver's Exclusive Offer

Annual Interest Rate

3.38
%
EIR 6.32% p.a.

Processing Fees

S$
0

Monthly Repayment

S$
306

HSBC Personal Loan

SingSaver's Exclusive Offer

Annual Interest Rate

3.6
%
EIR 6.5% p.a.

Processing Fees

S$
0

Monthly Repayment

S$
308

Standard Chartered CashOne Personal Loan

Welcome Gift

Annual Interest Rate

3.48
%
EIR 6.95% p.a.

Processing Fees

S$
0

Monthly Repayment

S$
307

UOB Personal Loan

Welcome Gift

Annual Interest Rate

3.88
%
EIR 7.29% p.a.

Processing Fees

S$
0

Monthly Repayment

S$
310
TODO

DBS Personal Loan

Annual Interest Rate

3.88
%
EIR 7.9% p.a.

Processing Fees

S$
100

Monthly Repayment

S$
310

POSB Personal Loan

Annual Interest Rate

3.88
%
EIR 7.9% p.a.

Processing Fees

S$
200

Monthly Repayment

S$
310

BOC $martLoan

Annual Interest Rate

6.52
%
EIR 14.69% p.a.

Processing Fees

S$
300

Monthly Repayment

S$
332
SingSaver compares the best Personal Loans in Singapore that range from 1-year to 7-year tenures. The effective interest rate (EIR) you can enjoy from the loans on our site range from 7.0% p.a. to 18.72% p.a. The EIR of your loan will depend on the annual interest rate (or bank advertised nominal interest rate) and the tenure of your loan. For example: a loan of S$10,000 over 3 years at 3.88% p.a. nominal interest would equate to monthly repayments of S$310.11, and the total cost of the loan that you pay back would be S$11,164. This is not inclusive of any administrative or processing fees that may apply.

Best Personal Loans In Singapore (2023)

Product Name

Interest rate

3.6
%
EIR 6.5% p.a.

Total Repayment (Based on S$10,000 loan)

S$
11,080

Product Name

Interest rate

3.38
%
EIR 6.32% p.a.

Total Repayment (Based on S$10,000 loan)

S$
11,014

Product Name

Interest rate

3.48
%
EIR 6.95% p.a.

Total Repayment (Based on S$10,000 loan)

S$
11,044

Product Name

Interest rate

3.88
%
EIR 7.29% p.a.

Total Repayment (Based on S$10,000 loan)

S$
11,164

Product Name

Interest rate

3.8
%
EIR 7.49% p.a.

Total Repayment (Based on S$10,000 loan)

S$
11,140

SingSaver Explains: 4 Types of Personal Loans

With so many types of Personal Loans available, it can get a little confusing. Here's all you need to know about Personal Loans in order to make smarter financial decisions.

Find out more about the best Personal Loans in Singapore

What is a personal loan? A personal loan is an unsecured loan that can be used for a variety of purposes which includes debt consolidation, home renovation or financing a big purchase. Personal loans usually have a fixed interest rate and a fixed repayment period. There are plenty of personal loan providers in Singapore and each product has its differences - let's find out more so you can finally find the best personal loan in Singapore for you!

How does a personal loan work?

Once your loan application is approved, you will usually receive the cash directly to your bank account - you can even request for the loan provider to pay your bills directly if you are using your loan to refinance your debt. You will then have to prepare to start paying off your loans within 30 days. You will also have to take note of the interest rates whether it is a fixed-rate loan or a variable-rate loan.

What are Advertised Interest Rates?

Advertised interest rates are the interest rates advertised by lenders such as banks or credit card companies. These rates are advertised as such and usually feature the lowest rate offered by the personal loan provider in order to attract customers. Those looking to apply for a loan need to keep in mind that the advertised interest rates are not necessarily the interest rates that a customer will qualify for. A lot of factors are taken into consideration when determining interest rates and these can include credit score and income.

What are Effective Interest Rates?

Effective interest rates, or more commonly known as Annual Percentage Rate (APR) is the actual cost of borrowing money over a period of time and it takes into account things such as the nominal or quoted interest rates, and additional fees or charges from origination fees, closing costs or service charges. It is a more accurate view of the total cost of the personal loan and it should be used when comparing personal loans. Effective interest rate is calculated with the formula: APR = (Periodic Interest Rate * 365 Days) * 100.

Types of Personal Loans

There are various forms of personal loans in Singapore that are catered for different occasions and different needs. Here are 6 types of personal loans you can take in Singapore. Compare the most attractive loan offers and the loan that best suits you:

Personal Loans with 0% Interests

It is possible to apply for a personal loan with 0% interest. However, the qualifying requirements for these personal loans are much stricter - the borrower will have to attain a certain credit score, income level or employment history. 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 can a personal loan be used for?

A personal loan can be used for almost anything but the more common uses for a personal loan are:

  • paying for home renovations

  • settling medical expenses

  • covering wedding expenses

  • debt consolidation

  • paying education fees

Basically, a personal loan is a useful tool for anything that requires a significant amount of funds.

What is a tenure loan period?

The loan tenure period refers to the length of time during which a borrower is required to repay a loan. The typical range of time for a personal loan tenure is around 12 to 60 months - this allows the personal loan applicant to choose a repayment period that best suits their financial situation as the loan tenure period has an impact on the loan amount and the interest rates,

Compare personal loan repayment rates in Singapore

Product

Loan Repayment Rate

HSBC Personal Loan

1 to 7 years

Standard Chartered CashOne Personal Loan

1 to 5 years

CIMB CashLite Personal Loan

1 to 5 years

UOB Personal Loan

1 to 5 years

DBS Personal Loan

6 months to 5 years

POSB Personal Loan

1 to 5 years

OCBC Personal Loan

1 to 5 years

Maybank Creditable Term Loan

1 to 5 years

BOC $martLoan

1 to 7 years

How much can you borrow?

The maximum loan amount you can borrow in Singapore in general ranges from $1,000 to $100,000 with personal loan amounts borrowed averaging around $30,000 to $40,000.

The loan amount you can borrow is also impacted by several factors such as your credit score, income, employment status and the amount of debt you have accrued relative to your monthly income. This however does not mean you should aim to borrow the maximum amount every time. What you should do is to borrow an amount that is sufficient for you to meet your objectives of applying for a personal loan to avoid being blindsided by costs such as fees and interest rates.

How to choose the best personal loan?

When comparing the best personal loan options to find the most suitable one for you, there are several factors you need to look at: 

  • Annual interest rate: How much will you have to pay in interest for the year?

  • Loan Tenure: How long is the loan period? Some banks offer shorter loan tenures, while others, such as HSBC, offer loan tenures of up to 7 years.

  • Processing fee: This could range from $0 to $500. Some banks charge higher processing fees when they offer low (or 0%) interest rates. Other banks offer to waive the processing fee altogether.

  • Early repayment or cancellation fee: Some banks charge a fee for early repayment or cancellation of the loan.

  • Ongoing promotions: Look out for the latest promotions for personal loans. This could come in the form of enjoying cashback, lower interest rates, lower processing fees, instant approval, gifts and other perks.

Be sure to look and compare the different fees and terms & conditions so you can achieve the objective of applying for a loan with as much efficiency as possible.

Comparing personal loan options in Singapore

Product Name

Annual Interest Rate

Processing Fees

Total Repayment (Based on $10,000)

HSBC Personal Loan

4%

SGD 0

SGD 311

Standard Chartered CashOne Personal Loan

3.48%

SGD 0

SGD 307

CIMB CashLite Personal Loan

3%

SGD 0

SGD 303

UOB Personal Loan

3.40%

SGD 0

SGD 306

DBS Personal Loan

3.88%

SGD 100

SGD 310

POSB Personal Loan

3.88%

SGD 200

SGD 310

OCBC Personal Loan

4.70%

SGD 100

SGD 317

Maybank Creditable Term Loan

5.86%

SGD 300

SGD 327

BOC $martLoan

6.52%

SGD 300

SGD 332

Read reviews on the best personal loan providers

Read reviews of different personal loan providers in singapore such as hsbc, uob, citibank, posb and more.

How to Apply for a personal loan in Singapore?

Applying for a personal loan in Singapore is a simple process but before you go and start applying you will need to gather all the necessary documents such as proof of income, residency and identity. You can then apply for a personal loan online or go directly to the bank or any personal loan provider to submit your application. Read the eligibility requirements below to find out what you need to successfully apply for a personal loan in Singapore.

Eligibility requirements for a personal loan

To be eligible for a personal loan in Singapore here are the requirements you will have to meet:

  • You must be at least 21 years old with some lenders having a maximum age limit of around 60-65 years old

  • You are required to be a Singaporean citizen or a permanent resident

  • You need to have a stable source of income of typically around $30,000

  • You need to be employed full-time or be self-employed

  • You will need a good credit score

Meeting all these requirements will improve your chances of securing a personal loan in Singapore.

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

If you don't qualify for a personal loan you can find several alternatives that you can turn to:

  1. Secured Loan: If you do not meet the eligibility criteria for a personal loan then you can consider trying for a secured loan where you will have to provide collateral in the form of a property or a savings account

  2. Improve credit score: This is an alternative measure you can take to help you improve your chances of qualifying for a personal loan. You can improve your credit score by paying your credit card bills on time, reducing your debt-to-income ratio and avoiding applying for too many loans at once.

  3. Borrow from friends or family: You can consider borrowing from friends or family if the loan amount you require is reasonable - plus this way, you wouldn't have to jump through too many hoops that is typical of the personal loan application process.

  4. Apply for a loan at a licensed moneylender: There are licensed moneylenders in Singapore that offer personal loans but these typically come with higher interest rates but if you really require an injection of funds, this might be a good alternative.

Beginner’s guide to personal loans

If you are looking to apply for a personal loan and want to find out more about it from interest rates, eligibility and debt settlement you can read all these useful articles to help you on your way to making the best decision for your personal loans.

Read more topics related to personal loans

Dive deeper to find out more about topics relevant to personal loans:

Frequently Asked Questions
No worries, we've got you covered!
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’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.

How fast can I get a loan?

The average approval time for a personal loan takes around 3 working days, with loan disbursement taking 5 to 7 working days. Some banks such as Standard Chartered are offering instant loan approval and disbursement for customers who apply through SingPass MyInfo.

Can foreigners apply for personal loans in Singapore?

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.)
How do I use SingSaver's personal loan calculator?

SingSaver's fuss-free comparison tool automatically calculates your loan's monthly repayment. This lets you customise a loan that suits your needs perfectly in just 3 simple steps. Here's how:

Step 1: Under the Refine section in every results page, key in the amount that you'd like to borrow along with the desired repayment period

Step 2: Scroll through the page and see which loan best suits your needs

Step 3: Once you've settled on a loan, click Apply Now and complete the registration process from there. Don't forget to redeem your SingSaver-exclusive gift if there's an ongoing promotion!

Are personal loans good for your credit score?

A personal loan can help you clear your debts and have more manageable repayments at lower interest rates. The personal loan can have a positive effect on your ability to manage debt responsibly, as long as you make repayments on time and pay off the full amount required during the term of the loan. This could then help to improve your credit score.

When should I use a personal loan?

Personal instalment loans can come in handy to help pay for needs that other loan types cannot cover. These include paying for weddings, renovations, travel, and medical costs not covered by insurance. A personal loan offers interest rates between 3.5% p.a. to 10.8% p.a. These rates can go even lower when banks offer promotional interest rates. You can also read this article on why and when you should use personal loan.

How do banks or financial institutions decide my loan amount?

Banks look at a variety of factors when deciding on your loan amount. These include your your income level, credit score, your Total Debt Servicing Ratio (TDSR), your existing credit facilities, and more.

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

If you don't qualify for a personal loan (an unsecured loan) or if you want a lower interest rate, some lenders offer secured loans. Secured loans are backed by collateral, such as a savings account or cash deposit. Should you be unable to make your payments, your lender usually has the right to claim your asset as payment for the loan. While most banks set the minimum annual income S$30,000 to be eligible for a personal loan, there are other options for those earning less than S$30,000 per annum. For example, Credit Culture provides an unsecured loan amount of up to $3,000 for those with an annual income less than S$20,000.

What are the different types of personal loan interest rates?

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.

Are there any benefits to taking a personal loan?

The main benefit of a personal loan is the low interest rates being offered by banks, relative to other debts such as credit card interest rates of around 28% or loans offered by unlicensed moneylenders. If you take advantage of promotional offers, you can get a personal loan with interest rates as low as 3.5% p.a.. Administrative charges such as one-time processing fees or annual fees can also be waived during promotional periods.

Many banks also offer instant and digital loan approval, which means quick cash for you, as well as less documentation needed if you use MyInfo. Personal loan tenures also range between 12 to 84 months, giving you a longer time frame to pay off your loan.

Which Bank will provide personal loan easily?

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?

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?

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 is the difference between an instalment loan and a personal line of credit?

A personal instalment loan is a disbursement of a lump sum from the bank to you. You then pay off the principal and interest over a fixed period (also known as the tenure of the loan). A personal line of credit is when the bank gives you access to a fund that you can draw on, whenever needed. You typically pay an annual fee for having access to this fund, and only pay interest on the amount that you borrow.

How do I look for a financial product that suits my needs?

SingSaver's cooperative organisations include Singapore's largest and most credible banks, financial companies, insurance companies and other financial institutions. It provides users with a fair overview of Singapore's financial products. It is a website that helps everyone save time and money. Through our comparison tool, you can compare various credit cards, personal loans, online brokerages, robo-advisors, travel insurance, home insurance, bank accounts, and other financial products. In order to ensure that you can choose the best product, we provide the most accurate and up-to-date information.

Can we take personal loan from CPF?

CPF is typically not used for personal loans however under certain circumstances you are able to use your CPF savings to help finance some of your personal expenses such as:

  • Financing your home to pay for down payments, monthly mortgage payments and other home-related expense
  • Paying for your education expenses and fees
  • Even if you are able to take a personal loan using your CPF, it is not a straightforward process and it has its own eligibility criteria you need to meet.

Why is it so hard to get a personal loan?
Getting a personal loan is not an easy process as lenders have to mitigate the risk of loss they might incur from borrowers defaulting on payments which can be determined by looking at your credit score, income and employment status.

Confused by terms used in Personal Loan?

Glossary terms to know for first-time personal loan applicants