Total Repayment (Based on S$10,000 loan)
HSBC Personal Loan
EIR 6% p.a.
CIMB CashLite Personal Loan
EIR 5.68% p.a.
Standard Chartered CashOne Personal Loan
EIR 7.99% p.a.
UOB Personal Loan
EIR 6.36% p.a.
OCBC Personal Loan - Existing OCBC loan customers
EIR 9.46% p.a.
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.
Read the latest about Personal Instalment Loan in Singapore and the best money saving tips. Last updated on 1 August 2022.
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:
Read this article on how to choose the best personal loans to ease your cash flow.
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.
What are the tenures and maximum APR for each loan?
|Personal Instalment Loan||Min. Repayment||Max. Repayment||Max. APR||Total Loan (Based on S$10k across 1 year)|
|Citi Quick Cash - New Citi Customer||1 year||5 years||4%||S$10,350|
|HSBC Personal Loan||1 year||7 years||8%||S$10,356|
|UOB Personal Loan||1 year||5 years||3.40%||S$10,468|
|Standard Chartered Interest-Free CashOne Personal Loan||1 year||1 year||0%||S$10,450|
|Standard Chartered CashOne Personal Loan||1 year||5 years||3.80%||S$10,388|
|CIMB CashLite Personal Instalment Loan||1 year||5 years||4%||S$10,350|
|DBS Personal Loan||1 year||5 years||3.40%||S$10,488|
|POSB Personal Loan||1 year||5 years||3.40%||S$10,488|
|Maybank CreditAble Term Loan||1 year||5 years||3%||S$10,388|
|OCBC Personal Loan - Existing OCBC loan customers||1 year||5 years||4.41%||S$10,570|
|Citibank Quick Cash - Existing Customers||1 year||5 years||5%||S$10,522|
|BOC $martLoan||1 year||7 years||8.93%||S$10,968|