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Best Personal Loan Interest Rates in Singapore (2021)

Citi Quick Cash - New Citi Customer
SingSaver's Exclusive Offer
Featured
3.45 %
Annual Interest Rate
EIR 6.5% p.a.
S$ 0
Processing Fees
S$ 307
Monthly Repayment
HSBC's Personal Loan
SingSaver's Exclusive Offer
Featured
3.4 %
Annual Interest Rate
EIR 6.5% p.a.
S$ 100
Processing Fees
S$ 306
Monthly Repayment
Standard Chartered CashOne Personal Loan
SingSaver's Exclusive Offer
Featured
3.48 %
Annual Interest Rate
EIR 7.99% p.a.
S$ 199
Processing Fees
S$ 307
Monthly Repayment
UOB Personal Loan
Welcome Gift
3.4 %
Annual Interest Rate
EIR 6.42% p.a.
S$ 0
Processing Fees
S$ 306
Monthly Repayment
CIMB CashLite Personal Loan
SingSaver's Exclusive Offer
3.5 %
Annual Interest Rate
EIR 6.6% p.a.
S$ 0
Processing Fees
S$ 307
Monthly Repayment
TODO
DBS Personal Loan
Welcome Gift
3.88 %
Annual Interest Rate
EIR 7.9% p.a.
S$ 100
Processing Fees
S$ 310
Monthly Repayment
POSB Personal Loan
3.88 %
Annual Interest Rate
EIR 7.9% p.a.
S$ 200
Processing Fees
S$ 310
Monthly Repayment
Citi Quick Cash - Existing Customers
SingSaver's Exclusive Offer
4.55 %
Annual Interest Rate
EIR 8.5% p.a.
S$ 0
Processing Fees
S$ 316
Monthly Repayment
TODO
OCBC Personal Loan - Existing OCBC loan customers
Welcome Gift
4.7 %
Annual Interest Rate
EIR 9.46% p.a.
S$ 100
Processing Fees
S$ 317
Monthly Repayment
TODO
Maybank CreditAble Term Loan
5.86 %
Annual Interest Rate
EIR 12% p.a.
S$ 300
Processing Fees
S$ 327
Monthly Repayment
BOC $martLoan
6.52 %
Annual Interest Rate
EIR 14.69% p.a.
S$ 300
Processing Fees
S$ 332
Monthly Repayment
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 (2021)

Interest rate

3.4%
EIR 6.5% p.a.

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

S$11,020

Interest rate

3.5%
EIR 6.6% p.a.

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

S$11,050

Interest rate

3.48%
EIR 7.99% p.a.

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

S$11,044

Product Name

Interest rate

3.4%
EIR 6.42% p.a.

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

S$11,020

Interest rate

4.7%
EIR 9.46% p.a.

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

S$11,410

Best Personal Loans In Singapore (2021)

Product Name

Interest rate

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

HSBC's Personal Loan
3.4%
EIR 6.5% p.a.
S$11,020
CIMB CashLite Personal Loan
3.5%
EIR 6.6% p.a.
S$11,050
Standard Chartered CashOne Personal Loan
3.48%
EIR 7.99% p.a.
S$11,044
UOB Personal Loan
3.4%
EIR 6.42% p.a.
S$11,020
OCBC Personal Loan - Existing OCBC loan customers
4.7%
EIR 9.46% p.a.
S$11,410

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.

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 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 LoanMin. RepaymentMax. RepaymentMax. APRTotal Loan (Based on S$10k across 1 year)
Citi Quick Cash - New Citi Customer1 year5 years4%S$10,350
HSBC Personal Loan1 year7 years8%S$10,356
UOB Personal Loan1 year5 years3.40%S$10,468
Standard Chartered Interest-Free CashOne Personal Loan1 year1 year0%S$10,450
Standard Chartered CashOne Personal Loan1 year5 years3.80%S$10,388
CIMB CashLite Personal Instalment Loan1 year5 years4%S$10,350
DBS Personal Loan1 year5 years3.40%S$10,488
POSB Personal Loan1 year5 years3.40%S$10,488
Maybank CreditAble Term Loan1 year5 years3%S$10,388
OCBC Personal Loan - Existing OCBC loan customers1 year5 years4.41%S$10,570
Citibank Quick Cash - Existing Customers1 year5 years5%S$10,522
BOC $martLoan1 year7 years8.93%S$10,968
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A borrower can apply for an instalment loan online by filling out an application with a bank. The banks will then assess your credit history and decide on the downpayment, the term of loan, payment schedule, and repayment amounts. Typically, borrowers will have to pay other fees such as processing fees on top of interest charges. You can save on interest charges by making timely repayments or by paying off the loan early. However, some loans may have an early repayment or cancellation penalty.

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.

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.)

A personal loan is a loan you can take from a bank which you repay through fixed monthly instalments. Unlike loans such as home loans or renovation loans, you can take a personal loan for any purpose, without a collateral required. Collaterals could be items like your car or home, which banks can repossess in the event you default on your loan. Personal loan interest rates range from 3.5% p.a. to 10.8% p.a. and most banks offer loans with a tenure of 12 to 84 months, with a minimum loan amount of $1,000.

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!

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.

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.

Firstly, can your needs be financed with another loan type? For example, education loans, home loans, and renovation loans could be more appropriate for those specific purposes, especially if the interest rate offered is lower than that of personal loans. Secondly, you should ensure that you will be able to pay off the loan during the loan period, taking into account the Effective Interest Rate (EIR), rather than the advertised interest rate, based on your loan tenure. This will help you to ensure that you can keep up with your monthly repayments to avoid any late fees or additional interest charges.

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.

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.

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.

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.

You have to be at least 21 years old to apply for a loan and the maximum age can go up to 65 years old. A minimum annual income of $30,000 is required to apply for a personal loan. You will also need to produce documents during your application, such as your NRIC and the latest 3 months computerised payslips. Foreigners in Singapore are also eligible to apply for a personal loan, depending on your salary and employment permit/pass type.

This depends on the salary that you earn, as your borrowing amount is typically a multiple of your monthly salary. A common limit to the loan amount you can borrow is 4x your monthly salary. Some banks also set a maximum amount that can be borrowed, such as a limit of $200,000 regardless of how much you earn.

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.

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).

Factors to consider when choosing a personal loan include:

  • 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.

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.

The best personal instalment loan can vary depending on a few factors including: loan amount, loan tenure, your income level, interest rate, processing fee, promotions and more. Different individuals could also have different preferences when it comes to personal loans. For example, some might prefer a personal loan with a 0% interest rate but higher processing fee but others might prefer a low interest rate personal loan with no processing fee charged. Use the SingSaver platform table to find the personal loan that suits your needs.

On the SingSaver website, you can start by comparing personal loans. You can then sort the personal loans based on annual interest rate, processing fees or monthly repayment to find the personal loan that suits your requirements. By clicking apply now, you will be prompted to fill in an application form from the bank. The bank will then follow up with the next steps for the personal loan application.

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.

Confused by terms used in Personal Loan?

Glossary terms to know for first-time personal loan applicants