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Best Personal Loans in Singapore 2019

Here, we have summarised all the features, interest rates, welcome offers, eligibility and product reviews of the best personal loans in Singapore for you.

Personal Loans Best For Personal Loans Best For
Citibank Quick Cash
Short term loans (1-2 years) with loan amounts above $20,000
POSB Personal Loan
Users with excellent credit profiles and instant cash disbursements for existing customers
HSBC's Personal Loan
Long term loans with 6-7 years repayment
Citibank Quick Cash
Instant pre-approval ONLY at SingSaver and fast cash disbursements
OCBC Personal Loan
Large loan ticket size
Credit Culture Personal Loan
Annual income earners of less than S$30,000
Standard Chartered CashOne Personal Loan
Guaranteed low interest rates across all loan amounts, tenure and income earners
HSBC's Personal Loan
Large ticket loan amount for high income earners

Best Personal Loans in Singapore

We’ve done the comparison and handpicked the best personal loans for you. Taking into consideration of the flat interest rate only, SCB has emerged as the winner with only 3.88% p.a. (EIR from 7.63% p.a.).

To give a complete analysis, we've also looked at each personal loan and recommended the best personal loan for you depending on your profile, such as your annual income, credit scores and loan amount or tenure.

Best for Short Term Loans: Citibank Personal Loan (Quick Cash)

If you are looking for short-term loans of 1 - 2 years for a loan amount of at least S$20,000, Citibank Quick Cash currently offers you the best rate in the market. Though their flat interest rate of min. 3.99% p.a is not the lowest in the market now, with no processing fees, the effective interest rate is only a mere 7.5% p.a.

However, one thing to note is that this attractive low interest rate is only available for new to Citibank customers, which means that you must not have taken any personal loans with Citibank before for the past 12 months. For existing customers, Citibank offers a higher flat interest rate between 4.55% p.a (EIR from 8.5% p.a) and 5.79% p.a (EIR from 10.5% p.a).

Pros:

  • Low interest rate from 3.99% p.a (EIR 7.5% p.a) for short term tenure
  • No processing fees or annual fees
  • Instant Pre-approval decision ONLY at SingSaver

Cons:

  • Low interest rate is only for loan amount of S$20,000 and above
  • Low interest rate is only applicable for New to Citibank customers

SingSaver Exclusive: S$100 NTUC Fairprice vouchers upon approval. Terms and Conditions apply.

Income Eligibility Singaporeans/PRs: S$30,000 annual income
Foreigners: S$42,000 of annual income
Max. Loan Amount Up to 4x of monthly income
Min. Loan Amount S$1,000
Processing Fee None
Approval Time Instant pre-approval on SingSaver
For New Customers with loan amount of S$20,000 and above
Loan Tenure Flat Interest Rate (p.a) Effective Interest Rate (p.a) Processing Fee Monthly Instalments
1 year 4.11% 7.5% $0 $1,735.17
2 years 4.0% 7.5% $0 $900.00
3 years 3.5% 7.5% $0 $622.06
4 years 3.5% 7.5% $0 $483.50
5 years 3.5% 7.5% $0 $400.83
For New Customers with loan amount of less than S$20,000
Loan Tenure Flat Interest Rate (p.a) Effective Interest Rate (p.a) Processing Fee Monthly Instalments
(Loan of S$10,000)
1 year 4.94% 9.0% $0 $874.50
2 years 4.82% 9.0% $0 $456.83
3 years 4.55% 8.5% $0 $315.69
4 years 5.72% 10.5% $0 $256.00
5 years 5.79% 10.5% $0 $214.92
For Existing Customers
Loan Tenure Flat Interest Rate (p.a) Effective Interest Rate (p.a) Processing Fee Monthly Instalments
1 year 5.22% 9.5% $0 $1,753.67
2 years 4.82% 9.0% $0 $913.67
3 years 4.55% 8.5% $0 $631.39
4 years 5.72% 10.5% $0 $512.00
5 years 5.79% 10.5% $0 $429.83
*Note that the above monthly repayment is based on the calculation of S$20,000 loan amount, unless otherwise stated.

Best for Long Term Loans: HSBC's Personal Loan

This is an ideal loan for anyone who wishes to take up a larger loan amount and needs a longer tenure to pay off their debt. HSBC gives their customers the flexibility to spread their repayment over a period of up to 7 years which can help them to manage their monthly expenditure better.

But of course, this also means that you’ll be paying more interests over time. To illustrate, let’s compare a loan tenure of 3 years vs 7 years for the same loan amount of S$20,000. Though your monthly instalment is halved, you are effectively paying S$2,360 more for those additional 4 years. So we recommend to choose shorter loan tenures as long as you’re comfortable with the monthly repayment.

Pros:

  • Lowest rate in the market for income segment of S$30,000 and above
  • Longest loan tenure of up to 7 years
  • Lowest annual income eligibility for expats at S$40,000

Cons:

  • Loan tenures of 6 and 7 years are only applicable to salaried employees
  • Loan amount of >4x of monthly salary is only applicable for income earners of $120,000 and above
Income Eligibility Singaporeans/PRs: S$30,000 annual income
Foreigners: S$40,000 of annual income
Max. Loan Amount Up to 8x of monthly income
Min. Loan Amount S$1,000
Processing Fee S$0
Approval Time 1-min of Approval In-Principle
For Customers with Annual Income >S$80,000
Loan Tenure Flat Interest Rate (p.a) Effective Interest Rate (p.a) Processing Fee Monthly Instalments
1 year 4% 7.5% S$0 S$1,731.33
2 years 4% 7.5% S$0 S$900
3 years 4% 7.5% S$0 S$622.22
4 years 4% 7.5% S$0 S$483.33
5 years 4% 7.5% S$0 S$400
6 years 4% 7.5% S$0 S$344.44
7 years 4% 7.5% S$0 S$301.76
*Note that the above monthly repayment is based on the calculation of S$20,000 loan amount, unless otherwise stated.

Best for Big Ticket Items: OCBC Personal Loan

What is unique about this loan is that you can use your available credit limit with OCBC to turn it into fixed monthly instalment loans. This is a great option if you need to borrow a large sum, and will not be able to pay off within the next month’s statement date. Instead of paying the exorbitant interest rate of 26.88% p.a, you can take up OCBC Personal Loan and pay it off on a monthly basis at a small fee. What’s more, you can opt for a two-year loan tenure which offers a flat interest rate of 0% p.a with an upfront processing fee of 9% p.a. This is exclusively for SingSaver.

Pros:

  • Welcome offer of S$100 upon approval, ONLY at SingSaver
  • Borrow up to 6x of monthly income

Cons:

  • Upfront processing fees


SingSaver Exclusive: S$100 cash upon approval. Terms and Conditions apply.

Income Eligibility Singaporeans/PRs: S$30,000 annual income
Foreigners: S$45,000 of annual income
Max. Loan Amount Up to 6x of monthly income
Min. Loan Amount S$1,000
Processing Fee 2%
Approval Time Unknown
Loan Tenure Flat Interest Rate (p.a) Effective Interest Rate (p.a) Processing Fee Monthly Instalments
1 year 5.8% 14.33% 2% S$1,763.33
2 years 5.8% 12.8% 2% S$833.33
3 years 5.8% 12.11% 2% S$652.22
4 years 5.8% 11.71% 2% S$513.33
5 years 5.8% 11.38% 2% S$430
*Note that the above monthly repayment is based on the calculation of S$20,000 loan amount, unless otherwise stated.

Best for Instant Cash Disbursements: POSB Personal Loan

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With a flat interest rate of 3.88% p.a, they have a very competitive rate across all tenure and loan amount. On top of that, POSB and DBS are also offering very attractive welcome gift for both new and existing customers. But there’s a catch - this rate is only exclusive to customers with excellent credit scores. How do you know if you qualify for this rate? Simply log in, and you will be able to see the rate that POSB or DBS offer to you. If you see a higher rate than 3.88% p.a, remember to compare it again with the other banks lest you pay unnecessarily for more.

Also, POSB and DBS have the capability to approve and disburse the cash immediately for their existing credit card/line of credit customers or new customers who are crediting their salary to their POSB/DBS deposit account. They are the only bank in Singapore that offers this service so far. If you need cash instantly, this is definitely the one to go for. But if you can wait for a day or two, you may be able to get better rates from other banks - after all, the advertised 3.88% p.a is dependent on your credit profiles.

Pros:

  • Instant cash disbursements for POSB/DBS customers
  • Loan up to 10x of your monthly income
  • Personalised interest rates from as low as 3.88% p.a (EIR 7.56% p.a)

Cons:

  • Low interest rates are not guaranteed as it is based on credit risk profiles
  • Upfront processing fees
Income Eligibility Singaporeans/PRs: S$20,000 annual income
Max. Loan Amount Up to 4x of monthly income
Up to 10x of monthly income >S$120,000
Min. Loan Amount S$500
Processing Fee 1% of approved loan amount
Approval Time Immediate approval and disbursement for POSB/DBS credit card or line of credit customers
For Customers with Annual Income >S$30,000
Loan Tenure Flat Interest Rate (p.a) Effective Interest Rate (p.a) Processing Fee Monthly Instalments
1 year 3.88% 8.89% 1% S$1,731.33
2 years 3.88% 8.2% 1% S$898.00
3 years 3.88% 7.9% 1% S$620.22
4 years 3.88% 7.71% 1% S$481.33
5 years 3.88% 7.56% 1% S$398.00
For Customers with Annual Income S$20,000 - S$30,000
Loan Tenure Flat Interest Rate (p.a) Effective Interest Rate (p.a) Processing Fee Monthly Instalments
1 year 11% 26.62% 4% S$462.50
2 years 11% 23.26% 4% S$254.17
3 years 11% 21.74% 4% S$184.72
4 years 11% 20.75% 4% S$150.00
5 years 11% 20.01% 4% S$129.17
*Note that the above monthly repayment is based on the calculation of S$20,000 loan amount, unless otherwise stated.

Best for Instant Cash Loan: Standard Chartered CashOne Personal Loan

If you’re looking for any personal loans with no conditions attached to the advertised interest rates, Standard Chartered is offering you one. Exclusively on SingSaver, Standard Chartered CashOne Personal Loan is offering our users a flat interest rate of 3.88% p.a for all loan tenure and loan amount for a limited time period. The cash will be disbursed to your account the next working day, as long as you submitted the complete application by 2pm.

To ease the burden for the customers, Standard Chartered is also waiving off the first year annual fee of S$199 in the form of cashback to their users. But note that Standard Chartered charges an annual fee of S$50 for subsequent years - to avoid this, all you have to do is to make your monthly repayment on time.

Pros:

  • Exclusive low interest rate at 3.88% p.a (EIR from 7.63% p.a) for all loan amount and tenure
  • No processing fee and fee waiver of $199 processing fees
  • Get cash next working day

Cons:

  • Higher income requirement for foreigners as compared to other banks
Income Eligibility Singaporeans/PRs: S$30,000 annual income
Foreigners: S$60,000 of annual income
Max. Loan Amount Up to 4x of monthly income
Min. Loan Amount S$1,000
Processing Fee S$199 for first year annual(waived)
S$50 for subsequent annual fee (waived if payment is made promptly for the past 12 months
Approval Time Next working day
Loan Tenure Flat Interest Rate (p.a) Effective Interest Rate (p.a) Processing Fee Monthly Instalments
1 year 3.88% 8.97% S$199 (waived) S$1,731.33
2 years 3.88% 8.27% S$199 (waived) S$898.00
3 years 3.88% 7.97% S$199 (waived) S$620.22
4 years 3.88% 7.78% S$199 (waived) S$481.33
5 years 3.88% 7.63% S$199 (waived) S$398.00
*Note that the above monthly repayment is based on the calculation of S$20,000 loan amount, unless otherwise stated.

Best for Instant Pre-approval Loan (ONLY at SingSaver): Citibank Quick Cash

The beauty of applying through SingSaver is that you will be able to get an instant pre-approval based on your credit profile. This is crucial for anyone who is looking to get their loans approved fast. It also means that you will know immediately if you are in-principle rejected for the loan without the need to upload your documents. In this case, you can look for other loans option straight-away.

Besides getting fast approval status, Citibank also provides the benefit of having the cash in your account the next working day if you have an existing Citibank account. Otherwise, your loan amount will be credited to your preferred account in the next 3-5 days.

Pros:

  • Low interest rate from 3.99% p.a (EIR 7.5% p.a) for short term tenure
  • No processing fees or annual fees
  • Instant Pre-approval decision ONLY at SingSaver

Cons:

  • Low interest rate is only for loan amount of S$20,000 and above
  • Low interest rate is only applicable for New to Citibank customers


SingSaver Exclusive: S$100 cash upon approval. Terms and Conditions apply.

Income Eligibility Singaporeans/PRs: S$30,000 annual income
Foreigners: S$42,000 of annual income
Max. Loan Amount Up to 4x of monthly income
Min. Loan Amount S$1,000
Processing Fee None
Approval Time Instant pre-approval on SingSaver
For New Customers with loan amount of S$20,000 and above
Loan Tenure Flat Interest Rate (p.a) Effective Interest Rate (p.a) Processing Fee Monthly Instalments
1 year 4.11% 7.5% $0 $1,735.17
2 years 4.0% 7.5% $0 $900.00
3 years 3.5% 7.5% $0 $622.06
4 years 3.5% 7.5% $0 $483.50
5 years 3.5% 7.5% $0 $400.83
For New Customers with loan amount of less than S$20,000
Loan Tenure Flat Interest Rate (p.a) Effective Interest Rate (p.a) Processing Fee Monthly Instalments
(Loan of S$10,000)
1 year 4.94% 9.0% $0 $874.50
2 years 4.82% 9.0% $0 $456.83
3 years 4.55% 8.5% $0 $315.69
4 years 5.72% 10.5% $0 $256.00
5 years 5.79% 10.5% $0 $214.92
For Existing Customers
Loan Tenure Flat Interest Rate (p.a) Effective Interest Rate (p.a) Processing Fee Monthly Instalments
1 year 5.22% 9.5% $0 $1,753.67
2 years 4.82% 9.0% $0 $913.67
3 years 4.55% 8.5% $0 $631.39
4 years 5.72% 10.5% $0 $512.00
5 years 5.79% 10.5% $0 $429.83
*Note that the above monthly repayment is based on the calculation of S$20,000 loan amount, unless otherwise stated.

Best for Low Income Earners: Credit Culture Personal Loan

Credit Culture is the first Fintech company that provides a digital solution for personal loans in Singapore. They are one of only six entities selected by the Ministry of Law as part of a pilot program to professionalise the personal loans space.
Credit Culture uses credit reports from CBS and analyses them with their proprietary credit scoring and decisioning engine to determine personalised interest rates for every consumer. Interest rates go up to 1% per month. And with their digitised, straight-through application process that helps reduce manpower costs, Credit Culture is able to pass on the savings to their customers.

Pros:

  • Available for all income segments
  • Instant approval upon application with Credit Culture’s proprietary decisioning engine
  • Personalised rates with transparent loan terms
  • No late interest and early settlement charges

Cons:

  • Not available for foreigners
  • Additional requirement of face-to-face verification
Income Eligibility Singaporeans/PRs: all income bracket
Max. Loan Amount S$50,000
Min. Loan Amount S$1,000
Processing Fee 1% - 3% of approved loan amount
Approval Time Instantly upon completion of application
Loan Tenure Flat Interest Rate (per month) Processing Fee Monthly Instalments Total Repayment
1 year 0.8% 1% $913.33 $10,960
2 years 0.8% 1% $496.66 $11,920
3 years 0.8% 1% $357.78 $12,880
*Note that the above monthly repayment is based on the calculation of S$10,000 loan amount, unless otherwise stated.

Best for High Income Earners: HSBC's Personal Loan

Exclusively on SingSaver, HSBC is currently offering a flat interest rate of 4% p.a (EIR 7.5% p.a) for all eligible income earners of >$30,000. But depending on your annual income and your residential statuses, HSBC allows you to borrow a maximum loan amount of either up to 4x or 8x of your monthly income. If you are a Singaporean/PR with an annual income between S$30,000 and S$120,000, you can borrow up to 4x your monthly income. However for Singaporean/PR with annual income of S$120,000 and above, you can loan 8x of your monthly income with a cap of S$200,000.

Pros:

  • Lowest rate in the market for income segment of S$30,000 and above
  • Longest loan tenure of up to 7 years
  • Lowest annual income eligibility for expats at S$40,000

Cons:

  • Loan tenures of 6 and 7 years are only applicable to salaried employees
  • Loan amount of >4x of monthly salary is only applicable for income earners of $120,000 and above
Income Eligibility Singaporeans/PRs: S$30,000 annual income
Foreigners: S$40,000 of annual income
Max. Loan Amount Up to 8x of monthly income
Min. Loan Amount S$1,000
Processing Fee S$88 (waived)
Approval Time 1-min of Approval In-Principle
For Customers with Annual Income >S$30,000
Loan Tenure Flat Interest Rate (p.a) Effective Interest Rate (p.a) Processing Fee Monthly Instalments
1 year 4% 7.5% S$0 S$1,731.33
2 years 4% 7.5% S$0 S$900
3 years 4% 7.5% S$0 S$622.22
4 years 4% 7.5% S$0 S$483.33
5 years 4% 7.5% S$0 S$400
6 years 4% 7.5% S$0 S$344.44
7 years 4% 7.5% S$0 S$304.76
*Note that the above monthly repayment is based on the calculation of S$20,000 loan amount, unless otherwise stated.