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Best Personal Loans 2019

Here, we have summarised all the features, interest rates, welcome offers, eligibility and etc, 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 ticket loan amount
Standard Chartered CashOne Personal Loan
Highest Welcome Offer of S$388 cash
Standard Chartered CashOne Personal Loan
Guaranteed low interest rates across all loan amounts, tenure and income earners
HSBC's Personal Loan
Income earners of S$80,000 and above

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, OCBC has emerged as the winner. Below is a simple comparison chart of the lowest interest rate personal loans in Singapore based on 3-years tenure.

However, not everyone is eligible for the OCBC Personal Loan, so we’ve looked at each personal loan and recommended which is the most valuable personal loan for you depending on your profile, such as your annual income, credit scores and loan amount or tenure.
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Citibank Quick Cash - Best for short-term loans of 1-2 years for loan amount >S$20,000

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).

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.

HSBC's Personal Loan - Best for long term loans with 6-7 years repayment

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.

Bank Offer: S$88 cashback upon approval via online application.
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$80,000
Loan Tenure Flat Interest Rate (p.a) Effective Interest Rate (p.a) Processing Fee Monthly Instalments
1 year 7.2% 13% S$88 (waived) S$1,786.67
2 years 7.1% 13% S$88 (waived) S$951.67
3 years 3.7% 7% S$88 (waived) S$617.22
4 years 3.7% 7% S$88 (waived) S$478.33
5 years 3.8% 7% S$88 (waived) S$396.67
6 years 3.8% 7% S$88 (waived) S$341.11
7 years 3.8% 7% S$88 (waived) S$301.43
For Customers with Annual Income S$30,000 - S$80,000
Loan Tenure Flat Interest Rate (p.a) Effective Interest Rate (p.a) Processing Fee Monthly Instalments
1 year 7.2% 13% S$88 (waived) S$1,786.67
2 years 7.1% 13% S$88 (waived) S$951.67
3 years 4.8% 9% S$88 (waived) S$645.56
4 years 4.8% 9% S$88 (waived) S$496.67
5 years 4.9% 9% S$88 (waived) S$413.33
6 years 5.0% 9% S$88 (waived) S$357.78
7 years 5.0% 9% S$88 (waived) S$318.10
*Note that the above monthly repayment is based on the calculation of S$20,000 loan amount, unless otherwise stated.

OCBC Personal Loan - Lowest interest rate for New OCBC credit card/EasiCredit customer

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.

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.

POSB Personal Loan - Best for users with excellent credit profiles and instant cash disbursements for existing customers

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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.

Bank Offer: S$100 NTUC FairPrice vouchers upon approval for new customers, and up to S$1,000 processing fee waiver with min. loan amount of S$30,000.
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.

Standard Chartered CashOne Personal Loan - Guaranteed attractive low interest rates across all loan amounts, repayment period and income earners

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.

SingSaver Exclusive: S$388 cash upon approval for the first 38 customers. Terms and Conditions apply.
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.

Citibank Quick Cash - Best for Instant Pre-approval ONLY at SingSaver

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.

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.

Standard Chartered CashOne Personal Loan - Highest Welcome offer of S$388 cash

For a limited time only, SingSaver is giving away S$388 cash to successful approved applicants. What's better than to get this on top of the low exclusive rate of 3.88% p.a (EIR from 7.63% p.a). With this rich offer, you can easily offset your first month repayment. Assuming that you are borrowing for S$10,000 for 3 years, you'll be completely covered for the first month repayment. The catch is to act fast, because this is only available for the first 38 customers.

SingSaver Exclusive: S$388 cash upon approval for the first 38 customers. Terms and Conditions apply.
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.

HSBC's Personal Loan - Best for income earners of S$80,000 and above

HSBC is offering preferential rates to the customers with a higher annual income bracket of more than S$80,000. With a loan tenure of 3 years and above, you can enjoy an interest rate of 3.7% (EIR from 7% p.a), with a processing fee waiver of S$88. But for customers with annual income from S$30,000 to S$80,000, you may be better off with other banks as HSBC’s rates is less competitive with the interest rate between 4.8% (EIR from 9%) and 7.1% (EIR from 13% p.a).

Bank Offer: S$88 cashback upon approval via online application.
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$80,000
Loan Tenure Flat Interest Rate (p.a) Effective Interest Rate (p.a) Processing Fee Monthly Instalments
1 year 7.2% 13% S$88 (waived) S$1,786.67
2 years 7.1% 13% S$88 (waived) S$951.67
3 years 3.7% 7% S$88 (waived) S$617.22
4 years 3.7% 7% S$88 (waived) S$478.33
5 years 3.8% 7% S$88 (waived) S$396.67
6 years 3.8% 7% S$88 (waived) S$341.11
7 years 3.8% 7% S$88 (waived) S$301.43
For Customers with Annual Income S$30,000 - S$80,000
Loan Tenure Flat Interest Rate (p.a) Effective Interest Rate (p.a) Processing Fee Monthly Instalments
1 year 7.2% 13% S$88 (waived) S$1,786.67
2 years 7.1% 13% S$88 (waived) S$951.67
3 years 4.8% 9% S$88 (waived) S$645.56
4 years 4.8% 9% S$88 (waived) S$496.67
5 years 4.9% 9% S$88 (waived) S$413.33
6 years 5.0% 9% S$88 (waived) S$357.78
7 years 5.0% 9% S$88 (waived) S$318.10
*Note that the above monthly repayment is based on the calculation of S$20,000 loan amount, unless otherwise stated.