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Best Personal Loans in Singapore 2020

Find all the unique features, interest rates, welcome offers, eligibility and product reviews of the best personal loans in Singapore.






Personal Loans Best For Personal Loans Best For
Citibank Quick Cash

Short term loans with 0% interest rate and low processing fee
POSB Personal Loan

Personalised interest rate and instant loan disbursal for existing customers with excellent credit score
HSBC Personal Loan

Longer loan tenures with 6 or 7 year options

Great for Expats and Foreigners with lower income requirement

Higher loan quantum for high income earners
 
Standard Chartered CashOne Personal Loan

Guaranteed low interest rates across all loan amounts, tenure and income earners

Instant approval and cash disbursement

 
OCBC Personal Loan

Flexible conversion to low interest loan

Best Personal Loans in Singapore

We’ve done all the comparison and handpicked the best personal loans for you. Taking into consideration flat interest rate only, HSBC is the winner with only 3.5% p.a. (EIR from 6.96% p.a). To give you a closer look and a clearer picture, we've broken down each personal loan and recommended the best personal loan for you, depending on your profile: think criteria such as your annual income, credit scores and loan amount or tenure..

Best for Short Term Loans: Citibank Quick Cash Loan

If you are looking for a cheap short-term loan, Citibank Quick Cash currently offers the best interest rate in the market. New-to-Citibank customers enjoy 0% interest rate loan with a low processing fee of 3.5%. Note that this rate is only available for a loan tenure of 1 year. If you are taking a higher loan amount and need more time for repayment, Citibank is offering 3.99% p.a (EIR from 7.5% p.a) for tenures of 2 to 5 years with a minimum loan amount of S$20,000. No processing fees will be charged. To be eligible for this rate, you will need to be new to Citibank.
Pros
Cons
0% interest rate with low processing fee of 3.5% (12-month tenures) Low interest rate is only applicable for new-to-Citibank customers
No processing fee for longer loan tenures Prerequisite of having a Citibank Ready Credit or Citi Credit Card account to be offered a Citi Quick Cash loan
Existing Citibank credit card members can draw the loan from available limit
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$100
Processing Fee None
Approval Time Instant pre-approval
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 0% 7.85% 3.5% $1,667
2 years 4.0% 7.5% $0 $900
3 years 3.5% 7.5% $0 $622
4 years 3.5% 7.5% $0 $484
5 years 3.5% 7.5% $0 $401
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 0% 7.85% 3.5% $833
2 years 4.82% 9.0% $0 $457
3 years 4.55% 8.5% $0 $316
4 years 5.72% 10.5% $0 $256
5 years 5.79% 10.5% $0 $215
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 Personal Loan

This is an ideal loan for those who see the need to take up a larger loan amount, to be repaid over a longer time horizon. HSBC gives their customers the flexibility to spread their repayment over a period of up to 7 years, which may help manage monthly expenditures better. But of course, note that this translates into higher interest repayment over time — something to bear in mind before applying. For the loan application, you might be glad to know that you’ll get in-principle approval as quickly as 1 minute.
Pros
Cons
Lowest rate in the market for income segment of S$30,000 and above Loan tenures of 6 and 7 years are only applicable to salaried employees
Longest loan tenure of up to 7 years Loan amount of more than 4X of monthly salary is only applicable for income earners of S$120,000 and above
Lowest annual income eligibility for expats at S$40,000
1-minute in-principle approval on loan applications
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
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 Converting Credit Limit: OCBC Personal Loan

OCBC Personal Loan currently offers an interest rate from as low as 3.5% p.a (EIR from 6.96% p.a) to all new-to-OCBC loan customers (i.e. you have not taken any loan with OCBC in the past 12 months). If you have an OCBC credit card, you can draw down the loan from your existing credit limit.  However, note that if you are not a new-to-bank applicant, you’ll be looking at an interest rate of 4.7% p.a (EIR 9.06% p.a).
Pros
Cons
Lowest rate of 3.5% p.a (EIR 6.96% p.a) Upfront processing fees of 1%
Convert available credit limit to low-interest fixed instalments
Borrow up to 6X of monthly salary
 
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 3.5% 7.87% 1% S$1,725
2 years 3.5% 7.57% 1% S$892
3 years 3.5% 7.27% 1% S$614
4 years 3.5% 7.09% 1% S$475
5 years 3.5% 6.96% 1% S$392
*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 tenures and loan amount — provided that your credit score is healthy. How do you know if you qualify for this personalised rate? Simply log in to your POSB/DBS digibank to check if you qualify.  Speaking of the digibank, the loan application process is kept fuss-free, and existing customers who are already crediting their salary into their POSB/DBS accounts get to enjoy instant approval and disbursal of funds.
Pros
Cons
Personalised interest rates from as low as 3.88% p.a (EIR 7.56% p.a) Upfront processing fees of 1%
Instant cash disbursal for POSB/DBS customers Personalised interest rate depends on credit risk profiles
Loan up to 10X of your monthly salary
 
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 personal loans with no strings attached to the advertised interest rates, Standard Chartered is offering you one. Exclusively on SingSaver, Standard Chartered CashOne Personal Loan is offering a flat interest rate of 3.88% p.a for all loan tenures and loan amount for a limited time period. Even better: those applying for 1-year loan tenures enjoy 0% interest rate. 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. 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 repayments on time.
Pros
Cons
Exclusive low interest rate at 3.88% p.a (EIR from 7.63% p.a) for all loan amount and tenure Higher income requirement for foreigners as compared to other banks
0% interest rate with a low processing fee of 4.5% (1-year tenure) Change in loan tenure fee: S$50
No processing fee
Instant approval and cash disbursal
 
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 Instant
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 High Income Earners: HSBC Personal Loan

Exclusively on SingSaver, HSBC is currently offering a flat interest rate of 3.7% p.a (EIR 7% p.a) for all eligible income earners of above S$30,000. Compared to other banks, HSBC allows a higher borrowing limit of 8X your monthly salary if you are drawing S$120,000 and above annually, with a cap of S$200,000. This may appeal to those who require a large down payment for big ticket investment, such as housing.  Those earning between S$30,000 and S$120,000 can borrow up to 4X of monthly salary. There is no need to be an existing customer with a HSBC account to apply and qualify for the loan.
Pros
Cons
Lowest rate in the market for income segment of S$30,000 and above Loan tenures of 6 and 7 years are only applicable to salaried employees
Longest loan tenure of up to 7 years Loan amount of more than 4X of monthly salary is only applicable for income earners of S$120,000 and above
Lowest annual income eligibility for expats at S$40,000
 
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 3.8% 7% S$0 S$1,730
2 years 3.7% 7% S$0 S$895
3 years 3.7% 7% S$0 S$617
4 years 3.7% 7% S$0 S$478
5 years 3.8% 7% S$0 S$397
6 years 3.8% 7% S$0 S$341
7 years 3.8% 7% S$0 S$301
*Note that the above monthly repayment is based on the calculation of S$20,000 loan amount, unless otherwise stated.