5 Minutes Approval & Up to 1% Cashback*
We Promise ...
Quick 5 Minutes Approval
$20 Grocery Voucher*
Up to 1% Cashback*
Focusing on trusted banks offering competitive terms is essential if you seek the lowest interest rates for bank loans in Singapore. These loans cater to diverse needs with flexibility and affordability. Researching multiple banks ensures you find a loan that matches your financial requirements perfectly.
Banks like DBS, OCBC, and UOB provide some of Singapore's most competitive interest rates, starting as low as 3.5% annually. With repayment terms from 12 months to 5 years, borrowers can find options tailored to their financial profiles. Compare loan offers carefully to select the best rates while considering additional fees like processing charges or prepayment penalties.
A personal loan from a bank is perfect for financing urgent needs, consolidating debt, or managing significant purchases. The best personal loan banks offer competitive interest rates, quick approval processes, and flexible repayment terms, catering to diverse borrower needs.
Banks in Singapore, such as DBS, HSBC, and OCBC, offer personal loans starting from S$1,000. Interest rates typically begin at 3.4% annually, depending on your financial profile. Borrowers with excellent credit can secure better rates and flexible repayment periods of up to 7 years, making personal loans a versatile financing option.
Qualifying for a personal bank loan in Singapore depends on your creditworthiness, income stability, and overall financial profile. Banks aim to ensure that borrowers can responsibly manage their repayment obligations. Maintaining a low debt-to-income ratio and providing accurate financial documents can further strengthen your application.
Lenders like Standard Chartered, HSBC, and Maybank offer personal bank loans with competitive terms. Borrowers can access amounts up to 4 times their monthly income, subject to credit checks and income verification. Review the loan’s effective interest rate (EIR) to ensure transparency before committing.
| Lender | Annual Interest Rate | Effective Interest Rate | Processing Fee | Monthly Payment |
|---|---|---|---|---|
| GXS | 0.00% | 4.13% | 1.35% of approved loan | S$278 |
| DBS | 1.99% | 4.43% | $100 | S$294 |
| POSB | 1.99% | 4.43% | $100 | S$294 |
| OCBC Bank | 2.66% | 5.44% | 1.0% of approved loan | S$300 |
| Trust Bank | 2.79% | 5.27% | $0 | S$301 |
| CIMB Bank | 2.80% | 5.28% | $0 | S$301 |
| Standard Chartered | 2.88% | 5.43% | $0 | S$302 |
| HSBC | 2.92% | 5.50% | $0 | S$302 |
| Maybank | 3.28% | 6.20% | $200 | S$305 |
| Citibank | 3.45% | 6.50% | $0 | S$307 |
| OCBC Bank | 5.43% | 11.47% | $200 | S$323 |
Bank loans are a fundamental component of personal and business finance. They offer structured solutions for various financial needs. Understanding their mechanics and evaluating your options can help you make informed decisions.
Bank loans involve borrowing a specific amount from a financial institution, which is repaid over an agreed period with interest. Based on the borrower’s creditworthiness, these loans can be secured, requiring collateral, or unsecured. The bank assesses credit history, income, and debts to determine eligibility and terms.
When selecting a bank loan, consider the following factors:
| Bank | Loan Product | Best For | Minimum Loan Amount | |
|---|---|---|---|---|
| DBS Bank | Personal Loan | Low-income earners | S$1,000 | |
| Standard Chartered Bank | CashOne Personal Loan | Foreigners in Singapore | S$1,000 | |
| OCBC Bank | ExtraCash Loan | Short-term financial needs | S$1,000 | |
| UOB Bank | Business Term Loan | Small and medium enterprises | S$50,000 | |
| Maybank | Renovation Loan | Home renovation projects | S$5,000 |
Note: Interest rates and terms are subject to change. It’s advisable to check with the respective banks for the most current information.
Banks offer various loan products tailored to different needs:
Eligibility criteria vary among banks but generally include:
If you don’t meet the criteria for traditional bank loans, consider the following alternatives:
Determine whether you require a personal, home, or business loan. Each comes with specific terms and conditions tailored to its purpose.
Compare annual and effective interest rates (AIR) rates (EIR). The EIR includes additional fees, giving you a clearer picture of the loan’s total cost.
Before applying, make sure you meet the bank’s requirements regarding age, income, credit score, and employment status
Look for loans with repayment terms that fit your budget and financial goals. Some banks may offer early repayment options without penalties.
Lenders evaluate how much of your income goes towards repaying debts. Keeping this ratio low increases your chances of approval.
In addition to interest rates, consider factors like processing fees, loan tenure, and additional benefits such as payment holidays or bundled services.
Online tools like Roshi’s loan calculator can help you estimate monthly repayments and the total cost of borrowing, allowing you to plan your finances better.
A bank loan is a sum of money borrowed from a financial institution, repaid with interest over a set period. It can be secured (requiring collateral) or unsecured (based on creditworthiness).
Eligibility requirements typically include being at least 21 years old, having a stable income, a good credit history, and proof of employment or financial stability.
Popular types include personal loans, business loans, home loans, car loans, and education loans. Each type serves a specific purpose with varying terms and interest rates
Approval times vary but typically range from 1 to 7 business days, depending on the bank and the completeness of your application.
Fees may include processing charges, late payment penalties, and prepayment fees. These vary by lender, so it’s essential to review the loan agreement carefully.
Many banks allow early repayment, but some may charge a prepayment penalty. Check the terms and conditions of your loan before deciding.
Missing a payment can result in late fees and negatively affect your credit score. Always communicate with your lender if you anticipate difficulties in repayment.
Mastering your loan moves starts with understanding the real cost of borrowing. We believe in empowering you with the right knowledge to make smart financial choices, not quick fixes that lead to debt traps. Our commitment is helping you borrow wisely and stay in control of your money.
Read Our Borrowing GuideExcellent! ROSHI has found 28 that suit your criteria.
ROSHI Personal Loan
Limited Promotion
Limited Promotion
1.88%Monthly Interest Rate
4 MonthsLoan Tenure (fixed)
$4000-$8000Loan Amount
5 Minutes Loan Approval
10 Minutes Cash Disbursement
Up to 1% Cashback*
$20 Grocery Voucher*
GXS FlexiLoan
Account Information
Base Interest Rate
AmountInterest Rate (p.a.)
Fees and Charges
Cheque Book Fee
Eligibility
Age requirement21 - 65 years old
Trust Bank Instant Loan
Account Information
Base Interest Rate
AmountInterest Rate (p.a.)
Fees and Charges
Cheque Book Fee
Eligibility
Age requirement21 - 65 years old
OCBC Extra Cash
Account Information
Base Interest Rate
AmountInterest Rate (p.a.)
Fees and Charges
Cheque Book Fee
Eligibility
Age requirement21 and above
DBS Renovation Loan
Account Information
Base Interest Rate
AmountInterest Rate (p.a.)
Fees and Charges
Cheque Book Fee
Eligibility
Age requirement21 - 65 years old
Citibank Quick Cash Loan
Account Information
Base Interest Rate
AmountInterest Rate (p.a.)
Fees and Charges
Cheque Book Fee
Eligibility
Age requirement21 - 65 years old
HSBC Personal Loan
Account Information
Base Interest Rate
AmountInterest Rate (p.a.)
Fees and Charges
Cheque Book Fee
Eligibility
Age requirement21 - 65 years old
Standard Chartered CashOne Personal Loan
Account Information
Base Interest Rate
AmountInterest Rate (p.a.)
Fees and Charges
Cheque Book Fee
Eligibility
Age requirement21 - 65 years old
Maybank CreditAble Term Loan
Account Information
Base Interest Rate
AmountInterest Rate (p.a.)
Fees and Charges
Cheque Book Fee
Eligibility
Age requirement21 - 65 years old
CIMB Personal Loan
Account Information
Base Interest Rate
AmountInterest Rate (p.a.)
Fees and Charges
Cheque Book Fee
Eligibility
Age requirement21 - 60 years old
POSB Personal Loan
Account Information
Base Interest Rate
AmountInterest Rate (p.a.)
Fees and Charges
Cheque Book Fee
Eligibility
Age requirement21 - 75 years old
