When searching for the most affordable personal loans in Singapore, comparing interest rates from different banks is criticall. Some of the most competitive annual interest rates for personal loans range from around 3.4% to 5.4%, with effective interest rates (EIR) from approximately 6.3% to 12.1%, depending on the lender and loan terms.
Banks like DBS, CIMB, and HSBC tend to offer lower interest rates. To qualify for the lowest interest rates, having a good credit score and stable income is important. Consider opting for a shorter loan tenure, securing the loan against assets, or having a creditworthy loan guarantor to potentially lower interest rates further.
If you're looking for the best $10,000 personal loans in Singapore, consider options from banks such as DBS, CIMB, OCBC, Citibank, and Standard Chartered, which offer competitive interest rates. You can expect annual interest rates ranging from about 3.4% to 4.0% for a 2-year $10,000 loan from these banks.
In addition to banks, licensed moneylenders are another option for $10,000 personal loans, particularly if you have low income or a lower credit score.. While interest rates may be higher than banks, hovering around 2% to 4% per month, licensed moneylenders often have more flexible eligibility criteria. When comparing offers, check for any additional charges like processing fees or prepayment penalties that could increase the overall cost of borrowing.
Banks are a popular choice for personal loans in Singapore, offering credibility and competitive interest rates. Some of the best banks for personal loans include DBS, CIMB, OCBC, HSBC, Standard Chartered, Maybank, and Citibank. These banks offer personal loan interest rates ranging from approximately 3.4% to 5.4% per annum.
When comparing personal loans from banks, consider factors such as loan amount you're eligible for based on your annual income, as banks have higher minimum income requirements than licensed moneylenders. Be aware of processing fees, which can range from 0% to 2% of the loan amount, depending on the bank. Check the flexibility to make early repayments without penalty and see if you can earn rewards points or enjoy preferential rates as an existing bank customer.
The loan amount you can qualify for in Singapore depends on several factors, primarily your annual income. Banks typically extend personal loans up to 4 times your monthly salary. For example, if your annual income is $30,000 (or $2,500 per month), you may be eligible for a personal loan of up to $10,000 from a bank.
Licensed moneylenders have more flexible income requirements and may offer personal loans of up to 6 times your monthly salary. So, with an annual income of $30,000, you could potentially qualify for a loan of up to $15,000 from a licensed moneylender. However, the exact loan amount also depends on other factors like your total debt servicing ratio, credit score, employment length, and existing debt obligations.
| Lender | Annual Interest Rate | Effective Interest Rate | Processing Fee | Monthly Payment |
|---|---|---|---|---|
| CIMB Bank | 3.38% | 6.32% | $0 | S$445 |
| Citibank | 3.45% | 6.50% | $0 | S$445 |
| Standard Chartered | 3.48% | 6.95% | $0 | S$446 |
| OCBC Bank | 3.80% | 7.49% | 1.0% of approved loan | S$448 |
| DBS | 3.88% | 7.56% | $100 | S$449 |
| POSB | 3.88% | 7.56% | $100 | S$449 |
| Maybank | 3.88% | 7.29% | $200 | S$449 |
| HSBC | 4.00% | 7.50% | $0 | S$450 |
| OCBC Bank | 5.42% | 12.11% | $200 | S$462 |
Such loans allows you to borrow a certain amount of money and pay it back over a fixed length of time. Most are paid
back with a fixed interest rate, though there are some that are flexible.
The basic premise of a personal loan is an agreement between a lender and you, the borrower. You are agreeing to take an
amount of money and pay it back with interest over time.
Look into all the options you have before you do anything. Usually personal loans are cheaper to pay off than credit
cards. That being said, interest rates tend to vary and you can only borrow a certain amount depending on your annual
income.
| Personal Loan | Best For | Min. Loan Amount | |
|---|---|---|---|
| DBS Personal Loan | Low Income Earners | S$20,000 | |
| CashOne Persona Loan (Standard Chartered) | Expats in Singapore | S$30,000 | |
| OCBC Cash-on-Instalments | Short Term Loans | S$20,000 | |
| HSBC's Personal Loan | Fast Approval Time | S$30,000 | |
| Citibank Quick Cash | Low Effective Interest Rate | S$30,000 |
Each option is categorized based on the length and amount. Some loans are instant while others are over time.
As we already mentioned, the FIR discusses only the annual interest that you will need to pay off. EIR includes
all other fees as well, giving you the true amount.
You must look into both rates when looking into a loan option. The loan may have a low flat interest rate but
the other fees could be higher, causing you to pay more in the long run. The goal is to find an option that
works well for both EIR and FIR.
Most Singaporeans will find it easy to get a personal loan. Foreigners will likely not qualify if they earn less then
$3,000 per month.
If you are in this position, you should consider turning to a licensed moneylender instead. The law requires that any
licensed moneylender must explain the terms and conditions in such a way that consumers understand them. Do not accept
any agreement until you are certain that you know repayment arrangements, interest rates and total repayment amount.
Do your best to borrow as little as you can as you will need to pay back a significant amount of interest.
You shouldn’t rush the decision to take a loan. You need to make sure you really need it and can meet the requirements to get it in the first place. Consider whether you will be able to manage the monthly repayments.
If, for any reason, you feel like you may struggle or your other bills will be too much, do try to find another way.
Make sure you look into all options that are available to you before settling on a loan. Each loan option has pros and cons for you to consider. No matter how good the first offer sounds, you should make certain that it is the best offer for you before accepting it. On top of that, it must meet the requirements for your purposes.
Credit scores have a large impact on what type of personal loan you can get. Most lenders won’t take the risk of lending money to someone with bad credit. The higher the credit score, the better your chances of getting approval.
If your credit score is above 750, you have a good shot at getting a decent loan deal. If you have less than 750, you may have to settle for a smaller loan that you wanted. Make sure to keep up with it so that you can improve your credit score for later use.
Even if you manage to find a lender who is willing to give you a loan with your low credit score, it will likely come with a higher level of interest. People with low credit scores are considered high risk as it means they likely haven’t been keeping up with their repayments in the past.
If you are confident that you can keep up with the repayments at this interest level, it may be worthwhile to do so for the sake of improving your credit score, as well as getting the loan that you need.
Interest rates are the primary expense of personal loans. A slightly lower interest rate can save you a huge amount of money, in the long run. While you should check every aspect of the loan options you are looking into, a low-interest rate is one of the best things to find!
It is important to check that you are eligible for a particular loan before you apply for it. There is an application fee, meaning you will have to pay a small amount just to apply. There’s no point in wasting that little bit of money on an application that you were never going to get through. It’s always best to check that you qualify before you even try.
Loan pre-payment allows you to avoid high-interest rates. Make sure you discuss using pre-payment with your lender before taking the deal.
If you try to apply for more than one loan at a time and end up getting two, it can be very dangerous and unnecessary. Not only will this force you to pay interest on two loans instead of one, but it will also cause your lenders to think you are desperate and doubt your ability to repay them. This will damage your credit score over time as well.
If you were to accidentally make a mistake in your credit report, you will likely get a denied application. The smallest mistake will damage your credit score and potentially cause you to lose your loan entirely. It’s worth taking a few extra minutes to ensure that everything is in order.
In the event that your application gets rejected, don’t be in a rush to reapply. Even if you fix the problems with your first application, it is best to wait around six months before applying again.
During these six months, you can continue to improve your credit score. Rejections damage your credit score, so reapplying too quickly may cause it to go down even further.
Banks and lending companies provide special loans, known as personal loans, to those who need help for several reasons. Some could be investments, keeping up with debt, wedding costs, etc.
Each type of loan is designed for a unique situation. Each lender will have a different set of offers and rates too. You’ll find the differences in their terms and conditions.
You can use such loans to get rid of some older debt and keep up with the necessary payments. Doing so will keep your credit score from dropping. If you keep up with your repayments on time, that will also improve your credit score over time.
The main use is to keep up with other loans that you’re starting to fall behind on. Taking such a loan gives you time to find a way to make more money and keep up with further repayments.
Some other reasons could be unexpected costs, such as home renovations, medical bills, uninsured expenditures, etc
The first thing to consider is whether such a loan is the right call for your situation. After that, look into the interest rates and other loan types that you could potentially use. If the personal loan rates are the best, you can move on.
The next thing to consider is whether or not you would be able to keep up with the payments for your new loan. Make sure you can afford the repayments on top of your other expenses. If you fail to do this, the late payment fees will put you further into debt as well as damaging your credit score.
For a start, you need to be between 21 years old and 65 years old. You will also need at least an annual income of $30,000. On top of these, you will also need an NRIC document and three months-worth of payslips. If you are a foreigner, you will also need to provide your employment permit/pass type
A variety of financial companies and lenders offer such loans, including banks, credit unions, etc. They each have different terms and interest rates. Credit unions are easier to work with as they require less screening than most banks. Moneylenders and pawnshops are easier still, but their exchange rates tend to be higher.
Lenders will look into things, such as your credit score, annual income, TDSR, etc. Many factors determine how much you can borrow.
The maximum amount varies depending on how much you earn each month. Typically, you can only borrow four months of salary at once. Other than that, some banks have a specific limit
On average, you’ll hear back in three days. The loan takes another week or so to turn up. A few banks offer instant loans that turn up the same day you approve. Check the bank before making your request.
Obviously, a secure loan is best for those with a low credit score. Unsecured loans are best for people who can be certain that they will keep up with monthly payments.
There are different minimum and maximum periods depending on the loan requirements of the bank or loaner you choose to work through. Sometimes it is measured in days. Other times, it can be weeks or months.
Typically, your repayment period will be between one and seven years. Some banks do offer even longer periods, however.
Obviously, you will need to pay an interest fee on your loan. Some lenders do allow you to pay back without interest for the first six months to a year, but you will still end up paying more than you originally borrowed. That is the cost required for an instant reward.
Excellent! ROSHI has found 10 Loans that suit your criteria.
OCBC Extra Cash
Account Information
Base Interest Rate
AmountInterest Rate (p.a.)
Fees and Charges
Cheque Book Fee
Eligibility
Age requirement21 and above
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
BOC $martLoan
Account Information
Base Interest Rate
AmountInterest Rate (p.a.)
Fees and Charges
Cheque Book Fee
Eligibility
Age requirement21 and above
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 CashLite Personal Instalment 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
DBS Personal Loan
Account Information
Base Interest Rate
AmountInterest Rate (p.a.)
Fees and Charges
Cheque Book Fee
Eligibility
Age requirement21 - 75 years old
OCBC Personal Loan
Account Information
Base Interest Rate
AmountInterest Rate (p.a.)
Fees and Charges
Cheque Book Fee
Eligibility
Age requirement21 and above
