Compare the Best Personal Loan
Rates in Singapore (November 2024)

Apply online & settle faster!

Updated November 12, 2024

$1,000

$200,000

3 Months

72 Months

Your monthly payment

337

Rate Disclaimer*

* For a loan amount of $20,000, APR of 6.95%, 5 year tenure, the tot. loan payable will be $26,940 with a monthly cost of $449. An individualised APR will be presented at the end of your application. Max. APR 8.88%. Min. repayment period 3 months, max. 72 months.

Personal Loans are complicated.
We make them simple.

Lowest Interest Rate Personal Loans

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.

Best $10,000 Personal Loans

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.

Best Banks for Personal Loans

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.

How Much Do I Qualify For?

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.

Current Personal Loan Interest Rates (November 2024)

*Loan Amount Example S$10,000 and Loan Tenure 3 years
Lender Annual Interest Rate Effective Interest Rate Processing Fee Monthly Payment
OCBC Bank 2.66% 5.44% 1.0% of approved loan S$300
DBS 2.68% 5.43% $100 S$300
POSB 2.68% 5.43% $100 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
*Today's Personal Installment Loans Rates - 12 November 2024

Personal Loan Total Interest Payment Overview ($10,000)

Types of Personal Loans

  • Personal Loans Basics

  • Tips and Hints

  • FAQs

How do Personal Loans Work?

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.

How can I Choose the Right Loan for Me?

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.

Total Cost
This is the exact amount that you end up paying over and above the loan amount. If you take the amount you pay back
overall and minus the loan you received, that would be your total cost.
Monthly Repayments
Your monthly repayment includes a set portion of the loan amount plus some interest. Make sure you work out how much
this will be and whether or not you can keep up with it.
Balance
Your balance is what you have left after dealing with the above two numbers. You need to ensure that your balance is
enough to deal with the rest of your monthly needs.

Lowest Personal Loan Rate in Singapore

Personal LoanBest ForMin. Loan Amount
DBS Personal LoanLow Income EarnersS$20,000
CashOne Persona Loan
(Standard Chartered)
Expats in SingaporeS$30,000
OCBC Cash-on-InstalmentsShort Term LoansS$20,000
HSBC's Personal LoanFast Approval TimeS$30,000
Citibank Quick CashLow Effective Interest RateS$30,000

Types of Personal Loans

Each option is categorized based on the length and amount. Some loans are instant while others are over time.

Short Term
Short term loans are easy to acquire and provide the means to make ends meet for a short time. You won’t have long
to pay off a short term loan, so be sure that you will earn enough to keep up with it.
Cash Advance
A cash advance loan is essentially a means to get your salary a few weeks early. You can then spend it on what you
need. However, the repayment of a cash advance loan tends to be quite high, so try to avoid it when possible.
Business
Business loans are determined through the qualifications of the borrower, meaning you can’t expect a fixed interest
rate. Generally, you would use this personal loan to help keep your business afloat during a time of lower profit.
Payday
A payday loan is similar to a cash advance. It is even easier to acquire but has a higher interest rate still.
Education
You probably know of this one as a student loan. This is an essential loan to get you through college. It takes some
to pay back but opens many opportunities for future work.
Renovation
Should you need to make sudden renovations for any reason, a renovation loan is the way to go. Make sure to look
around as some renovation lenders are quite expensive with their interest rates.
Vacation
Vacation loans as great for those who have spare time coming up and want to get away for a while. Even if you
haven’t saved up quite enough in time, you can still go and pay it off later.
How does Interest Work?
Each loan has a different form of interest rate. Here are the main ones:
Advertised Interest Rate
The advertised interest rate, also known as the flat rate, is the annual rate you need to pay. This rate isn’t
always fixed and may change from time to time.
Effective Interest Rate (EIR)
The EIR must be displayed next to the advertised interest rate. The EIR accounts for other fees, such as processing
fees, on top of the advertised rate. Basically, it shows you the true total that you will be paying in interest over
time.
0% Interest Personal Loans
Some banks do offer short-term loans without any interest. The only extra fee you will need to provide is the
processing fee. Generally, you pay it all back in one go when you choose this loan type.

Flat Interest Rate (FIR) VS EIR

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.

Do I qualify for a Personal Loan??

Singaporean Citizens
Any citizen between the ages of 21 and 70 is considered eligible. You will need to prove your identity and
residence. On top of that, you’ll need proof of employment, a copy of your NRIC, CPF statements from the 12 months,
and your most recent payslips.With these, lenders will determine the maximum amount you can borrow and provide the
best deal possible for you. They will also ask for your personal information in order to keep in touch with you.
Foreigners
Foreigners with a minimum annual income of $42,000 are also eligible. You will need your passport information, an
employment pass, and the Latest Income Tax Notice of Assessment.

What if I Don’t Qualify?

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.

Make Sure You Really Need the Loan Before Applying

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.

Perform Thorough Research

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.

Consider Your Credit Score

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.

Lower Credit Scores Bring Higher Interest Rates

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.

Locate the Best Interest Rates

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!

Ensure You are Eligible Before Applying

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.

Utilize Pre-Payment

Loan pre-payment allows you to avoid high-interest rates. Make sure you discuss using pre-payment with your lender before taking the deal.

Only Apply for One Loan at a Time

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.

Triple Check Your Credit Details

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.

Don’t be in a Rush to Reapply

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.

What Exactly is a Personal Loan?

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.

Does a Personal Loan Affect Your Credit Score?

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.

In What Instance is a Personal Loan Useful?

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

What Do I Need to Look Into Before I Apply?

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.

What Makes You Eligible?

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

What Lenders Offer Personal Loans?

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.

How Will a Lender Decide How Much They Lend to Me?

Lenders will look into things, such as your credit score, annual income, TDSR, etc. Many factors determine how much you can borrow.

Is There a Maximum Amount That I 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

How Long Will It Take to Get My Personal Loan Approved?

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.

Secured VS Unsecured Loans
  • A secured loan requires that you have something that the lender can hold as collateral. If you fail to pay off your loan, the lender simply takes the collateral and you balance out the difference.• Unsecured loans do not require collateral but their interest rates are higher. If you fail to keep up with an unsecured loan, the interest will build up until you have to declare bankruptcy.

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.

How Can I Know the Minimum and Maximum Periods for Repayment?

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.

Will I Need to Pay Any Fees for My Loan?

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.

Interest Rates
Interest rates come with every loan. AIR, or applied interest rate, focuses on the amount that you actually borrowed. EIR, or effective interest rate, shows the additional charges that you will need to pay off by the end of the repayment period. This, effectively, is the interest rate.
Early Repayment Fees
Most lenders do allow early repayment. There are times when you will have to pay a fee in order to do that. The reason for this is that you avoid some of the interest by paying it off early.
Late Repayment Fees
Missing repayment times triggers another fee. This will increase the amount of interest you need to pay by the end of your repayment period. Make sure to avoid this late repayment fee as best you can.
Cancellation Fee
A cancellation fee occurs if you choose to cancel your loan before actually receiving any money. This would mean you have expended the loaning company’s time, causing them to need a fee from you to make that time worthwhile.
Processing Fee
A processing fee is charged for the processing of your application as well. This charge usually comes as an annual fee. You’ll see it added on at the end of each year.
Loan Conversion Fee
If you ever choose to change your loan plan, there is a loan conversion fee. Depending on the circumstances of your loan, the fee may reach up to 2% of your remaining balance.
Don’t be a fool
馬鹿なことはやめろ

Review Personal Loans from All Major Banks & Moneylenders

Excellent! ROSHI has found 10 Loans that suit your criteria.

Trust Bank Instant Loan

0.0Good to Excellent
  • Trust Instant Loan allows you to convert your unused credit card limit into cash
  • Limited time offer from as low as 2.79% p.a. (EIR 5.27% p.a.)
  • Get Instant Loan in 60 seconds with Trust credit card

Account Information

  • Base Interest Rate

  • AmountInterest Rate (p.a.)

Fees and Charges

Cheque Book Fee

Eligibility

  • Age requirement21 - 65 years old

OCBC Extra Cash

0.0Good to Excellent
  • Borrow up to 6x monthly salary for annual income S$120,000 and above, 4x monthly salary for annual income S$30,000-S$119,999 and 2x monthly salary for annual income S$20,000-S$29,000

on OCBC's website

Account Information

  • Base Interest Rate

  • AmountInterest Rate (p.a.)

Fees and Charges

Cheque Book Fee

Eligibility

  • Age requirement21 and above

Citibank Quick Cash Loan

3.6Good to Excellent
  • Enjoy $0 processing fee and borrow up to 4x your monthly salary, with minimum loan amount of $100 for 24 months to 60 months loan tenure period.
  • Min Income for Singaporeans/PRs: S$30,000 p.a.

on Citibank's website

Account Information

  • Base Interest Rate

  • AmountInterest Rate (p.a.)

Fees and Charges

Cheque Book Fee

Eligibility

  • Age requirement21 - 65 years old

HSBC Personal Loan

3.2Good to Excellent
  • Get 1-min in-principle approval on HSBC Personal Loan
  • Maximum loan amount of up to 4x your monthly income with an annual income from S$30,000 to S$120,000 and up to 8x with an annual income of S$120,000 or more, or up to S$200,000.

on HSBC's website

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

4.0Good to Excellent
  • Enjoy flat interest rates from as low as 2.88% p.a. (EIR: 5.43% p.a.) and get instant approval and cash disbursement to your designated bank account when you apply via MyInfo.
  • Get a loan of up to 4x your monthly salary, capped at S$250,000.

on Standard Chartered's website

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

3.0Good to Excellent
  • Loan up to 2x of your monthly income (based on credit limit of your Maybank CreditAble account)
  • Min Income for Singaporeans/PRs: S$30,000 p.a.

on Maybank's website

Account Information

  • Base Interest Rate

  • AmountInterest Rate (p.a.)

Fees and Charges

Cheque Book Fee

Eligibility

  • Age requirement21 - 65 years old

CIMB Personal Loan

3.6Good to Excellent
  • Interest rates starting from as low as 3.38%* p.a. (EIR from 6.32% p.a.).

on CIMB's website

Account Information

  • Base Interest Rate

  • AmountInterest Rate (p.a.)

Fees and Charges

Cheque Book Fee

Eligibility

  • Age requirement21 - 60 years old

POSB Personal Loan

4.0Good to Excellent
  • With fixed interest rate from as low as 2.68% p.a. + 1% processing fee (EIR 5.43% p.a.)
  • Get cash up to 4x of your monthly salary or 10x if your annual income is S$120,000 and above.

on POSB's website

Account Information

  • Base Interest Rate

  • AmountInterest Rate (p.a.)

Fees and Charges

Cheque Book Fee

Eligibility

  • Age requirement21 - 75 years old

DBS Personal Loan

4.0Good to Excellent
  • Minimum loan amount of $500
  • Min. income for Singaporeans/PRs: S$30,000 p.a.
  • Users with annual income between S$20,000 and S$30,000 may be eligible for DBS/POSB loan at higher annual interest rate and processing fees.

on DBS's website

Account Information

  • Base Interest Rate

  • AmountInterest Rate (p.a.)

Fees and Charges

Cheque Book Fee

Eligibility

  • Age requirement21 - 75 years old

OCBC Personal Loan

3.2Good to Excellent
  • Turn your unused credit limit into cash, without the need for additional income documents
  • Repay with fixed instalments over 12 to 60 months

    Lower interest rate from 2.66% p.a. (EIR from 5.44% p.a.) and a one-time processing fee

on OCBC's website

Account Information

  • Base Interest Rate

  • AmountInterest Rate (p.a.)

Fees and Charges

Cheque Book Fee

Eligibility

  • Age requirement21 and above