Excellent! ROSHI has found 11 Personal Loans that suit your criteria.

CIMB CashLite Personal Instalment Loan

3.6Good to Excellent
  • Enjoy annual fee waiver on credit card for life.
  • For existing CIMB customers: Get an interest rate from 4.5% p.a (EIR 8.29% p.a).
Apply Now

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

BOC $martLoan

2.8Good to Excellent
  • Equivalent flat interest rate from as low as 6.48% p.a. (EIR 15.73% p.a.).
  • Receive complimentary MoneyPlus Line of Credit with low interest rate and ease of withdrawals for emergency cash use.
More Info

on BOC's website

Account Information

  • Base Interest Rate

  • AmountInterest Rate (p.a.)

Fees and Charges

Cheque Book Fee

Eligibility

  • Age requirement21 and above

Standard Chartered CashOne Personal Loan

4.0Good to Excellent
  • Enjoy flat interest rates from as low as 3.88% p.a. (EIR: 7.67% 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.
Apply Now

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

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.
Apply Now

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

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.
Apply Now

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

POSB Personal Loan

4.0Good to Excellent
  • Enjoy your personalised rates from as low as 3.88% p.a. (EIR 7.56% p.a. based on 5 years of loan tenure) + 1% processing fee
  • Get cash up to 4x of your monthly salary or 10x if your annual income is S$120,000 and above.
Apply Now

on POSB's website

Account Information

  • Base Interest Rate

  • AmountInterest Rate (p.a.)

Fees and Charges

Cheque Book Fee

Eligibility

  • Age requirement21 - 65 years old

UOB Personal Loan

3.8Good to Excellent
  • Enjoy low interest rates from 4.25% p.a (EIR 8.38% p.a) with 1% processing fee.
  • Get instant approval for new UOB customers when you apply via MyInfo (for applications submitted between 7am to 8pm).
Apply Now

on UOB's website

Account Information

  • Base Interest Rate

  • AmountInterest Rate (p.a.)

Fees and Charges

Cheque Book Fee

Eligibility

  • Age requirement20 - 60 years old

CIMB CashLite Personal Instalment Loan

3.6Good to Excellent
  • Enjoy annual fee waiver on credit card for life.
  • For existing CIMB customers: Get an interest rate from 4.5% p.a (EIR 8.29% p.a).
Apply Now

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

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.
Apply Now

on Maybank's website

Account Information

  • Base Interest Rate

  • AmountInterest Rate (p.a.)

Fees and Charges

Cheque Book Fee

Eligibility

  • Age requirement21 and above

OCBC Personal Loan

3.2Good to Excellent
  • Existing OCBC loan customers will be offered an interest rate from 4.7% p.a (EIR 9.06% p.a).
  • Loan up to 4x of your monthly salary for annual income earners of less than $120k or up to 6x of your monthly salary for annual income earners of $120k and above
Apply Now

on OCBC's website

Account Information

  • Base Interest Rate

  • AmountInterest Rate (p.a.)

Fees and Charges

Cheque Book Fee

Eligibility

  • Age requirement21 and above

  • Personal Loans Basics

  • Tips and Hints

  • FAQs

  • Ask Away

How do Personal Loans Work?

A personal loan allows you to borrow a certain amount of money and pay it back over a fixed length of time. Most personal loans 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 Best Personal Loan for Me?

Look into all the options you have before you do anything. 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.

Best Personal Loans in Singapore (2020)

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

Types of Personal Loans

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

Short Term Loan
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 Loan
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 Loan
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 Loan
A payday loan is similar to a cash advance. It is even easier to acquire but has a higher interest rate still.
Education Loan
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 Loan
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 Loan
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 do Personal Loan Interest Rates 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 a loan that works well for both EIR and FIR.

Who is Eligible for a Personal Loan?

Singaporean Citizens
Any citizen between the ages of 21 and 70 is considered eligible for a personal loan. 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
oreigners with a minimum annual income of $42,000 are also eligible for a personal loan. You will need your passport information, an employment pass, and the Latest Income Tax Notice of Assessment.

What I Do if I Don’t Qualify for a Personal Loan?

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 personal reasons. Some reasons could be investments, keeping up with debt, wedding costs, etc.

Each type of personal loan is designed for a unique personal 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 a personal loan 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 personal loan and make repayments on time, that will also improve your credit score over time.

In What Instance is a Personal Loan Useful?

The main use of personal loans is to keep up with other loans that you’re starting to fall behind on. Taking a personal 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 for a Personal Loan?

The first thing to consider is whether a personal loan is the right call for your situation. After that, look into the interest rates of personal loans 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 Personal Loan?

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 finance companies offer personal 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.

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