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There will be times in our lives where we find ourselves in need of some extra cash. It might be a medical emergency where you’re left with hospital bills to face, a car breakdown leaving you with a long bill from your garage, or even your trusty old refrigerator finally breaking down on you. While you should have savings to cover such costs, it isn’t always feasible to break into your savings to meet such expenses.
At times, many may not have the required funds in their savings and moreover, breaking into your savings will leave you ill-equipped to meet bigger emergencies that may crop up. During such times, a personal loan can be your best bet to get that additional influx of cash that can help tide things over. A personal loan can be quite beneficial especially when you don’t have much to fall back on except a credit card. The main benefit of taking up a personal loan is the flexibility you get when it comes to its intended use.
While there are loans out there that can help you meet certain purposes such as a home loan or car loan or renovation loan, these loans can only be used for their specific intended purposes. A personal loan can be used in any way the borrower deems fit. This could be to meet pressing expenses, consolidate credit card dues, or even be used for investments. Moreover, these loans require no collateral which makes it is easier to acquire.
Most personal loans offered in Singapore also give you the added benefit of being time sensitive. That means processing time involved is low and loan amounts are usually disbursed in a short span of time. Below, we present to you our pick of the best personal loans in Singapore, based on the benefits they provide. Read on to find the right personal loan for you.
Here are some of the top personal loans that we think give you the best perks for the loan amount borrowed:
The Citibank Personal Loan allows you to get the additional funds you require to meet your expenses. Be it an emergency expense or to meet your goals such as financing your wedding costs, the Citibank Personal Loan is here to fulfill your needs.
Advantages
You will get the following benefits on the Citibank Personal Loan:
Tenure of the loan | Nominal interest rate | Effective interest rate |
12 months | 4.94% p.a. | 9% p.a. |
24 months | 4.82% p.a. | 9% p.a. |
36 months | 4.83% p.a. | 9% p.a. |
48 months | 5.72% p.a. | 10.50% p.a. |
60 months | 5.79% p.a. | 10.50% p.a. |
Disadvantages
Here are some components where the loan doesn’t do too well:
The DBS Personal Loan gives you access to cash when you need it the most. With quick processing and disbursement times, it is your answer when in need of emergency cash. The loan also comes with flexible tenures allowing for easy repayment.
Advantages
You will get the following benefits on the DBS Personal Loan:
Tenure of the loan | Nominal interest rate | Effective interest rate | Processing fees |
12 months | 7.99% p.a. | 19.70% p.a. | 3% |
24 months | 7.99% p.a. | 17.28% p.a. | 3% |
36 months | 6.99% p.a. | 13.96% p.a. | 2% |
48 months | 6.99% p.a. | 13.50% p.a. | 2% |
60 months | 6.99% p.a. | 13.14% p.a. | 2% |
For borrowers earning between S$20,000 to S$30,000:
Tenure of the loan | Nominal interest rate | Effective interest rate | Processing fees |
12 months | 11% p.a. | 26.62% p.a. | 4% |
24 months | 11% p.a. | 23.26% p.a. | 4% |
36 months | 11% p.a. | 21.74% p.a. | 4% |
48 months | 11% p.a. | 20.75% p.a. | 4% |
60 months | 11% p.a. | 20.01% p.a. | 4% |
Disadvantages
Here are some components where the loan doesn’t do too well:
Be it for an emergency or fulfilling your short term goals, the HSBC personal loans offer you that much-needed cash at competitive rates. The loan offers a quick processing time and gives preferential rates for HSBC Premier and HSBC Advance banking customers.
Advantages
You will get the following benefits on the HSBC Personal Loan:
For HSBC Retail Banking Customers:
Tenure of the loan | Equivalent flat interest rate | Effective interest rate |
1 year | 5.5% p.a. | 10% p.a. |
2 years | 5.4% p.a. | 10% p.a. |
3 years | 4.8% p.a. | 9% p.a. |
4 years | 4.9% p.a. | 9% p.a. |
5 years | 4.9% p.a. | 9% p.a. |
6 years | 5% p.a. | 9% p.a. |
7 years | 5% p.a. | 9% p.a. |
Disadvantages
Here are some components where the loan doesn’t do too well:
The POSB Personal Loan offers you quick processing and disbursement times, allowing you to get cash when you need it the most. The loan also comes with flexible tenures of up to 5 years and attractive promotional offers
Advantages
You will get the following benefits on the POSB Personal Loan:
For borrowers earning an annual income between S$20,000 to S$30,000:
Tenure of the loan | Applied interest rate | Effective interest rate | Processing fees |
12 months | 11% p.a. | 26.62% p.a. | 4% |
24 months | 11% p.a. | 23.26% p.a. | 4% |
36 months | 11% p.a. | 21.74% p.a. | 4% |
48 months | 11% p.a. | 20.75% p.a. | 4% |
60 months | 11% p.a. | 20.01% p.a. | 4% |
For borrowers earning an annual income of S$30,000 or more:
Tenure of the loan | Applied interest rate | Effective interest rate | Processing fees |
12 months | 7.99% p.a. | 19.70% p.a. | 3% |
24 months | 7.99% p.a. | 17.28% p.a. | 3% |
36 months | 6.99% p.a. | 13.96% p.a. | 2% |
48 months | 6.99% p.a. | 13.50% p.a. | 2% |
60 months | 6.99% p.a. | 13.14% p.a. | 2% |
Disadvantages
Here are some components where the loan doesn’t do too well:
The Standard Chartered Personal Loan offers you a quick processing and disbursement time with cash being disbursed as early as the very next working day. The loan also comes with value added features such as a 5-year annual fee waiver on your Standard Chartered Platinum Visa Credit Card.
Advantages
You will get the following benefits on the Standard Chartered Personal Loan:
Tenure of the loan | Applied interest rate for amounts of S$14,999 and below | Effective interest rate for amounts of S$14,999 and below | Applied interest rate for amounts of S$15,000 and above | Effective interest rate for amounts of S$15,000 and above |
1 year | 8.58% p.a. | 19.34% p.a. | 7.80% p.a. | 16.01% p.a. |
2 years | 8.58% p.a. | 17.76% p.a. | 7.80% p.a. | 15.35% p.a. |
3 years | 8.38% p.a. | 16.63% p.a. | 7.50% p.a. | 14.39% p.a. |
4 years | 8.38% p.a. | 16.08% p.a. | 7.50% p.a. | 14.06% p.a. |
5 years | 8.08% p.a. | 15.16% p.a. | 6.88% p.a. | 12.75% p.a. |
Disadvantages
Here are some components where the loan doesn’t do too well:
Product | Interest rate | Tenure options | Promotions |
Citibank Personal Loan | Starts at an EIR of 9% p.a. | 12 months to 60 months | N.A. |
DBS Personal Loan | Starts at an EIR of 13.14% | 12 months to 60 months | Up to S$388 cashback for online applications |
HSBC Personal Loan | Starts at an EIR of 9% p.a. | 1 year to 7 years | Up to S$50 in cashback and a waiver on processing fee of S$88 for online applications |
POSB Personal Loan | Starts at an EIR of 13.14% | 12 months to 60 months | Up to S$388 cashback for online applications |
Standard Chartered Personal Loan | Starts at an EIR of 12.75% | 12 months to 60 months | Up to S$1088 cashback for online applications |
Here are some tips on how to choose the best personal loan for you:
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