Are you looking for a personal loan offered at a very low interest rate? In Singapore, there are quite a lot of loan options that come with the lowest interest rates. We all love loan interest rates that are low. Assume you are applying for a very high loan amount, wouldn’t you want to see a low interest rate in the fine print? You can find such interest rates with a little patience and research.
Best Low Interest Rate Loans
You can read the following article to compare some of the best personal loans that are offered at low interest rates:
CIMB CashLite personal installment loan
This personal installment loan product offered by CIMB is a great choice when you need additional money for any kind of purpose.
Features and benefits of CIMB CashLite
Let us discuss the primary features and benefits of CIMB CashLite:
- This loan is offered at a very low interest rate.
- The tenure for this loan is flexible. You can take this loan for up to 5 years.
- You will receive financial health of up to 100% and you will get financing of up to 80% of your full credit limit.
- The interest rate for this loan starts from 4.5% p.a.
- The effective interest rate ranges from 8.21% to 8.41% p.a.
- You do not have to give any processing fee when you are applying for this loan.
- Your total repayment will be S$11,350.
- You will have to make a monthly payment of S$315.28.
- If you are settling your loan early, you will have to pay the higher of S$250 or 3% of your due amount.
- You can make monthly repayments for CIMB CashLite in installments. You will have to pay each installment in full.
HSBC Personal Loan
Let us discuss the primary features and benefits of HSBC Personal Loan:
- You will be able to obtain a loan of up to 8 times your monthly income.
- You will be able to get an approval-in-principle in just 30 seconds.
- You can repay your loan at a flat interest rate of just 3.8% p.a.
- You can take this loan for up to 7 years.
- You can redraw on your current personal loan without paying any processing fee.
- The effective interest rate ranges from 7% to 10% p.a.
- When you apply online for this personal loan from HSBC, you will receive a cashback of S$50 and a waiver of your processing fee that is worth S$88.
- If you want to repay your loan early, you will have to make an early repayment fee of 2.5% of your redemption amount.
- If you delay your repayment fee, your late payment interest will be 2.5% along with the current interest that you are paying on your unsettled amount.
- The processing fee for this loan is S$88.
Citi Ready Credit
This product offered by Citibank in Singapore is a credit line product. It is very quick and flexible in nature.
Features and benefits of Citi Ready Credit
Let us take a look at the primary features and benefits of Citi Ready Credit:
- This product is offered at a very low interest rate of 1.663% every month.
- You will get funds of up to 4 times your monthly income.
- The maximum credit limit is capped at S$200,000.
Citibank Ready Credit PayLite personal loan
Let us discuss the key features and benefits of Citibank Ready Credit PayLite:
- When you apply for this particular loan from Citibank, your loan will get approved within just 60 minutes.
- You can pay your loan in flexible installments before 60 months.
- The nominal interest rate starts from 7.39%.
- The effective interest rate for this product starts from 13.5%.
- The fixed interest rate for this loan starts from 4.55%.
- You will need to make a monthly payment of S$947 for a period of 36 months.
- The minimum financing amount for this product is S$1,000 and the maximum loan amount is S$150,000.
- You can take this loan for up to 5 years.
ANZ MoneyLine Term Loan
This personal loan product is taken from your ANZ MoneyLine line of credit account. This loan product will assist you in organising your monthly expenses efficiently.
Features and benefits of ANZ MoneyLine Term Loan
Let us discuss the key features and benefits of ANZ MoneyLine Term Loan:
- The interest rate for this product is 6.6%.
- If you take a loan for 3 years, your repayment will be S$998 each month.
- You will be required to pay a total interest of S$5,490.
- The minimum loan amount offered by this product is S$5,000.
- The highest loan amount provided by this product is S$100,000.
- The maximum loan tenure is up to 5 years.
- The fixed interest rate ranges from 5.8% to 7.8% p.a.
- When you apply for this ANZ loan, it will take up to 7 business days to get your loan approved.
- You will have to be at least 21 years old and not above 65 years old to apply for this loan.
OCBC ExtraCash (Fixed Repayment) personal loan
With this loan product from OCBC, you will have a clear idea as to how much you will have to pay every month. You can make fixed monthly payments in installments. You will have to pay your first installment in the month that follows after your loan is disbursed.
Features and benefits of OCBC ExtraCash (Fixed Repayment) personal loan
Let us discuss the key features and benefits of OCBC ExtraCash loan:
- You will receive funds of up to 6 times your monthly income if you earn above S$10,000 every month.
- The tenure for this personal loan goes up to 5 years.
- When you apply for this loan at a branch, you can get it approved on the same day.
- You can transfer money immediately to any bank account when you get approval.
- The flat interest rate starts from 8.31% p.a.
- You will have to pay a processing fee of S$100.
- The late payment fee for this product is S$80.
- If you prepay this loan, you will have to pay 3% of your unsettled amount.
- Your restructuring fee will be 3% of your due amount.
- Your annual income should be at least S$20,000 to apply for this loan.
You can choose any of these low interest loans depending on your specific financial preferences and current financial condition. Make sure you compare the fees associated with each loan and then select a loan accordingly.