Cash woes? A personal loan to the rescue!
Personal Loan BYTES FROM OUR KITCHEN

Personal Loan Interest Rates

Personal loans act as your lifeguard when you really need some money. True to its name, this type of loan is very personal in nature as you can use it for absolutely any purpose, be it for your wedding or for repainting your home. These loans have competitive rates of interest and flexible repayment period. The rates of interest are decided based on various factors such as credit score, employment nature, etc.

Banks Interest Rates
Bank Of China Personal Loan 6.38% p.a
Citibank Personal Loan 4.83% p.a
DBS Personal Loan 6.99% p.a
HSBC Personal Loan 4.7% p.a
Maybank Personal Loan 19.8% p.a
OCBC Personal Loan 8.18% p.a
POSB Personal Loan 6.99% p.a
Standard Chartered Personal Loan 6.88% p.a
UOB Personal Loan 8.00% p.a

How is my interest rate calculated?

Interest rate for personal loans is calculated based on a range of factors and some of them have been explained above. Different banks use different methods for calculating the rate of interest. In most cases, it is a compound rate which is applied to the remaining loan amount along with all the fees and charges.

Personal Loan Interest Rates Bank wise:

Find the interest rates provided by the different banks in the charts below –

HSBC Personal Loan Interest Rates
Amount of Loan Tenure (in years)
1 2 3 4 5 6 7
SGD12,000 Repayment Amount (per month) SGD1,073 SGD572 SGD406 SGD324 SGD275 SGD243 SGD220
Flat Rate (per annum) 7.3 percent 7.2 percent 7.2 percent 7.3 percent 7.4 percent 7.5 percent 7.7 percent
E.I.R. (per annum) 14.6 percent 13.95 percent 13.72 percent 13.6 percent 13.53 percent 13.48 percent 13.45 percent
SGD25,000 Repayment Amount (per month) SGD2,222 SGD1,177 SGD831 SGD659 SGD557 SGD489 SGD442
Flat Rate (per annum) 6.6 percent 6.5 percent 6.5 percent 6.6 percent 6.7 percent 6.8 percent 6.9 percent
E.I.R. (per annum) 12.67 percent 12.36 percent 12.25 percent 12.19 percent 12.16 percent 12.13 percent 12.12 percent
The Effective Interest Rate (E.I.R) includes the processing fee

UOB Personal Loan Interest Rates
Tenure (in months) Processing Fee Flat Rates (per annum) E.I.R (per annum)
12 1.5% 4.25% 10.61%
24 9.46%
36 8.99%

Citibank Paylite Interest Rates
No interest rate with upfront service fee (not available for online applicants)
Tenure (in months) 6 12 18
E.I.R (in %) 14.82 15.2 13.63
Upfront Service Fee (in %) 3 6.6 9
Preferential interest rate with no service fee
Tenure (in months) 12 24 36 48 60
E.I.R (in %) 15.8 14.25 13.5 14 14
Nominal Interest Rate (in %) 8.76 7.76 7.39 7.79 7.92
PayLite Interest Rates (only SmartCash customers)
Tenure 12 months 24 months 36 months
Effective Interest Rate 17.97% 19.02% 19.57%
Nominal Interest Rate 10% 10.5% 11%

Bank of China Moneyplus Term Loan Interest Rates
For customers with annual income of SGD 30,000 and above
Tenure ( in months) Processing Fee (one time)

A.I.R

(per annum)

E.I.R

( per annum)

Monthly Instalment (in SGD) Daily Instalment (in SGD)
12 2 percent 6.38 percent 14.58 percent 887 30
24 7.38 percent 15.40 percent 478 16
36 8.68 percent 17.07 percent 350 12
For customers with annual income between SGD20,000 to S$29,999
Tenure ( in months) Processing Fee (one time)

A.I.R

(per annum)

E.I.R

( per annum)

Monthly Instalment (in SGD) Daily Instalment (in SGD)
12 5 percent 6.38 percent 19.46 percent 887 30
24 7.38 percent 17.89 percent 478 16
36 8.68 percent 18.77 percent 350 12

Standard chartered Cash One Interest Rates
Tenure (in years) Approved Loan Amount

SGD15,000

and Above

SGD 14,999- SGD 5,000

SGD 4,999

and Below

A.I.R

( per annum)

EIR

( per annum)

A.I.R

( per annum)

E.I.R

(per annum)

A.I.R

(per annum)

E.I.R

(per annum)

1 7.8 percent 16.01 percent 8.58 percent 19.34 percent 9.8 percent 27.56 percent
2 7.8 percent 15.35 percent 8.58 percent 17.76 percent 9.8 percent 23.14 percent
3 7.5 percent 14.39 percent 8.38 percent 16.63 percent 10.8 percent 22.99 percent
4 7.5 percent 14.06 percent 8.38 percent 16.08 percent 10.8 percent 21.8 percent
5 6.88 percent 12.75 percent 8.08 percent 15.16 percent 10.8 percent 20.92 percent

POSB Personal Loan Interest Rates
If annual income is SGD30,000 and more
Amount of Loan Tenure (In years)
1 2 3 4 5
SGD 25,000 and above (Assumed SGD 30,000 approved for illustration purpose)

A.I.R.

(per annum)

6.5 percent 6.5 percent 5.18 percent 5.18 percent 5.18 percent

E.I.R.

(per annum)

15.64 percent 14.07 percent 10.32 percent 10.09 percent 9.89 percent
Processing Fee 2 percent 2 percent 1 percent 1 percent 1 percent
Disbursed Amount of Loan SGD 29,400 SGD 29,400 SGD 29,700 SGD 29,700 SGD 29,700
Monthly Repayment SGD 2,663 SGD 1,413 SGD 963 SGD 755 SGD 630
SGD 1,000 to SGD 24,900 (Assumed SGD10,000 approved for illustration purpose)

A.I.R.

(per annum)

6.99 percent 6.99 percent 6.99 percent 6.99 percent 6.99 percent

E.I.R.

(per annum)

16.52 percent 14.95 percent 14.23 percent 13.75 percent 13.39 percent
Processing Fee 2 percent
Disbursed Amount of Loan SGD 9,800
Monthly Repayment SGD 892 SGD 475 SGD 336 SGD 267 SGD 225
If annual income is SGD20,000 to less than SGD30,000
Amount of Loan Tenure (In years)
1 2 3 4 5

SGD 1,000 to SGD 5,000

(Assumed SGD 3,000 approved for illustration purpose)

A.I.R.

(per annum)

11 percent 11 percent 11 percent 11 percent 11 percent

E.I.R.

(per annum)

27.69 percent 24.16 percent 22.57 percent 21.53 percent 20.74 percent
Processing Fee 4 percent
Disbursed Amount of Loan SGD 2,880
Monthly Repayment SGD 278 SGD 153 SGD 111 SGD 90 SGD 78

Applicable to people with annual income of SGD30,000 and more
OCBC Extra Cash Loan Interest Rates
Approved Amount of Loan (in SGD) 15,000
Processing Fee SGD 150 or 1.5 percent of the approved amount of loan (whichever is greater)
Disbursed Loan (in SGD) 14,775
Tenure (In years) 1 2 3 4 5
Nominal rates of interest (in % per annum) 6.62 6.49 6.52 6.60 6.69
E.I.R (in % per annum) 15.94 14.4 13.86 13.59 13.43
Monthly instalment (in SGD) 1,333 706 498 395 334
Applicable for people with annual income of SGD 20,000 – SGD 29,999
Approved Amount of Loan (in SGD) 4,500
Processing Fee SGD100
Disbursed Loan (in SGD) 4,400
Tenure (In years) 1 2 3 4 5
Nominal rates of interest (in % per annum) 12.31 12.25 12.5 12.81 13.14
E.I.R (in % per annum) 29.83 27.29 26.41 25.97 25.71
Monthly instalment (in SGD) 421 233 172 142 124

DBS Cashline Interest Rates
For annual income of SGD 30,000 or more
Tenure A.I.R (per annum) Processing fee (in %) E.I.R (per annum)

Monthly instalment sum

for a loan amounting SGD5,000

12 Months 6.8% 2 15.86% SGD445
24 Months 6.8% 2 14.33% SGD237
36 Months 6.8% 2 13.63% SGD168
48 Months 6.8% 2 13.18% SGD133
60 Months 6.8% 2 12.83% SGD112
For annual income less than SGD 30,000
Tenure A.I.R (per annum) Processing fee (in %) E.I.R (per annum)

Monthly instalment sum

for a loan amounting SGD5,000

12 Months 8.5% 2 18.85% SGD453
24 Months 8.8% 2 17.81% SGD245
36 Months 8.8% 2 17.03% SGD176
48 Months 8.8% 2 16.47% SGD141
60 Months 8.8% 2 16.03% SGD120

TCC Personal Loan Interest Rates
Flat Rate of Interest 6.99 percent per annum

What is an Interest Rate?

When you borrow funds, the lender will ask you to pay a percentage of the principal amount for using the money. This percentage is called the interest rate and it is calculated on an annual basis.

Factors that affect your personal loan interest rate

Your interest rate is calculated based on the following factors –

  • Amount of loan – This is the amount of money you borrow from the bank. Your rate of interest is indirectly proportional to your loan amount. If you borrow a larger amount, you will have to pay lesser interest.
  • Tenue of the loan – This is the time period for which you borrow the money. If you take the loan for a longer period, you will get benefits on your interest rate.
  • Current Market Rate – The current market rate of interest acts as the base rate based on which banks decide your rate of interest.
  • Credit report Assessment – Banks pay a lot of attention your credit report when you apply for a loan. Your credit score plays an important role in deciding your rate of interest. Banks tend to provide lower rates of interest to people with a higher score.

These are a few important factors that have an impact on your personal loan interest rate. Apart from these, there are also other factors which play a role in deciding your interest rate such as the institution from which you are taking the money from as banks and other financial institutions do not offer the same rate of interest.

How to Get Low Rates of Interest on Personal Loan

The different ways to get a lower rate of interest are as follows –

  • Credit Score – To get lower rates of interest on your personal loan, you should ensure that you have a good credit score because banks provide lower rates to people with a higher score. A good score speaks a lot about you and assures banks that they will get back their money on time from you. So, check your credit report regularly and rectify mistakes, if you find any. Also, make your payments on time and clear off all the pending bills before applying for a loan. This will help you in increasing your credit score and getting a low interest rate.
  • Collateral – If you do not have a good credit score, you can provide a collateral security to the bank in order to get a lower rate. You must remember that this step will make your loan secured, which means that if you fail to repay your loan, the bank will take over your collateral.
  • Guarantor – You can also get a lower rate if you find a guarantor with a good credit report. Here, if you fail to pay off your loan, the bank will ask your guarantor to repay the money.

There are other financial institutions and money lenders apart from banks that offer this type of loan in Singapore.

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