• Personal Loan Interest Rates

    Personal Loan BYTES FROM OUR KITCHEN

    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.

    Bank + Personal Loan Interest Rates
    ANZ Personal Loan 6.6% p.a
    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

    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.

    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.

    Banks Providing Personal Loan in Singapore

    The banks which provide personal loans in Singapore are as follows –

    • HSBC Bank
    • Australia and New Zealand (ANZ) Bank
    • UOB Bank
    • Citibank
    • Bank of China (BOC)
    • Standard Chartered Bank (SCB)
    • POSB Bank
    • OCBC Bank
    • CIMB Bank
    • DBS Bank
    • RHB Bank
    • ICBC Bank
    • TCC Credit Co-operative Limited

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

    Personal Loan Interest Rates Bank wise:

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

    HSBC BANK
    Prevailing 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 Bank
    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 Rate
    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 Bank
    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 Bank
    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

    OCBC Bank – ExtraCash Loan
    Personal Loan Interest Rates
    Applicable to people with annual income of SGD30,000 and more
    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 Bank - Cashline Instalment Loan
    Promotional Rates of Interest
    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 Credit Cooperative Limited
    Personal Loan Interest Rates
    Flat Rate of Interest 6.99 percent per annum

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