Cash woes? A personal loan to the rescue!
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    Bankbazaar Personal Loans Singapore

    We found 15 Personal Loans Singapore
    Bank Name
    Interest Rate
    Loan Tenure
    Joining Perks
    From 3.7% p.a. EIR from 7% p.a.
    1-7 Years
    What you'll love
    What you need
    What you need to consider
    What it costs
    From 3.5% p.a. EIR from 6.63% p.a.
    Up to 10 years
    What you'll love
    What you need
    What you need to consider
    What it costs
    From 3.98% p.a. EIR from 7.23% p.a.
    Up to 8 years
    What you'll love
    What you need
    What you need to consider
    What it costs
    From 3.99% p.a. EIR from 7.5% p.a.
    (Welcome offer for new to bank customers)
    1-5 Years
    What you'll love
    What you need
    What you need to consider
    What it costs
    From 4% p.a. EIR 7.5% p.a.
    1-10 Years
    What you'll love
    What you need
    What you need to consider
    What it costs
    From 6.88% p.a. EIR from 12.75%p.a.
    1-5 Years
    What you'll love
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    What you need to consider
    What it costs
    - EIR from 10.5% p.a.
    Up to 7 years
    What you'll love
    What you need
    What you need to consider
    From 8.18% p.a. EIR 17.13% p.a.
    1-5 Years
    What you'll love
    What you need
    What you need to consider
    What it costs
    From 3.88% p.a. EIR from 7.56% p.a.
    1-5 Years
    What you'll love
    What you need
    What you need to consider
    What it costs
    From 3.88% p.a. EIR from 7.56% p.a.
    1-5 Years
    What you'll love
    What you need
    What you need to consider
    What it costs
    4.99% p.a. EIR from 9.48% p.a.
    1-5 Years
    What you'll love
    What you need
    What you need to consider
    What it costs
    From 6.38% p.a. From 14.58% p.a.
    1-3 years
    What you'll love
    What you need
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    What it costs
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  • Personal Loan BYTES FROM OUR KITCHEN

    Personal Loans Singapore

    When you’re looking for a personal loan, remember to compare and find one with the lowest interest rates. Ensure that you check parameters such as the Effective Interest Rate (EIR), credit availability or how much money you would be able to borrow, the minimum income requirements, and whether you will be able to make repayments regularly and on time. While some banks may let you borrow up to 10 times your monthly salary or offer you a cashback when you apply before a certain date, there is no guarantee that the loan in question is the best for you. Maybe a lower interest rate of 3.7% p.a. is more appealing than a loan with a high credit limit. Maybe the fact that you can get a credit card for free holds more significance than a loan which lets you repay for up to 7 years. Comparing different loans will help you find the one that’s most suitable for you. Given below is the table with details of various loan products available with different banks in Singapore. This is comprehensive information for products including personal loan, personal line of credit, balance transfer, secured overdraft, and debt consolidation plan of each bank.  

    Bank Interest Rates Processing Fee Minimum Tenure Maximum Tenure Minimum Income
    POSB 5.06% 1% 6 months 8 years S$20,000
    Standard Chartered 8.34% S$199 1 year 5 years S$20,000
    Citi 3.6% 1.58% 3 months 5 years S$30,000
    HSBC 3% S$88 6 months 10 years S$30,000
    UOB 2.12% 1% 3 months 6 years S$30,000
    OCBC 5.2% 1.8% 3 months 8 years S$20,000
    DBS 5.06% 1% 6 months 8 years S$20,000
    Maybank 2.95% 1.38% 6 months 10 years S$30,000
    BOC 5.6% 1.8% 3 months 10 years S$30,000
    CIMB 7% 1% 1 year 8 years S$30,000

    HSBC Personal Loan : Best Long-Term Loan

    HSBC gives the longest tenure on personal term loans – 7 years. Most other banks have tenures going up to 5 years only. You can also redraw on your existing loan at no extra cost. The bank is offering a processing fee waiver of S$88 on applications made by 31 August 2018 and approved by 30 September 2018. If you apply online through HSBC’s website and get the loan approved by the same dates, you will also receive a cashback of S$50. There are special interest rates for the same application and approval period, with the following terms: a) 7% p.a. for people with a yearly income of S$80,000 and applying for loans of tenures 3 to 7 years, b) 9% for those earning S$30,000 to less than S$80,000 and applying for a 3- to 7-year loan, and c) 13% p.a. if the loan tenure is 1 or 2 years.

    • Minimum annual income needed:S$30,000.
    • Can foreigners apply?Yes. The minimum income requirement is S$40,000 p.a.
    Interest rate Processing fee Maximum loan amount Monthly repayment^
    Starts from 7% S$88 (waived) S$200,000 S$103.79

    DBS/POSB Personal Loan : Best for Fast Cash Disbursal

    This loan is linked to your credit card, Cashline account or a deposit/savings account. So if you don’t have one, you’ll have to first get a DBS or POSB credit card, line of credit or account. This is a fixed repayment loan with a tenure of 12 to 60 months. The money will be disbursed to you immediately if your application is approved. Apply online through DBS/POSB website by 31 December 2018 and enjoy these promotional offers:a) Get NTUC vouchers worth up to S$120 on loan amounts of S$3,000 or more in one application, for new customer; b) Save S$1,000 on processing fee if the loan amount is at least S$30,000 and made in the same application or in multiple applications through credit cards and/or Cashline on a single day.

    • Minimum annual income needed:S$20,000.
    • Can foreigners apply? No
    Interest rate Processing fee Maximum loan amount Monthly repayment^
    Starts from 7.56% 1% 10x monthly salary S$116.62

    Citi Personal Loan : Best for Short Tenures

    This loan can also be easily obtained if you have a Citi credit card or Ready Credit account. However, new customers can enjoy lower interest rates. There’s also an option to pay an upfront service fee and skip interest payments. You also get a 1-hour approval-in-principle if all your documents are in order and meet all the eligibility requirements.

    • Minimum annual income needed:S$30,000.
    • Can foreigners apply?Yes. The minimum income requirement is S$42,000 p.a.
    Interest rate Processing fee Maximum loan amount Monthly repayment^
    Starts from 8.5% NA S$100,000 S$107.47

    UOB CashPlus Personal Loan : Best for Higher Loan Amounts

    With the CashPlus Personal Loan, you can get up to 95% of the approved credit limit. This is a fixed repayment loan that can be obtained through either an existing UOB credit card or CashPlus account. The money will be deposited to your account in 3 to 5 working days. You can win Dairy Farm Group vouchers worth up to S$250 if you borrow by 31 August 2018. If the approved loan amount is between S$5,000 and S$7,999 you will get vouchers worth S$150, and for borrowings above S$8,000, you will get a S$250 voucher.

    • Minimum annual income needed: S$30,000.
    • Can foreigners apply? No.
    Interest rate Processing fee Maximum loan amount Monthly repayment^
    Starts from 9.48% 1% 95% of CashPlus credit limit S$130.39

    OCBC Cash-on-Instalments : Best for Existing OCBC Customers

    This is a term loan linked to an existing OCBC credit card or EasiCredit account. You don’t need to have a savings or current account with OCBC to get the money – the funds will be transferred to any bank’s account that you choose. An applied interest rate of 0% is applicable if you go for a 1-year instalment loan. You could get lower interest rates during promotional periods.

    • Minimum annual income needed: S$20,000.
    • Can foreigners apply? Yes. The minimum income requirement is S$45,000 p.a.
    Interest rate Processing fee Maximum loan amount Monthly repayment^
    Starts from 9.48% 1% 95% of CashPlus credit limit S$130.39

    Maybank CreditAble Term Loan : Best for Low Income-Earners

    This is an instalment loan under Maybank CreditAble, which means you can convert up to 90% of your credit availability to a fixed repayment plan. You can get the loan through an existing Maybank credit card as well. If you are among the first 500 persons to get S$9,000 or more approved under this loan, you will receive cash credits of S$120. The cash credit will not be given to you if you cancel the loan after approval or closed through full or partial payment before the chosen tenure ends.

    • Minimum annual income needed: NA.
    • Can foreigners apply? Yes. The minimum income requirement is S$45,000 p.a. for Malaysians and S$60,000 for people from other countries.
    Interest rate Processing fee Maximum loan amount Monthly repayment^
    Starts from 9.48% 1% 95% of CashPlus credit limit S$130.39

    *The products listed above are chosen from all the personal loans available in Singapore. Terms like “popular”, “best”, or “top” do not indicate any special favour shown towards any product in particular.

    Things to Consider Before Applying for a Personal Loan

    Interest rates: This will directly contribute to the total repayment on the loan. Look for the Effective Interest Rate (EIR) of a loan, which is the actual cost you will have to bear. This is a combination of the processing fees and the applied or flat rate. Higher rates will increase your debt burden, but a good credit history will help you get lower rates.

    Credit score: Your credit report consists of a credit score and a risk rating. The credit score is a number ranging from 1,000 to 2,000, and the risk rating ranges from AA to HH. Banks usually prefer seeing scores of over 1,844 and a risk rating of AA or BB. This indicates how likely you are to repay the loan and not default on it.

    Total Debt Servicing Ratio (TDSR): This is the amount of debt you have versus your income. As per regulations, the TDSR for a borrower cannot exceed 60% of their gross monthly income. This is to ensure that you are not overburdening yourself with debt that you cannot honour. This ratio will be used by lenders to decide the quantum of loan they should give you.

    Processing fee: This is an amount between 1% to 3% of the approved loan amount, that is charged by banks as administrative fees for processing the loan application.

    Annual fee: This is applicable only on personal line of credit. It is a yearly fee similar to credit card annual fees, charged for the maintenance of the account instead of the processing fee.

    Prepayment fee: This is the fee charged if you make a full or partial payment of the loan amount ahead of tenure completion. It generally ranges from 2% to 5% of the remaining amount in the loan account. It is also known as early repayment fee, partial payment fee or foreclosure fee.

    Late payment fee: This is a fee charged when you delay on your repayments. If your due date for payment is 30 June and you make your payment only on 3 July, that is a late payment. Late payments will also attract higher interest rates.

    Loan cancellation fee: This is applicable if you cancel your loan application after approval. It ranges from 2% to 5% of the loan amount.

    Overdue interest charges: If you fail to pay multiple instalments on time, or delay them regularly, you will be asked to pay overdue charges.

    Are You Eligible?

    The following are the factors that will be considered before the bank approves your application:

    • Your age: Most banks give unsecured loans to earning individuals aged between 21 and 65.
    • Your nationality: Singaporeans and Permanent Residents will have no trouble getting an approval if their papers are in order. Foreigners generally are not offered personal loans, except by some banks, as discussed earlier.
    • Your annual income: The minimum yearly income required for citizens and PRs is between S$20,000 and S$30,000, while for non-Singaporeans it is between S$40,000 and S$60,000.
    • Your balance-to-income ratio (BTI): This is the ratio of your debt to income. This criteria is especially required for debt consolidation plans, which require BTI to be at least 12 times the monthly income.

    Documents You Will Have to Provide

    • Proof of identity: This will be either your NRIC or Passport.
    • Proof of residency/address: This is for foreigners – you’ll have to provide your Employment Pass/Work Permit and other relevant passes. Some banks might also require you to be holding specific types of passes such as P1, P2 or Q. You might also be asked for utility bills as address proof.
    • Proof of income: This will include CPF contribution statements, income tax Notice of Assessment, computerised salary slips and/or employer’s certificate. The requirements may vary depending on whether you are salaried, self-employed or a commission earner.

    Can Foreigners Get a Personal Loan in Singapore?

    Foreigners residing in Singapore can also get personal loans for their emergency needs. However, there aren’t many banks that give unsecured loans to foreigners. HSBC, Citi, OCBC and Maybank are prominent among the banks that give personal loans to foreigners. Foreign nationals have to show a higher annual income – between S$40,000 and S$60,000 – to borrow from a Singaporean bank. The tenures available to them might either be smaller – between 2 and 3 years – or pegged to the validity of their Employment Pass or Work Permit. Though there is no discrepancy on the interest rates offered to citizens/PRs and foreigners, it might be best to check with the bank on the personal loan interest rates for foreigners.

    What Repayment Options Do You Have?

    You can make payment towards your monthly dues using any of the following modes:

    • By issuing a crossed cheque: The cheque doesn’t necessarily have to be from the bank that you have the loan account with.
    • By paying cash at a branch of your bank: This is the easiest option if you want to pay by cash and not electronically.
    • By paying through an ATM: This option is available only for certain banks. You can transfer money directly from your deposit account to loan account through debit or ATM cards.
    • By using online banking: This is the easiest way if you have internet banking access to your savings, chequing, or current account. You only have to add your loan account as a beneficiary/payee.
    • By using mobile banking: This is also very easy to do if the bank you have a savings, chequing, or current account has a mobile app. You only have to add your loan account as a beneficiary/payee.
    • Via an AXS terminal: This feature is available only for certain banks.
    • Via GIRO: This has to be done in advance and the amount that you repay has to be fixed at the outset. The Interbank GIRO form can usually be downloaded from your bank’s website. Simply fill it up and send it to the bank.
    • Via FAST: FAST is an interbank payment system available only Singapore. You can use this system for payments if the bank you have a deposit account in is linked to the FAST system.

    You have to pay the full instalment amount for term loans. However, for DCPs, personal lines of credit, and overdraft facilities, you may just pay the minimum amount due in order to roll over the loan to the next month. However, interest will be charged on the outstanding balance on a daily basis.

    BankBazaar provides you with details about the best loans available in the market. You can check eligibility for a particular loan through our site and then ask for a customised quote.Depending on your nationality, type of employment, annual income, age, bank/s with which you have an account, bank/s from which you already have a credit card, and some other basic criterion, you’ll get a customised list of loans that are best suited to your needs.As soon as you select one and apply for it, you’ll be prompted to fill out an online form. Once you have validated and saved the details, you’re ready for your loan.

    Frequently Asked Questions

    Q. Can You Take a Loan With a Bad Credit Score?

    A bank may offer a lower rate of interest on its personal loans although the screening process may be rigorous. Money lenders are more flexible and may let you borrow even with less than impressive credit scores. But they usually charge a higher rate of interest

    Q. How will I know when my repayment due date for my personal loan is?

    Your due date for monthly repayments would be mentioned in the notification letter that is posted to you by the bank. Usually, your first monthly repayment date will fall on the same date from your loan approval date. The date will remain the same for the coming months unless it says something else in the notification letter.

    Q. What are the steps involved in personal loan approval from a bank?

    You can apply for a personal loan using the following steps: Visit the desired bank’s website.

    • Apply for a personal loan online.
    • Upload the necessary documents (if prompted on the website).
    • Click the submit tab to complete the loan application.
    • Once your loan is approved, you will be notified about the decision.

    Q. There are plenty of financial banks and institutions. How do I decide which bank to take a personal loan from?

    When you are applying for a personal loan, you will need to keep in mind that banks will have interest charges, processing fee, pre-closure charges, late payment fee and other charges. These charges that are applicable on a personal loan will vary from one bank to another.It is advisable to first compare the details from all available banks, to get an understanding of the above charges and the clauses associated with them. Post this, you can opt for a bank that gives you the best deal.

    Q. I am not sure about the amount that I need to repay on a monthly basis. Where can I find this information?

    The amount you need to repay in monthly instalments will usually be mentioned in the notification letter you would have received from the bank. However, if this is not available, you can dial the bank’s hotline number to obtain information about your monthly repayments. The hotline number can be obtained from the respective bank’s website. Apart from this, you can estimate the amount required through a personal loan calculator, and ensure that you keep the money aside every month.

    Q. Will my credit score be affected if I default on my personal loans?

    Yes, your credit score and rating will depreciate if you default on your personal loan repayments. Banks and financial institutions will gauge your loan repayment capacity using your credit history. It is crucial that you maintain a good credit score as this will help you secure a loan in the future without any hassles.

    Q. Can I opt for a personal loan pre-closure?

    Yes, you can opt for a personal loan pre-closure. Most banks will require you to give a written communication or notice stating your request. Banks will also levy pre-closure charges or early repayment fees depending on the loan amount and tenure.

    Q. I have applied for a personal loan but haven’t yet received any updates from the bank. What should I do?

    Banks or financial institutions will have complete discretion on whether a loan can be granted to an individual or not. If you qualify for a personal loan and if you have applied online, you will receive an email or notification once your loan is approved by the bank. Certain banks may also allow you to check your application status online. Alternatively, you can call the bank’s hotline number to obtain information about the status of your loan.

    Q. How do personal term loans work?

    A term loan has a fixed repayment schedule. The tenure usually ranges from 1 year to 5 years. Interest is charged on the borrowed amount on a fixed or floating basis. The entire amount due is usually broken down into equal instalments to be paid at regular intervals. The interest rates are usually lower than that of revolving loans.

    Q. How does personal line of credit work?

    A personal line of credit is a type of revolving credit that can give you ready access to liquidity. As per the agreement between you and your lender, a borrowing limit is set. You’ll be allowed to borrow any amount within that limit. By paying the minimum amount due, you can roll the outstanding balance to the next month and borrow again.

    Q. How does secured overdraft work?

    The limit and interest rates charged on this credit facility will depend on the value of the asset pledged by you. Although a credit score is still important, the value of the asset is generally the clinching factor. Interest rates will only be charged on the amount of the credit utilised. There is no drawdown amount. This is also usually a revolving credit.

    Q. How do debt consolidation plans work?

    You can use this arrangement to consolidate debts from your outstanding unsecured credit lines. Instead of handling multiple repayments and interest rates, you only have to deal with one loan and one repayment. The interest rates are usually lower. You can apply for a debt consolidation plan only at one financial institution at a time. You may refinance your debt with another institution after 3 months. Minimum payment has to be made towards the existing credit lines until the plan is set up.

    Q. How does a balance transfer on personal loan work?

    With this facility, you can transfer outstanding balance on multiple cards or loans into a single card or loan. This facility is aimed at increasing your interest savings and reducing your debt liabilities substantially. This deferred interest plan usually offers you a 0% interest for a limited period and comes with a low processing fee.

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