Loan Payment Methods in Singapore
Singaporeans can make secure, convenient, and easy loan payments through SingPost, SAM kiosks, and AXS Stations. Most banks still accept the traditional cheque and cash payments made at their bank branches. However, with the advent of technology, banks have now started accepting loan payments from customers through third-party sites, phone banking, internet banking, mobile apps, and kiosks.
Why choose SAM kiosks to make your loan payments?
SAM kiosks were established in 1990s in Singapore to compensate for the regular Post Office timings. They are strategically located across the island to offer customers a wide range of services closer to their home or workplace. Following are the benefits of using SAM kiosks to make loan payments:
- Speedy online payment: SAM kiosks offer advanced features that streamline your online payments.
- Payment history: View all your payment transactions and receipts that are stored in the SAM web and mobile database.
- Payment status: Get automated updates on your online payment status.
- Payment reminder: You can receive automated payment reminders from SAM web and mobile so that you don't default on your loan repayments.
- Convenient payment: You can make online loan repayments at your convenience.
- Payment anywhere: SAM kiosks are strategically located across the island to give easy access.
- Payment at any time: SAM kiosks operate beyond the regular Post Office working hours.
- SAM web and mobile: You can make payments at any time and from anywhere in the world using SAM web and mobile.
Loan payment via SingPost or SAM kiosks
Singaporeans can make secure, speedy and convenient loan payments via SingPost or SAM kiosks. Listed below are some of the banks that accept loan payments via SingPost or SAM kiosks:
Before making payments, you need to find out if your bank accepts a particular mode of payment. SAM kiosks and SingPost support the following modes of payments:
- NETS FlashPay
- Cash Card
When you visit SingPost bring your loan payment statement, bill or notice to make payments. Any enquiry or dispute regarding the payment has to be taken up with the banks as SAM is only a payment aggregator.
How to make loan payments via AXS Station?
There is no payment charge for making loan payments via AXS Stations as this service is offered for free by the banks. AXS Stations operate 24 hours a day, 7 days a week. Payment method is easy as all you require is your Cash Card or NETS ATM card. Below is a step-by-step guide on how to make loan payment via AXS Stations:
- Click on the ‘Loans’ tab.
- Select your bank name from the list.
- Choose the type of loan.
- Individuals with a savings or current account can insert their ATM card to authenticate the transaction.
- You can also manually input your NRIC number to begin the transaction.
Payments made before 7:30 pm on weekdays and 4:30 pm on Saturdays will be processed on the same day. Payments made after the specified time will be processed the next day.
Types of loan payment methods accepted by banks in Singapore
Listed below are the banks and their acceptable loan payment methods:
- Standard Chartered Bank:
- Cheque payment: Drop your cheque in the cheque deposit box at any Standard Chartered Bank branch.
- Phone banking.
- Online banking.
- SAM kiosks.
- Cash payment at cash deposit machines or teller counters.
- Interbank GIRO.
- AXS Stations.
- Maybank online banking.
- Other banks’ online banking.
- Cash deposit machines.
- Interbank GIRO.
- Cheque payment at one of the Maybank branches.
- Cash payment at any Maybank branch.
- AXS Station.
- SingPost or SAM kiosks.
- DBS Bank:
- DBS iBanking.
- DBS Digibank app.
- AXS Station.
- DBS or POSB ATMs.
- Cheque deposit or cheque mail-in.
- Cash payment at a DBS or POSB bank branch.
- Fast And Secure Transfers (FAST).
- SMS Pay.
- Online banking.
- Citi Mobile.
- ANZ Bank:
- AXS Stations: Make loan payments using your ATM card or NRIC number at anytime.
- HDFC Bank:
- Pay Online: Using another bank's internet banking facility, you can make loan payments via Pay Online. The loan payment will be processed immediately and the payment status will be updated in 3 working days. Payment notification will be sent via SMS to your registered mobile number. You can track the payment with the provided transaction reference number. There is no charge for using Pay Online.
- HSBC Bank:
- Cheque payment: Drop your cheque in the Cheque Deposit Box at any HSBC branch.
- Cash payment: Make cash deposit in the Cash Deposit Machines at any HSBC branch.
- Bank transfer: Transfer funds from other bank accounts to HSBC repayment account via internet banking, phone banking or OTC.
- OCBC Bank:
- FAST (Fast And Secure Transfers).
- UOB Bank:
- You can use your CPF funds to repay your loan.
- Cash payment at any UOB branch.
- Cheque payment at any UOB Group branch.
Making loan payments is easy when you choose a suitable payment method depending on the lending bank and the loan repayment options.