Cash woes? A personal loan to the rescue!

    Find Low Interest Rate Personal Loans

    If you are looking for a personal loan, knowing the interest rates offered by various banks in Singapore will help you decide which option has the lowest rate. Other details and features of these loans will help you choose the most beneficial plan. Also, referring to the Effective Interest Rate (EIR) will give you the actual cost of borrowing.

    Given below are 5 personal loans in Singapore that offer the lowest interest rates, along with their features and requirements.

    DBS Personal Loan

    • Interest Rate – From 3.88% p.a. (depending on your risk profile).
    • EIR – From 7.56% p.a.
    • The maximum loan amount is 4 times your monthly salary. If you earn S$120,000 or more p.a. the maximum loan amount is 10 times your monthly salary.
    • Cash is immediately deposited into your DBS deposit account .
    • Only Singaporeans and Permanent Residents (salaried, self-employed, commission earners) are eligible to apply.
    • Age requirement – 21 to 65 years.
    • A processing fee of 1% is applicable on the loan amount.
    • Minimum annual income required is S$20,000.
    • Late payment fee is S$100 for Credit Card Personal Loan & S$105 for Cashline Personal Loan.
    • A fee of S$150 is charged for early repayment (Only full repayment. Partial repayment is not allowed).

    CIMB CashLite

    • Interest Rate – From 4.5% p.a. (depending on your risk profile).
    • EIR – From 8.21% p.a.
    • The maximum loan amount is limited to 80% of your available CIMB credit limit
    • There is a S$100 fee for late payment.
    • Early settlement penalty is S$250 or 3% of the outstanding principal amount, whichever is higher.

    Citibank Ready Credit

    • Interest Rate – From 4.55% p.a.
    • EIR – From 8.5% p.a.
    • For existing customers, the interest rate is 5.39% p.a. (EIR 10% p.a.).
    • Eligibility - Singaporean, Permanent Residents and foreigners who are  21 years old and above can apply.
    • The maximum loan amount available is 4 times your monthly salary.
    • Minimum annual income requirement - S$30,000 for Singaporeans/PR and S$42,000 for foreigners.
    • If you miss payments for 2 consecutive months, the bank will terminate the loan any outstanding loan amount will be charged.
    • Early settlement penalty is S$100 or 3% of the outstanding principal amount, whichever is higher.

    HSBC’s Personal Loan

    • Interest Rate – From 3.7% p.a.
    • EIR – From 7% p.a.
    • The interest rate for annual incomes of S$80,000 or more is 3.7% p.a. (EIR 7% p.a.).
    • Maximum loan amount available is 4 times your monthly salary (S$30,000 to S$119,999) and 8 times your monthly salary if your annual income is $120,000 and more.
    • The loan plan is open to Singaporeans, PR, and foreigners who are 21 years old or older.
    • Minimum income should be S$30,000 p.a. (Singaporean/PR) and S$40,000 p.a. (foreigner)
    • The processing fee of $88 is currently waived for loan applications made between 2 April 2018 to 30 June 2018
    • Late repayment of loan instalment attracts a penalty of 2.5% + prevailing interest on the overdue amount
    • Early settlement penalty is 2.5% of the outstanding principal amount

    Standard Chartered CashOne

    • Interest Rate – From 6.88% p.a.
    • EIR – From 12.75% p.a.
    • If your annual income is between S$20,000 and S$29,999, the interest rate is as low as 9.80% p.a. (EIR 27.56% p.a.), depending on the tenure you choose.
    • Eligibility – The loan is available for Singaporeans, PR, and foreigners, 21-65 years old.
    • A minimum annual income of S$20,000 for Singaporean & PR and S$60,000 for foreigners is required to be eligible for this loan.
    • Maximum loan amount available is 4 times your monthly salary.
    • There is an annual fee of S$199.
    • Late payment charge is S$80.
    • S$250 or 3% of the outstanding principal amount, whichever is higher, will be charged as the early settlement penalty.

    All the loans mentioned above have low interest rates. Go through all their respective requirements, eligibility criteria, other features, charges, and penalties to find the most suitable option. Remember, take a personal loan only if you are sure of making the repayments on time. Penalties and fees for late payments can add to your monthly expenses. Make sure that all your repayments put together are less than 30% of your monthly income. This will help you cover your other monthly financial requirements as well.

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