SBI personal loans are among the best options available in Singapore to undertake a foreign tour, finance a big-ticket purchase, meet medical expenses or take care of other short-term finance needs in a completely hassle-free manner. You can draw up to four times your monthly salary if your annual salary is between S$30,000 and S$120,000 and six times your monthly salary if your annual salary exceeds S$120,000. Currently, the processing fee of S$88 is being waived by the bank on new personal loan applications. Prepayment/redemption fee will apply.
SBI will use the following rates to calculate the total interest payable on your dues:
SBI Singapore offers attractive interest rates compare to other bank personal loan in Singapore. You can pay back your loan in fixed monthly instalments over a tenure of up to five years. If you’re a Singapore citizen or PR who earns above S$30,000 p.a. and is aged between 21 and 55 (both inclusive), you can apply for it. You can initiate your application online but you’ll have to visit a branch for approval. You’ll get a debit card with your loan and can also apply for an optional chequing facility.
The following are the interest rates applicable on these loans over different tenors:
|1 year||4.66% p.a.||8.5% p.a.|
|2 years||4.55% p.a.||8.5% p.a.|
|3 years||4.27% p.a.||8% p.a.|
|4 years||5.44% p.a.||10% p.a.|
|5 years||5.79% p.a.||10.5% p.a.|
The following are the effective interest rates applicable on secured overdraft facilities provided by SBI for different loan tenors:
|1 year||10.5% p.a.|
|2 years||10.5% p.a.|
|3 years||10% p.a.|
|4 years||12% p.a.|
|5 years||12.5% p.a.|
SBI Singapore introduces special rates of interest from time to time on their personal loan products. Currently, the bank is offering attractive rates that start from 4.27% p.a. The EIR starts from 8% p.a. on personal loan. You can check the interest rates and promotional offers on personal loans provided by other banks in Singapore here.