Multiple banks. Different interest rates. Call it a "conflict of interest".

    SBI Personal Loan Interest Rate

    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.

    Types of Interest Rates Used by SBI

    SBI will use the following rates to calculate the total interest payable on your dues:

    • Nominal interest rate (APR): This is the interest that doesn’t take compounding or administrative fees into account. It is basically a simple rate of interest calculated on the total loan and doesn’t take the amount repaid into account.
    • Effective interest rate (EIR): Effective interest will take compounding into account. It will also including processing fee and other charges payable on the loan. If the full dues aren’t paid at the end of the month, EIR would apply and your interest will be higher due to compounding.

    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.

    Effective Interest Rates

    The following are the interest rates applicable on these loans over different tenors:

    Loan Tenor APR EIR
    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.

    Secured Overdraft Interest Rates

    The following are the effective interest rates applicable on secured overdraft facilities provided by SBI for different loan tenors:

    Loan Tenor EIR
    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.

    Promotional Interest Rates

    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.

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