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    We found 1 POSB Personal Loan

    Bank Name
    Interest Rate
    Loan Tenure
    Joining Perks
    From 6.99% p.a. EIR from 13.14% p.a.
    1-5 Years
    What you'll love
    What you need
    What you need to consider
    What it costs

    POSB Personal Loan

    Personal Loan BYTES FROM OUR KITCHEN

    Personal loans are the most common loans in Singapore and are mostly unsecured loans that do not require customers to provide any form of collateral or security. Several banks offer personal loans to Singaporean citizens and Permanent residents. Among the top banks offering personal loans, POSB is one. POSB’s personal loan product is also one of the top loan products in Singapore and comes with flexible tenures and easy repayment plans.


    You’re probably eligible for a POSB Bank Personal Loan if you are

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    POSB Bank Personal Loan Minimum Age

    Atleast 21 years

     POSB Bank Personal LoanMaximum Age

    Less than 65 Years

     POSB Bank Personal Loan Eligible Employment Type

    Salaried or self-employed with regular income

     POSB Bank Personal Loan Minimum Income

    Earn more than the minimum income required


    Your POSB Bank Personal Loan amount eligibility is based on these factors

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     POSB Bank Personal Loan Minimum Salary

    Minimum income required S$20,000 per annum

     POSB Bank Personal Loan Maximum Loan Funded

    Max Loan Amount Offered - up to 4X1of your monthly salary, or up to 10X1of your monthly salary if your annual income is S$120,000 and above.

     POSB Bank Personal Loan EMI

    EMIs of other loans lower your eligibility


    Increase your eligible POSB Bank Personal Loan amount by these steps

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     POSB Bank Personal Loan Payoff Outstanding Credit Card Bills

    Pay off your credit card bills

     POSB Bank Personal Loan Tenure

    Choose longer tenure loan up to 5 Years


    Documentation needed to apply for an POSB Bank Personal Loan

    • 1.Photocopy of NRIC
    • 2. Salaried Employee:
      • Latest Computerized Payslip OR
      • CPF Contribution Statement for past 12 months OR
      • Latest Income Tax Notice of Assessment (NOA)
    • 3. Variable Income/Commission Based Earner:
      • Latest 6 months Computerized Payslip OR
      • CPF Contribution Statement for past 12 months OR
      • Latest Income Tax Notice of Assessment (NOA)
    • 4. Self-Employed:
      • Income Tax Notices of Assessment (NOA) for past 2 years
    • 5.Any other documents as may be requested by the Bank at its sole discretion

    POSB Bank Personal Loan DetailsUpdated on 28 Jul 2017

    POSB Bank Personal Loan Details
    Interest Rate 6.99% p.a
    Minimum Income S$20,000 And Above
    Max Loan Amount up to 4 times your monthly income
    Loan Tenure 5 Years
    EIR Inclusive of 3% or 4% processing fee
    Guarantor Requirement No Guarantee Required

    If you are looking for a personal loan in Singapore, a personal loan from POSB might just be your fitting choice. With the POSB personal loan, you can get access to cash and take care of uninvited emergencies, launch your new business venture, or plan your most awaited vacation yet! All you need to do is log into the POSB website and place an online request for your loan. You’ll get instant approval from the bank and receive the cash immediately upon approval.

    Why Choose a Personal Loan from POSB?

    Posb Bank Personal Loan
    • Low rate of interest: The Personal Loan offered by POSB attracts a low rate of interest over a fixed repayment tenure. Interest rates start at 5.88% p.a. and is dependent on the annual income and repayment tenure chosen by the customer.
    • Simple documentation: The documentation process involved is easy and simple - the entire application process can be completed online. Customers intending to apply for a Personal loan from POSB can find all the necessary information on the official POSB website.
    • Customer Support: Customers can contact POSB’s customer service center for any queries relating to their loan application. An active and responsive customer support ensures that all customer queries, concerns and grievances are addressed.
    • Flexible tenures: Customers can opt for a tenure of their choice while choosing a Personal loan from POSB. The bank also allows for pre-closing the loan, subject to pre-closing charges determined by the bank.
    • Special Cashback offer: Enjoy a cashback of up to S$388 upon successfully applying for a POSB Personal Loan. Offer terms and conditions hold applicable.

    Types of POSB Personal Loans in Singapore

    • Debt consolidation loans: POSB provides customers with debt consolidation loans to help them eliminate debt from multiple sources and direct their existing debt towards a single source. All credit card debt and loans from different banks can be redirected to a single repayment destination.
    • Education loan: POSB provides education loans to students who wish to pursue an academic programme either in SIngapore or overseas. These loans come with low and affordable interest rates and flexible repayment options.
    • Home Renovation Loan: Customers can use their POSB personal loan to renovate their home. A separate home renovation loan may also be made available in select cases.

    Features and benefits of the POSB personal loan

    The POSB personal loan comes with some amazing benefits indeed. Besides receiving a low rate of interest, here are some other notable benefits:

    • The tenure period for a POSB Personal loan can range from 1 year to 5 years. Customers can choose their loan tenure period based on their convenience.
    • If a particular tenure is chosen by the customer, repayments throughout the tenure remain fixed. Repayments need to be made on a monthly basis.
    • Longer tenures attract lower Effective Interest Rates. However, longer tenures translate higher interest payments through the tenure of the loan.
    • The loan approval is almost instant. Upon applying for the loan, customers get instant approval, following which their loan application is processed and reviewed.
    • An amount equivalent to 4 times the customer’s monthly income is provided by POSB.
    • If a customer’s monthly income is S$120,000 or more, they can get an amount of up to 10 times their monthly income sanctioned.
    • Credit card holders and Cashline account holders get preferential rates of interest on their personal loans.

    POSB Personal Loan Interest Rates

    Below are the interest rates for the POSB Personal Loan:

    Loan Tenure Applied Interest Rate (% p.a.) Effective Interest Rate (% p.a.) Processing Fee (%)
    12 months 7.99% 19.70% 3%
    24 months 7.99% 17.28% 3%
    36 months 6.99% 13.96% 2%
    48 months 6.99% 13.50% 2%
    60 months 6.99% 13.14% 2%

    POSB Personal Loan Interest Rates for applicants with annual income of between S$20,000 and S$30,000 (interest rates are applicable to cashline accounts as well):

    Loan Tenure Applied Interest Rate (% p.a.) Effective Interest Rate (% p.a.) Processing Fee (%)
    12 months 11% 26.62% 4%
    24 months 11% 23.26% 4%
    36 months 11% 21.74% 4%
    48 months 11% 20.75% 4%
    60 months 11% 20.01% 4%

    Eligibility criteria for the POSB Personal Loan

    • The applicant should be a minimum of 21 years of age.
    • The applicant must be a Singaporean citizen or a Permanent Resident. In select cases, personal loans are given to foreigners as well.
    • All supporting documents need to be submitted to the bank. Any inconsistencies in information will lead to rejection of the application.
    • A customer intending to apply for a personal loan from POSB must draw a minimum annual income of S$20,000 and must have an existing relationship with POSB.

    Documents to be submitted to POSB Bank

    • Proof of income documents – latest computerized payslips (last 3 months). Employment letter and employment pass in case of Permanent Residents.
    • Front and back copy of NRIC.
    • Latest Income Tax Notice of Assessment (last 2 years)
    • Bank statement for the last 3 months.

    News About POSB Personal Loan

    • POSB Personal Loan Promotion

      Runtime period: This promotion is valid until June 30, 2017.

      Particulars: Apply for a POSB loan online and receive cashback of up to S$388! In order to enjoy this benefit, you will have to get a minimum loan amount of S$10,000 approved. You will get cashback of S$188 if your approved loan amount is between S$10,000 and S$19,999. If you get a loan of S$20,000 and above, you will get cashback of S$388.

      Terms and conditions: To enjoy this offer, you will have to apply online for a POSB personal loan on your own by visiting the official website of the bank. You will receive the cashback only once. You cannot transfer or exchange this cashback for anything else.

      17th April 2017

       
    • POSB Study Loan Promotion

      Run Time – This is an ongoing offer

      Particulars –

      Get benefits when you take an education loan from POSB bank to apply in one of their selected institutions. The benefits you will avail are as follows –

        • Interest rates as low as 4.6% per annum with a processing fee of 2 percent

        • Flexible repayment period of up to 10 years

        • A loan amount, which is 10x of your combined income every month capped at the unpaid fees or SGD 80,000 (whichever is lesser). The minimum amount of loan given is SGD 2,000

      To get more information about the offer and the selected list of institutions, please contact the bank or visit their website.

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