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    We found 2 POSB Personal Loan
    Bank Name
    Interest Rate
    Loan Tenure
    Joining Perks
    From 3.98% p.a. EIR from 7.23% p.a.
    Up to 8 years
    What you'll love
    What you need
    What you need to consider
    What it costs
    BankBazaar Exclusive Deal
    From 3.88% p.a. EIR from 7.56% p.a.
    1-5 Years
    What you'll love
    What you need
    What you need to consider
    What it costs

    POSB Personal Loan

    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

    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

     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

     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 20 Sep 2018

    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

    • POSB Debt Consolidation Loan : 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.

    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%

    POSB Personal Loan Promotion

    Apply online for a POSB personal loan and get up to 10 times your monthly salary at interest rates starting at 3.88% p.a. before 31 December 2018. Moreover, get to enjoy NTUC vouchers and have your processing fee waived.

    Promotion 1:  Receive S$120 NTUC vouchers

    Get S$120 NTUC vouchers for approved loan amounts of S$3,000 or more if you are a new POSB customer.

    Terms and Conditions:

    • You will only be eligible for a one-time redemption of this promotion, regardless of the number of approved applications during the entire period of the promotion.
    • If more than one loan is approved, only the earlier approved loan will be eligible for these vouchers.
    • You will get a redemption letter within 90 days of the loan approval date.

    Promotion 2: Up to S$1,000 processing fee waiver

    You can get up to S$1,000 of the processing fee waived if:

    • You submit a same-day combined application for both a POSB Cashline and credit card account or a single application for both.
    • You are approved for a loan amount of S$30,000 or more.

    Terms and Conditions:

    • The processing fee will be charged to your account once the loan is approved. However, it will be credited back to your Cashline or credit card account(s) within 60 days from the loan approval date.
    • Regardless of how many approved loans you get during the promotion period, you will only be eligible for a one-time fee waiver. It will be capped at S$1,000.
    • If more than one loan is approved during the promotion period, only the earlier approved loan will be eligible.

    Ensure you apply online, get approved for the POSB personal loan, and meet all the conditions outlined above to secure both promotions.

    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.

    Fees & Charges

    POSB offers personal loan at a low annual interest rate. The interest rate offered to you will be based on your credit profile or score. This may vary from the published rate or the interest rate that is offered to other loan applicants. The published rates for POSB personal loan are:

    Annual rate of interest Processing fee Effective Interest Rate (EIR) Loan repayment tenure
    3.88% p.a. 1% 7.56% p.a. 1 to 5 years

    How to Apply?

    You can apply for a POSB personal loan by visiting the POSB Singapore website. You will first need to check whether you meet the eligibility criteria. If you do, you can click on the “Apply Now” tab and continue with the on-screen steps to complete your loan application process.

    If you are an existing POSB customer, no documents are required for your personal loan. You will need to follow these steps:

    • Log in using your iBanking or mBanking credentials.
    • Choose your amount and tenure you require for a loan amount.
    • Submit the application online. You will be notified once your loan is approved by the bank.

    Alternatively, you can apply for a POSB personal loan using the following methods:

    • Using iBanking login: You will need to enter your iBanking username and password to apply for a personal loan application
    • Using card PIN: Enter your debit card number along with the PIN (used in ATM transactions). If you do not have a debit card, you can use your credit card credentials.

    If you are unable to apply for a loan due to an incorrect password, you can fill up the contact form available on the POSB website. A representative from the bank will contact and assist you with the loan application process.

    How to Check the Loan Status?

    Checking the status of your POSB Personal Loan application is simple. Existing Cashline account customers and credit cardholders will receive an SMS once their loan application is approved. The approved amount is credited to your designated account. Within 3 working days of receipt of the message, you will receive an approval letter for the loan. This letter will be sent to your mailing address.

    If you are a customer without a Cashline account or credit card issued by POSB, then the first step involves opening either one or both of these accounts. An SMS will be sent to your registered number once this is approved. A message regarding approval letters will also be sent. Once your account is active, you can apply for a personal loan. The steps to check your loan application status post this is the same for existing cardholders and Cashline account customers.


    Q. I have a good credit history. Can I get a personal loan at a lower interest rate?

    A. Banks and financial institutions will usually have a fixed rate of interest on personal loans. They will also have complete discretion on the interest rates. However, you will need to check with your bank whether you are eligible for a personalised interest rate.

    Q. What is the average time taken to process a personal loan?

    A. Banks may take up to 3 working days to process your personal loan request. You will receive an SMS or a notification letter from the bank once your amount is approved.

    Q. Are there charges involved if I opt for a personal loan pre-closure?

    A. Yes, POSB Bank will levy an early termination fee of S$150 if you opt for a loan pre-closure.

    Q. What are the tenure options available for the POSB Personal Loan?

    A. Loan tenure is available for 12, 24, 36, 48, and 60 months.

    Q. I could not pay my monthly repayments on time. Will it affect my credit rating?

    A. Yes, your credit rating will be affected when you default or miss payments on your personal loan. Banks and financial institutions will consider your credit history before granting a future loan. It is crucial to ensure that you pay your monthly repayments to the bank on time. When you miss payments on your personal loan, banks may levy late payment fees along with the principal and interest amounts due.

    Q. I am experiencing difficulties while trying to submit my loan application online. What should I do?

    A. You can visit the POSB Singapore website and leave your contact details. A bank representative will contact you within 1-2 working days to assist you further with your request.

    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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