Get the Best Personal Loans with Low Interest Rates in Singapore for 2022!

Compare personal loan & get best loan interest rates in Singapore. Read More
10,000 personal loan Paid over 3 years
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We found 8 Personal Loans for you!
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Standard Chartered logo

Per Month

S$307

MoneySmart Exclusive
Receive cash in 15 mins!

Standard Chartered CashOne

Interest Rate*
EIR: 7.99%
3.48%
Total Amount Payable
S$11,044
Processing Fee
S$0
Per Month
S$307

Receive your loan as quick as 15 mins and enjoy up to S$4,799 worth of free gifts from MoneySmart AND cashback from Standard Chartered!
Get your hands on an Apple 13” Macbook Air with M2 Chip 256GB (worth S$1,699) AND up to S$3,100 Cashback this September! T&Cs apply.

Valid until 30 Sep 2022 - See more details below
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UOB logo

Per Month

S$306

MoneySmart Exclusive

UOB Personal Loan

Interest Rate*
EIR: 6.42%
3.4%
Total Amount Payable
S$11,020
Processing Fee
0%
Per Month
S$306

Receive cash incentives from MoneySmart AND UOB!
Get up to S$3,388 Cash when your UOB Personal Loan application is approved this September! T&Cs apply.

Valid until 30 Sep 2022 - See more details below
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Citibank logo

Per Month

S$307

MoneySmart Exclusive

Citi Quick Cash (New Loan Customers)

Interest Rate*
EIR: 6.5%
3.45%
Total Amount Payable
S$11,035
Processing Fee
S$0
Per Month
S$307

Receive a Sennheiser MOMENTUM True Wireless 3 (worth S$399) OR an Apple iPad 10.2-inch Wi-Fi 64GB (worth S$499) OR an Apple Watch Series 7 GPS, 45mm (worth S$649) OR up to S$550 when your Citi Quick Cash personal loan application is approved! Simply apply with MyInfo for a faster journey to your gift! T&Cs apply.

Valid until 30 Sep 2022 - See more details below
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HSBC logo

Per Month

S$304

Online Promo

HSBC Personal Loan

Interest Rate*
EIR: 6%
3.2%
Total Amount Payable
S$10,960
Processing Fee
S$0
Per Month
S$304
Online Promo:
Get up to S$100 Cashback and 1% Cashback on loan amount upon loan approval! Valid till 30 Sept 2022. T&Cs apply.
Valid until 30 Sep 2022 - See more details below
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Citibank logo

Per Month

S$316

Citi Quick Cash (Existing Loan Customers)

Interest Rate*
EIR: 8.5%
4.55%
Total Amount Payable
S$11,365
Processing Fee
S$0
Per Month
S$316
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DBS logo

Per Month

S$310

DBS Personal Loan

Interest Rate*
EIR: 7.9%
3.88%
Total Amount Payable
S$11,164
Processing Fee
S$100
Per Month
S$310
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POSB logo

Per Month

S$310

POSB Personal Loan

Interest Rate*
EIR: 7.9%
3.88%
Total Amount Payable
S$11,164
Processing Fee
S$100
Per Month
S$310
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OCBC logo

Per Month

S$323

OCBC ExtraCash Loan

Interest Rate*
EIR: 11.47%
5.43%
Total Amount Payable
S$11,629
Processing Fee
S$100
Per Month
S$323
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Disclaimer: At MoneySmart.sg, we strive to keep our information accurate and up to date. This information may be different than what you see when you visit a financial institution, service provider or specific product’s site. All financial products and services are presented without warranty. Additionally, this site may be compensated through third party advertisers. However, the results of our comparison tools which are not marked as sponsored are always based on objective analysis first.

Understanding Personal Loan Interest Rates in Singapore

While comparing the personal loans available in Singapore, you might have noticed at least two distinct interest rates attached to each loan. Here’s how they differ:

Advertised Interest Rate

This is the annual interest rate that is advertised in a bigger font. For example, DBS Personal Loan has an advertised interest rate of 3.88% p.a. However, it doesn’t give you the full picture, since it leaves out other details like processing and admin fees.

Effective Interest Rate (EIR)

It’s compulsory in Singapore to state the effective interest rate, or EIR, next to the advertised rate. This takes into account processing and other fees, as well as the details of your repayment schedule. In short, EIR shows you the “true” interest rate of the personal loan.

0% Interest Personal Loans

Some banks also offer promotional 0% interest personal loans for short-term loans. However, these tend to come with high processing fees. That means you’ll still be paying the bank for the loan - it’s just that the bank collects your money upfront rather than in interest payments later on.

What Can You Use a Personal Loan For?

There are generally 2 main uses for personal loans. Most borrowers either need the cash (for example, to pay for an emergency), or they want to use the loan to repay debts. Here's how they work.

Can You Get Cash from a Personal Loan?

Getting a personal loan in Singapore generally means you get the money in cash, deposited into your bank account. This makes personal loans different from other borrowing facilities such as home loans and renovation loans - where the borrowed money is disbursed to your contractor or the seller of the home, bypassing you completely. In order to get the cash, you may be required to open a bank account with the personal loan provider. You can then transfer the cash to your regular bank account.

Can You Use a Personal Loan for Debt Settlement?

If you are overwhelmed by high-interest debt such as credit card debt, a Personal Loan is one way to tackle it. After the cash is disbursed into your account, you can use it to pay off your credit card bills and start again with a (hopefully) clean slate. But you will need to commit to your personal loan repayment schedule, and this may mean years of monthly repayments. At the same time, be sure to keep your credit card bills in check. Consider cancelling your non-essential credit cards or other loan facilities so you will not be tempted to overborrow. .

How to Choose the Right Personal Loan Repayment Plan

A personal loan is a serious commitment that can span years! Be careful to choose a personal loan package that allows you to repay in comfortable monthly instalments. If you do not pay the monthly instalment on time, you may be hit with additional fees. On the other hand, be careful not to opt for a loan tenure that’s way too long! You will end up paying a lot more in interest. Plus, should you need to repay the personal loan ahead of schedule, you may need to pay an early settlement fee.

How Long Can Your Personal Loan Period Be?

Name of loanLoan repayment period
Standard Chartered CashOne1 year to 5 years
UOB Personal Loan1 year to 5 years
Citibank Quick Cash (Existing Loan Customers)1 year to 5 years

What if You Don’t Qualify for a Personal Loan?

Banks are generally laxer on Singaporeans and PRs in terms of the minimum requirements for them to get a loan. If you’re a foreigner, on the other hand, it can be quite difficult to get a personal loan from a bank if your income is less than $3,000 a month. (Some banks impose even higher minimum monthly incomes.)

If you’re unsuccessful in applying for a personal loan through a bank, you may turn to a licensed moneylender. The Ministry of Law publishes a list of licensed moneylenders so be sure to only borrow from them.

Singapore law requires moneylenders to explain the terms and conditions of a loan to you in a language that you understand, so listen and read carefully, and make sure you are comfortable with the loan terms. Feel free to shop around until you find a licensed moneylender you are satisfied with. Moneylender interest rates can be sky-high - as high as 4% a month - so be sure to borrow the absolute minimum you need, and for the shortest loan tenure you can manage. If you are unemployed and are looking for an urgent cash loan, you could check out our list of safe personal loan for unemployed individuals in Singapore.

Should You Go to a Licensed Moneylender?

If you’re unsuccessful in applying for a personal loan through a bank, and you cannot get cash through any other means, you may turn to a licensed moneylender as a last resort. The Ministry of Law publishes a list of licensed moneylenders, so be sure to only borrow from them.

Singapore law requires moneylenders to explain the terms and conditions of a loan to you in a language that you understand, so listen and read carefully, and make sure you are comfortable with the loan terms. Feel free to shop around until you find a licensed moneylender you are satisfied with. Moneylender interest rates can be sky-high - as high as 4% a month - so be sure to borrow the absolute minimum you need, and for the shortest loan tenure you can manage.

How to Choose the Best Personal Loan for You

Should you look at the interest rate or EIR?

Since EIR represents the “true” cost of taking a personal loan, including processing fees, it’s more accurate to look at the EIR rather than the advertised interest rate. However, interest rate alone isn’t the only important thing to consider.

What about monthly instalments?

You should also make sure that the monthly instalments for that loan are manageable. However, don’t take an unnecessarily long loan just to keep the monthly costs down, because it would mean paying the bank more in total interest.

What loan amount should you take?

You should also make sure that the monthly instalments for that loan are manageable. However, don’t take an unnecessarily long loan just to keep the monthly costs down, because it would mean paying the bank more in total interest.

How long should your loan tenure be?

Choose the shortest loan tenure you can manage, because taking on an excessively long loan means that the interest really adds up. You should try to achieve a balance

Are there alternatives to personal loans?

Expenses, like redoing your home or starting up your own business, are eligible for special bank loans like renovation loans or SME (small/medium enterprise) loans. Since the bank knows what exactly you plan to use the money on, these are considered less risky and therefore have lower interest rates than personal loans.

What Is the MoneySmart Personal Loan Calculator?

Personal Loan interest rates and packages are extremely dynamic; they can vary significantly depending on your loan tenure (period), the loan amount, your citizenship status, and your income. To find a more accurate quote, please use MoneySmart’s Personal Loan Calculator at the top of the page and enter the variables as accurately as possible. What makes our personal loan calculator different is that while other calculators ask you to enter interest rate to determine your EMI value, our Personal Loan Calculator will generate a list of loan packages, interest rates and repayment plans tailored to the information you entered. You can always adjust the loan amount and loan tenure to find a comfortable monthly repayment amount. Note that our Personal Loan Calculator can only give you an estimate of the interest rates; the provider has final say on the rates they offer you.

Frequently Asked Questions about Personal Loans

What is a personal loan?

A personal loan is a type of debt borrowed from banks, credit unions, licensed money lenders, or neighbouring loan providers for a short or mid-term tenure (Few months or few years), payable in equated monthly instalments which can be used for numerous reasons such as debt consolidation, emergency medical expenses, wedding expenses, starting a business etc. Personal loans are generally expensive compared to other kinds of loans and thus should be taken only when required. Majority of the Personal loans available in the market are 'unsecured loans' which means that you don't need to provide a collateral to the lender for the same. Some of the banks that provide personal loans in Singapore include OCBC, Standard Chartered, DBS, UOB etc.

Which bank is best for personal loan?

The best banks for personal loans in Singapore may differ per metric and we suggest you compare each to find one that suits your needs best. For example, Citibank Quick cash is known for its low EIR, HSBC Personal Loan is known for its low interest rate, and Standard Chartered CashOne is known for its instant approval.

Which banks offer personal loans for foreigners in Singapore?

Several major banks such as OCBC, Citibank, Standard Chartered, UOB and others offer foreigner personal loans. However, it is important to note that there is a minimum eligibility requirement for these loans such as your work permit status and your annual income. To learn more about the details of the personal loans available, read our guide on personal loans for foreigners.

How does the US Fed interest rate hike affect personal loans rates?

As most personal loans are fixed-interest products, current borrowers will not be affected by the Fed’s rate hikes. On the other hand, as interest rates on new personal loans are likely to keep rising, new borrowers will feel the impact more than current borrowers, but new borrowers can still qualify for competitive rates by improving their credit scores and shopping for the best deals.

Personal Loan Singapore - Note to Borrowers

MoneySmart lists Personal Loan products that range between a minimum of 1 to a maximum of 7 years. The effective interest rate (EIR) of loan products on our site range from 6.5% p.a. to up to 20.0% p.a. The EIR of your loan will be dependent on the loan you apply for as well as your personal financial needs. For an example of a loan with 8.5% EIR, you would need to pay S$316/month for an S$10,000 Personal Loan with a loan tenure of 3 years. This would equate to a total payment of S$11,376 over 3 years. Please view each Personal Loan product in detail for a full breakdown of the interest rate chargeable, minimum and maximum loan tenure as well as processing fees (if applicable).