Get the Best Personal Loan Interest Rates in Singapore for 2021!

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: 7.3%
3.48%
Total Amount Payable
S$11,044
Processing Fee
S$0
Per Month
S$307

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Valid until 30 Jun 2021 - See more details below
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Get up to $1,200 cash and an Apple Airpods Max! Additionally, stand a chance to win over S$50,000 with SCB's Lucky Draw Promo! image
Get up to $1,200 cash and an Apple Airpods Max! Additionally, stand a chance to win over S$50,000 with SCB's Lucky Draw Promo! image
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HSBC logo

Per Month

S$306

Online Promo

HSBC Personal Loan

Interest Rate*
EIR: 6.5%
3.4%
Total Amount Payable
S$11,020
Processing Fee
S$0
Per Month
S$306
Online Promo:
Get up to $2050 cashback upon loan approval, for minimum loan tenure of 2 years!
Valid until 27 Jun 2021 - See more details below
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Citibank logo

Per Month

S$307

Citibank 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
Apply Now
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UOB logo

Per Month

S$307

Online Promo

UOB Personal Loan

Interest Rate*
EIR: 7.17%
3.48%
Total Amount Payable
S$11,044
Processing Fee
0%
Per Month
S$307
Online Promo:
Get up to S$600 Cashback when you apply for loans of at least S$30,000! (36, 48 and 60-month loan tenors only.)
Valid until 30 Jun 2021 - See more details below
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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
Apply Now
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Citibank logo

Per Month

S$316

Citibank 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
Apply Now
More Details
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
Read More
More Details
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
Read More
More Details

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.

Best Personal Loans Singapore 2021

Personal LoanBest ForMinimum Loan Amount
Standard Chartered CashOne Foreigners in SingaporeS$30,000
DBS Personal Loan Low Income EarnersS$20,000
HSBC's Personal Loan Fast Approval TimeS$30,000
OCBC Cash-on-Instalments Short Term LoansS$20,000
POSB Personal Loan Low Interest Rate S$20,000
Citibank Quick Cash Low EIRS$30,000

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
HSBC Personal Loan1 year to 7 years
POSB Personal Loan1 year to 5 years
UOB Personal Loan1 year to 5 years
Citibank Quick Cash (Existing Loan Customers)1 year to 5 years
HL Bank Personal Loan1 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.

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

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?

There are numerous metrics on the basis of which best banks for personal loans in Singapore can be defined, here we provide you best bank basis each of these metrics. If you are looking for low interest rate, go for POSB personal loan. If you are looking for low EIR, Citibank Quick cash is the best. If you are looking for Quick approval, then HSBC personal loan is the best. If you have a low income, go for DBS personal loan. If you are looking for a loan for a short term, OCBC cash-on-instalments will suit you the best and lastly if you are a foreigner looking for a personal loan in Singpaore, Standard Chartered CashOne is the one you would like to consider.

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 8.5% 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 example, 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).