Get the Best Personal Loan Interest Rates for 2020 Now!

Get the latest Personal Loan interest rates for Singapore on MoneySmart.sg. Read More
10,000 personal loan Paid over 3 years
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We found 10 Personal Loans for you!
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Standard Chartered logo

Per Month

S$307

MoneySmart Exclusive

Standard Chartered CashOne

Interest Rate*
EIR: 7.3%
3.48%
Total Amount Payable
S$11,044
Processing Fee
S$0
Per Month
S$307
Get a Sony WF-1000XM3, Sony WH-1000XM4 Headphones or Apple Watch SE when your loan gets approved! T&Cs apply.
Valid until 02 Nov 2020 - See T&Cs below
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DBS logo

Per Month

S$310

Immediate Approval & Cash Disbursement

DBS Personal Loan

Interest Rate*
EIR: 7.9%
3.88%
Total Amount Payable
S$11,164
Processing Fee
S$100
Per Month
S$310
Apply NowApply directly on MoneySmart
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Citibank logo

Per Month

S$316

0% IR for 1 year tenure!

Citibank Quick Cash (New 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
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HL Bank logo

Per Month

S$310

HL Bank Personal Loan

Interest Rate*
EIR: 8.32%
3.88%
Total Amount Payable
S$11,164
Processing Fee
S$150
Per Month
S$310
Apply Now
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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
Apply NowApply directly on MoneySmart
More Details
UOB logo

Per Month

S$308

Online Promo

UOB Personal Loan

Interest Rate*
EIR: 7.53%
3.68%
Total Amount Payable
S$11,104
Processing Fee
S$100
Per Month
S$308
Online Promo:
Get S$500 Cashback when you apply for loans of at least S$45,000! (36, 48 and 60-month loan tenors only)
Valid until 31 Jan 2021 - See T&Cs below
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HSBC logo

Per Month

S$309

Online Promo

HSBC Personal Loan

Interest Rate*
EIR: 7%
3.7%
Total Amount Payable
S$11,110
Processing Fee
S$0
Per Month
S$309
Online Promo:
Get S$88 cashback and 5 x $20 Grab Food vouchers from HSBC when you get your loan approved!
Valid until 31 Dec 2020 - See T&Cs below
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OCBC logo

Per Month

S$323

Exclusive interest rate for MoneySmart customers!

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
OCBC logo

Per Month

S$317

OCBC Cash-on-Instalments (Existing loan customers)

Interest Rate*
EIR: 9.46%
4.7%
Total Amount Payable
S$11,410
Processing Fee
S$100
Per Month
S$317
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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.

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).

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. 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.

Best Personal Loans Singapore 2020

Best forPersonal LoanMinimum Loan Amount
Foreigners in SingaporeStandard Chartered CashOneS$30,000
Low Income EarnersDBS Personal LoanS$20,000
Fast Approval TimeHSBC's Personal LoanS$30,000
Short Term LoansOCBC Cash-on-InstalmentsS$20,000
Low Interest RatePOSB Personal LoanS$20,000
Low EIRCitibank Quick CashS$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. .

Understanding Personal Loan Interest Rates

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.

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
1Standard Chartered CashOne1 year to 5 years
2HSBC Personal Loan1 year to 7 years
3POSB Personal Loan1 year to 5 years
4UOB Personal Loan1 year to 5 years
5Citibank Quick Cash (Existing Loan Customers)1 year to 5 years
6HL 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?

The maximum loan amount is stipulated by the bank - usually 4 times your monthly salary. However, you should only borrow the minimum you need to get by. Since interest is charged as a percentage of the loan amount, the less you borrow, the less you pay in interest too.

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.