Updated 25 April 2019
Get the latest Personal Loan interest rates for Singapore on MoneySmart.sg. See how Personal Loan compares against other banks and apply instantly online.
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Lowest EIR fixed at 7.5% p.a.
| Citizenship Status | Singaporean / PR |
| Minimum Annual Income | $30,000 |
| Maximum Loan Tenure | 5 years |
| Processing Fee | 0% |
| Principal Loan Amount | $10,000 |
| Interest Rate (p.a) | 4.55% |
| Loan Tenure | 3 years |
| Total Interest Payable | $1,365 |
| Total Amount Payable | $11,365 |
| Monthly Instalments | $316 |
| Citizenship Status | Singaporean |
| Minimum Annual Income | $20,000 |
| Maximum Loan Tenure | 5 years |
| Processing Fee | 1% of loan amount |
| Principal Loan Amount | $10,000 |
| Interest Rate (p.a) | 3.88% |
| Loan Tenure | 3 years |
| Total Interest Payable | $1,164 |
| Total Amount Payable | $11,164 |
| Monthly Instalments | $310 |
Get S$299 Cash + Cashback
| Citizenship Status | Singaporean / PR |
| Minimum Annual Income | $30,000 |
| Maximum Loan Tenure | 5 years |
| Processing Fee | $199 Waived |
| Principal Loan Amount | $10,000 |
| Interest Rate (p.a) | 3.88% |
| Loan Tenure | 3 years |
| Total Interest Payable | $1,164 |
| Total Amount Payable | $11,164 |
| Monthly Instalments | $310 |
| Citizenship Status | Singaporean / PR |
| Minimum Annual Income | $20,000 |
| Maximum Loan Tenure | 5 years |
| Processing Fee | 1% of loan amount |
| Principal Loan Amount | $10,000 |
| Interest Rate (p.a) | 3.88% |
| Loan Tenure | 3 years |
| Total Interest Payable | $1,164 |
| Total Amount Payable | $11,164 |
| Monthly Instalments | $310 |
| Citizenship Status | Singaporean / PR |
| Minimum Annual Income | $30,000 |
| Maximum Loan Tenure | 7 years |
| Processing Fee | $0 |
| Principal Loan Amount | $10,000 |
| Interest Rate (p.a) | 4% |
| Loan Tenure | 3 years |
| Total Interest Payable | $1,200 |
| Total Amount Payable | $11,200 |
| Monthly Instalments | $311 |
| Citizenship Status | Singaporean / PR |
| Minimum Annual Income | $20,000 |
| Maximum Loan Tenure | 5 years |
| Processing Fee | 2% of loan amount |
| Principal Loan Amount | $10,000 |
| Interest Rate (p.a) | 5.80% |
| Loan Tenure | 3 years |
| Total Interest Payable | $1,740 |
| Total Amount Payable | $11,740 |
| Monthly Instalments | $326 |
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 a 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).
| Best for | Personal Loan | Minimum Loan Amount |
|---|---|---|
| Foreigners in Singapore | Standard Chartered CashOne | S$30,000 |
| Low Income Earners | DBS Personal Loan | S$20,000 |
| Fast Approval time | HSBC's Personal Loan | S$20,000 |
| Short Term Loans | OCBC Cash-on-Instalments | S$20,000 |
| Long Term Loans | HSBC's Personal Loan | S$30,000 |
| Promotional Incentives | Citibank Ready Credit | S$30,000 |
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:
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.
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.
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.
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.
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.
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.
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.
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
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.
