Compare the best personal loans to finance your COE
Compare rates from Singapore's top banks with MoneySmart.
The best loans for your COE payment
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Standard Chartered CashOne
- Interest Rate
- From 0.90% p.a.
- Total Amount Payable
- S$10,090
- Processing Fee
- S$0
- Per Month
- S$841
Sign up via MoneySmart and claim:
Up to S$4,200 Cash OR 19,050 SmartPoints (enough to redeem Apple iPhone 17 Pro Max and more) T&Cs apply.
Bonus promotion:
- 1.00% cashback of your loan amount
- Only applicable to loans over S$18,000 with a 3 to 5 year tenure
- New-to-card and new-to-loan customers only
T&Cs apply.
Trust Instant Loan
- Interest Rate*
- From 1.00% p.a.
- Total Amount Payable
- S$10,100
- Processing Fee
- S$0
- Per Month
- S$842
Sign up via MoneySmart and claim:
Up to S$1,700 Cash via PayNow OR 19,050 SmartPoints (enough to redeem Apple iPhone 17 Pro Max and more) T&Cs apply.
Bonus promotion 1:
- Get S$10 FairPrice E-Vouchers (use promo code MONEYSMT)
- New-to-Trust customers only. T&Cs apply.
Bonus promotion 2:
- Get up to S$10,000 Cashback Scratch Card
- New-to-Trust & selected Existing customers only. T&Cs apply.
HSBC Personal Loan
- Interest Rate*
- From 1.30% p.a.
- Total Amount Payable
- S$10,130
- Processing Fee
- S$0
- Per Month
- S$844
T&Cs apply
A personal loan keeps you in control even when COE prices aren't
Your savings stay where they are
Cover the full COE amount through the loan. Your savings stay untouched and keep compounding.
Your cash flow stays predictable
Fixed monthly repayments over a tenure you choose. No lump sum, no scrambling to rebuild your account.
Your car loan stays separate
Your COE financing sits independently from your car loan. You get to structure both on terms that suit your income.Common questions about using a personal loan for COE
Can I use a personal loan specifically for COE?
Yes. A personal loan can be used to finance your COE, whether you're purchasing a new car or renewing an existing one.
Unlike a car loan, which is secured against the vehicle, a personal loan is unsecured and places no restrictions on how the funds are used. Most banks in Singapore recognise COE financing as a valid purpose.
T&Cs apply so read the fine print.
Who is eligible to apply?
Generally, you'll need to be a Singapore Citizen or PR, at least 21 years old, and meet the lender's minimum annual income requirement.
MAS sets the baseline at $20,000 p.a., though some banks require $30,000 or more. Eligibility criteria vary across lenders. Again, T&Cs apply so reading the fine print is important.
How does a personal loan work alongside my existing car loan?
A personal loan for COE is a separate facility from your car loan—they don't interfere with each other structurally.
However, both count toward your total borrowing profile, which affects your overall credit assessment. If you already have a car loan, factor in your remaining borrowing headroom before applying.
What if my COE bid fails? Am I locked into the loan?
If you've applied for a personal loan but your COE bid hasn't been submitted or confirmed yet, you're not obligated to draw down the funds.
However, if the loan has already been disbursed and your bid subsequently fails, you'll need to repay the loan regardless. Timing your application relative to your bid outcome is important—check with your lender on the disbursement timeline before applying.
Does it cover both Cat A and Cat B COE?
Yes. A personal loan places no restrictions on the COE category.
It covers Cat A, Cat B, and renewal premiums (PQP) equally. The amount you can borrow depends on your income and credit profile, not the category of COE you're bidding for.
Can I use this for COE renewal, not just a new car purchase?
Yes. This is where a personal loan is particularly useful.
COE renewal requires paying the Prevailing Quota Premium (PQP) upfront, which can run into five figures. A personal loan lets you cover that cost and repay in fixed monthly instalments.
Note that some banks also offer dedicated COE renewal loans—a specific type of personal loan designed for this purpose—which may offer longer tenures or different rate structures. Compare both before deciding.