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Personal Loan 101

Start learning about Personal Loans

Using Personal Loans for Car/COE

Car/COE

Using Personal Loans for Education

Education

Using Personal Loans for Renovation

Renovation

Using Personal Loans for Life Events

Life Events

Loan Calculator

Loan Calculator

Using Personal Loans for Debt Consolidation

Debt Consolidation

Personal Loans by Borrower Type

Personal Loan by Borrower Type

Explore our articles on Personal Loans

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Frequently Asked Questions

What is a personal loan?

A personal loan is short to mid-term debt from banks, credit unions, or licensed lenders, repaid in monthly instalments. It's typically unsecured and can be used for purposes like debt consolidation, emergencies, or weddings. Since personal loans are costlier than other types of credit, they should be used judiciously. In Singapore, providers include OCBC, DBS, UOB, and Standard Chartered.

How to borrow money in Singapore?

If you're looking to borrow money in Singapore, you can either apply for a personal loan through a bank, or a licensed moneylender which is authorised by the Ministry of Law.

Which banks offer personal loans for foreigners in Singapore?

Major banks like OCBC, Citibank, Standard Chartered, and UOB offer personal loans for foreigners, but eligibility depends on factors like work permit status and annual income. For details, check our guide on <a href="https://www.moneysmart.sg/personal-loan/personal-loans-for-foreigners-ms">personal loans for foreigners</a>.

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

Most personal loans have fixed interest rates, so existing borrowers aren’t affected by Fed rate hikes. However, new borrowers may face higher rates but can still secure good deals by improving their credit scores and comparing offers.

What loan amount should I take on for my personal loan?

Since each borrower’s needs and capacity differ, you can consider using free online tools like <a href="https://www.uob.com.sg/personal/borrow/personal-financing/personal-loan.page">UOB</a> or <a href="https://www.dbs.com.sg/personal/personal-loan-calculator.page">DBS personal loan calculators</a> to estimate your loan affordability.

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