Best Personal Loans in Singapore for Low Income Earners (2024)

Many personal loans in Singapore impose minimum income requirements that can be rather daunting if you are not earning much in the first place. However, if you are a Singapore citizen or PR earning at least S$20,000 a year, or a foreigner earning S$40,000 a year, you would qualify for a personal loan in Singapore. In fact, you might even qualify for an interest-free loan! Here are the lowest interest personal loans in Singapore for low income earners.

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Best Personal Loans in Singapore for Low Income Earners (2024)

Below are the lowest interest personal loans in Singapore for low income earners. You can borrow from these providers as long as you are earning at least S$20,000 a year (Singaporeans / PRs) or S$40,000 (foreigners).

Lowest Interest Personal Loans in Singapore for Low Income Earners

Personal LoanInterest RateBest For
Standard Chartered CashOne3.48% p.a. onwards Singapore citizens / PRs looking for interest-free loan
DBS Personal Loan3.88% p.a. onwardsSingapore citizens / PRs who are existing DBS customers
OCBC ExtraCash Loan5.43% p.a. (fixed)Singapore citizens / PRs with low income or bad credit
HSBC Personal Loan3.4% p.a. (fixed)Foreigners with low income or bad credit
Citibank Quick Cash3.45% p.a. (0% for 12-month tenure)Foreigners looking for interest-free loan

Standard Chartered Personal Loan

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Standard Chartered CashOne

Interest Rate*
From 2.88%
Total Amount Payable
S$10,864
Processing Fee
S$0
Per Month
S$302

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Valid until 06 Mar 2024

Pros: For low income Singaporean citizens or PRs, Standard Chartered is one of the best personal loan providers as its minimum income requirement is just S$20,000 a year. Standard Chartered is that it offers instant approval and very quick cash disbursement, even if you are not an existing customer. This is great for those who need the cash urgently. Standard Chartered has among the lowest interest rates in Singapore and there are no processing fees.

Cons: If you are a low income foreigner, feel free to skip this provider as their income requirement is S$60,000 for foreigners. If you qualify, though, be aware that your income level as well as your credit history may affect the interest rate you get. The provider may choose to quote you a higher interest rate based on your risk profile.

Eligibility (Singapore citizens/PRs):

  • Age: 21 – 65 years
  • Minimum annual income: S$20,000
  • Eligibility (foreigners):

  • Age: 21 – 65 years
  • Minimum annual income: S$60,000
  • Must hold a Singapore Employment Pass
  • How to Apply:

  • If you are an existing Standard Chartered credit card holder, no documents are required
  • If you are new to StanChart, you can apply easily via SingPass MyInfo without documents
  • You may be required to send in your identity card, employment pass, and income proof (payslip, CPF statement, income tax statement etc.)
  • UOB Personal Loan

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    UOB Personal Loan

    Interest Rate*
    From 2.88%
    Total Amount Payable
    S$10,864
    Processing Fee
    0%
    Per Month
    S$302

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    Valid until 06 Mar 2024

    Calculate Your Personal Loan Payments

    Want to know how much you'll need to pay every month with your personal loan? Head to MoneySmart's personal loan calculator and comparison tool to figure it all out. All you need to do is input your details and desired loan amount and tenure, and we'll automatically find the best options for you.

    Personal Loan Minimum Annual Income Requirements in Singapore (2024)

    Personal Loan ProviderMinimum Income (Singapore citizen / PR)Minimum Income (Foreigner)
    DBS / POSBS$20,000S$45,000
    OCBCS$20,000S$45,000
    Standard CharteredS$20,000S$60,000
    HSBCS$30,000S$40,000
    CitibankS$30,000S$42,000
    UOBS$30,000N/A
    HL BankS$30,000N/A

    Can You Get a Personal Loan While Unemployed?

    If you got laid off and are now unemployed, you may be wondering how on earth you can secure a personal loan if you do not have an income to speak of. But before you resort to going to a moneylender, here's how you can increase your chances of getting a bank loan approved.

    Find More Income

    You may not be taking home a paycheck right now, but that might not mean you have no income. Check if you have any other income streams, like dividends, rent or retirement income. Failing that, you can start earning money as a gig worker and increase your income.

    Find a Co-Signer

    You may want to speak to the bank to see if you can get your salaried spouse or family member to co-sign the personal loan with you. But bear in mind that they will be liable for your debt as well. If you are genuinely unable to repay the loan, you may end up risking your relationship.

    Home Equity Loan

    If you own private property, you may be able to borrow against your home value in a home equity loan. But since you are basically offering your home as collateral, the consequences of not repaying your loan on time would be dire!

    Frequently Asked Questions

    What is the minimum salary required for personal loan?

    Getting a personal loan from a bank requires, at the very least, an annual income of S$20,000 (for Singapore citizens and PRs) or S$40,000 (for foreigners). However, the exact requirements vary from bank to bank. You might also see minimum annual incomes S$30,000 for Singaporeans/PRs and S$45,000 for foreigners as these are the more common figures. If you are earning less than that, approach the providers listed above.

    Which bank is easiest to get a personal loan from?

    If you are a low income earner, then it will generally be easier to get a personal loan from a bank with a less stringent income requirement. If you have an existing banking relationship with the bank, it might also be easier. For example, if you have a DBS/POSB savings account and credit card, then DBS can give you an immediate answer as to how much they will lend you, because they already have your credit data on file. That said, some banks also offer very quick approval even if you've never been a customer.

    How can I borrow money cheaply?

    Although you won't get charged interest if you borrow from friends and family, this can seriously damage your relationships in life. Among the other options, the cheapest and most legitimate way to borrow money is through a bank's personal loan product. You will need to commit to a fixed repayment schedule throughout the loan period, but personal loans tend to have the lowest interest rates (well below 10% p.a.). Be aware that personal loans are NOT the same as credit cards or lines of credit. These are known as revolving loans since there isn't a fixed repayment schedule. You may enjoy no or very low interest for a short period, but if you fail to repay, the interest rate can shoot up to as high as 30% p.a.

    What kinds of loans can I get as an unemployed individual?

    There are some things to take note of as an unemployed borrower as you do not want to borrow money from an unreliable money lender. We have collated a list of the best unemployed personal loans available from safe and reliable providers, check it out if this interests you.