Best Personal Loans in Singapore for Low Income Earners (2021)

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 (2021)

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 Personal Loan3.88% p.a. onwards (0% for 12-month tenure)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 Loan3.7% p.a. (fixed)Foreigners with low income or bad credit
Citibank Quick Cash3.99% p.a. (0% for 12-month tenure)Foreigners looking for interest-free loan

Standard Chartered Personal Loan

3.88% Interest rates + cashback!

Standard Chartered CashOne

  • Interest Rate*

  • Processing Fee

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.)
    • Interest Rate*

    • Processing Fee

    Pros: If your loan amount is fairly small and you are confident about repaying it within 12 months, you can consider the Standard Chartered 0% Interest Rate Personal Loan. That's right - even if you are a low income earner, you can qualify for this interest-free loan!

    Cons: Although it is an interest-free loan, there is a one-off processing fee of 4.5% of the loan amount, which can be sizeable depending on the amount you plan to borrow. Bear in mind that the short tenure typically means pretty high monthly repayment amounts. Please make sure that you can afford to repay.

    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.)
  • DBS Personal Loan

    Secured Login on DBS with MoneySmart!

    DBS Personal Loan

    • Interest Rate*

    • Processing Fee

    Pros: DBS/POSB has one of the most forgiving personal loans for low income earners, with a minimum annual income requirement of only S$20,000 a year for Singapore citizens and PRs. For foreigners, it's S$45,000. In addition, if you are already a DBS/POSB customer (which is very likely if you're local), applying for this personal loan is a breeze. You can apply for it via internet banking. Loan approval and cash disbursement is instant if you have a DBS/POSB deposit account and credit card.

    Cons: DBS personal loans are not available for foreigners. If you are local, note that, while DBS advertises low interest rates starting at 3.88% p.a., the actual interest rate is customised to your profile. This means you may get quoted a higher interest rate if you are earning very little and/or you have a bad credit history. Also, if you are completely new to DBS, applying for this personal loan may take several working days as the bank needs time to process your documents.

    Eligibility (Singapore citizens/PRs):

  • Age: 21 – 65 years
  • Minimum annual income: S$20,000
  • How to Apply:

  • If you are an existing DBS/POSB credit card holder, no documents are required
  • Simply log in to DBS iBanking and submit your application. It will be instantly approved and disbursed
  • If you are new to DBS/POSB, you can apply via SingPass MyInfo without documents
  • Otherwise, you will be required to submit income proof (payslip, CPF statement, income tax statement etc.)
  • You will need to open a DBS/POSB bank account to receive the funds
  • OCBC Personal Loan

    • Interest Rate*

    • Processing Fee

    Pros: OCBC personal loans are an option if you have been rejected by other providers - they have the same low income requirement of S$20,000 as DBS and Standard Chartered, for Singaporeans/PRs. OCBC also accepts foreigner applicants, and the income required is fairly low at S$45,000 as well. In addition, their interest rates are fixed (not customised to your profile) so you need not worry about getting quoted a sky-high interest rate.

    Cons: OCBC personal loan interest rates are not as competitive as the others, and the processing fee is higher. If you qualify for the other lower interest rate personal loans, avoid the OCBC personal loan or you may end up paying a lot more in interest. The application process for this loan is also not quite as seamless or instant as Standard Chartered or DBS/POSB.

    Eligibility (Singapore citizens/PRs):

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

  • Minimum age: 21 years
  • Minimum annual income: S$45,000
  • You need to hold a valid pass (e.g. Employment Pass or Work Permit or Student Pass)
  • How to Apply:

  • You can apply online via SingPass MyInfo to get instant approval
  • Otherwise, you will need to submit your NRIC/passport, a valid pass, and an income document showing your residential address
  • Accepted income documents are: Latest payslip, CPF statement or income tax statement
  • HSBC Personal Loan

    Lowest EIR of 7%! Plus $108 Cashback!

    HSBC Personal Loan

    • Interest Rate*

    • Processing Fee

    Pros: The HSBC personal loan is MoneySmart's top pick for foreigners who are earning a low income. Of all the banks in Singapore, HSBC has the lowest foreigner income requirement of S$40,000 a year, significantly lower than the standard S$45,000 required by other banks. HSBC has one of the lowest interest rate personal loan in Singapore right now, and the interest rates are guaranteed if you apply through MoneySmart. You won't get quoted a higher rate because of your risk profile or low income. On top of that, HSBC also offers the longest loan tenure in Singapore - up to 7 years. This is useful for stretching out large loans.

    Cons: With a low guaranteed interest rate and low income requirement for foreigners, is the HSBC personal loan too good to be true? Well, the main downside is that it takes quite a while to get the money. Although you can get instant in-principle approval for your HSBC personal loan, the actual approval and cash disbursement takes up to 5 working days to process. In addition, the 7-year loan tenure can be tempting, but bear in mind that you'll be paying many years' worth of interest too.

    Eligibility (Singapore citizens/PRs):

  • Age: 21 – 65 years
  • Minimum annual income: S$30,000 (salaried)
  • Minimum annual income: S$40,000 (self-employed or commission-based)
  • Eligibility (foreigners):

  • Age: 21 – 65 years
  • Minimum annual income: S$40,000
  • Employment pass with validity of at least 1 year
  • How to Apply:

  • Apply online through HSBC's website
  • You will need to submit your NRIC/passport, employment pass, and income documents
  • For salaried employees, you can submit your latest 3 months' payslips OR latest Notice of Assessment with latest 1 month's payslip OR latest 6 months' CPF statement
  • For self-employed or commission-based earners, you need to submit your last 2 years' income tax Notice of Assessment
  • Citibank Personal Loan

    0% interest rates for 1 year tenure

    Citibank Quick Cash

    • Interest Rate*

    • Processing Fee

    Pros: Citibank Quick Cash is one of the best personal loans in Singapore for low income foreigners. Like HSBC, Citibank has a lower-than-usual minimum income requirement for foreigners: S$42,000, instead of the usual S$45,000. If you are new to Citibank (i.e. you don't have a Citi credit card or personal loan), you can also qualify for one of the lowest interest rates of 3.99% p.a. In fact, if you are borrowing a small amount and can repay within 1 year, Citibank also has an interest-free personal loan for 12-month tenure. The Citibank interest rates you see on MoneySmart are guaranteed, so no worries about your credit history or low income resulting in a high interest rate.

    Cons: Despite the promising name, it may take several days from application to loan disbursement (unless you have a Citibank account, in which case you would get the cash the next day). In addition, Citibank's lowest interest rates are typically for new customers, so if you already have a Citibank credit card, you may not get the promotional interest rate. Finally, while there are no processing fees for most loan tenures, Citibank does charge a one-off 3.5% processing fee for the 1-year interest-free loan in particular.

    Eligibility (Singapore citizens/PRs):

  • Age: 21 – 65 years
  • Minimum annual income: S$30,000
  • Eligibility (foreigners):

  • Age: 21 – 65 years
  • Minimum annual income: S$42,000
  • How to Apply:

  • If you are an existing Citibank customer, you can apply for this personal loan via the Citi mobile app or iBanking
  • If you are a new customer, you will need to apply for Citibank Ready Credit or Citi Credit Card to get the loan
  • Apply for the credit card or Ready Credit first, then apply for the loan on the Citi mobile app or iBanking
  • New customers will need to submit their NRIC/passport, employment pass and income documents when applying
  • For salaried employees, you can submit your last 12 months' CPF statement OR your latest Income Tax Notice of Assessment with latest 1 month's payslip
  • For self-employed, you have to submit your last 2 years' Income Tax Notice of Assessment and last 3 months' bank statements
  • 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 (2020)

    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.