Updated 14 November 2019
Get the latest POSB Personal Loan interest rates for Singapore on MoneySmart.sg. See how POSB Personal Loan compares against other banks and apply instantly online.
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| Citizenship Status | Singaporean |
| Minimum Annual Income | $20,000 |
| Maximum Loan Tenure | 5 years |
| Processing Fee | 1% |
| Principal Loan Amount | $10,000 |
| Interest Rate (p.a) | 3.88% |
| Loan Tenure | 3 years |
| Total Interest Payable | $1,164 |
| Total Amount Payable | $11,264 |
| Monthly Instalments | $310 |
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).
| Particulars | Singapore / PR | Foreigner |
|---|---|---|
| Interest Rate | From 3.88% p.a. | From 3.88% p.a. |
| Effective Interest Rate (E.I.R) | From 7.56% p.a. | From 7.56% p.a. |
| Processing Fee | One time processing fee of 1% | One time processing fee of 1% |
| Maximum loan amount | 4X your monthly salary; 10X if your income is $120,000 and up | 4X your monthly salary; 10X if your income is $120,000 and up |
| Minimum Annual Income | $20,000 | $45,000 |
| Loan Tenure | 1 - 5 Years | 1 - 2 Years |
| Approval duration | Instant Approval and instant cash for DBS ibanking customers | Instant Approval and instant cash for DBS ibanking customers |
| Late payment charge | $100 for Credit Card, $105 for Cashline | $100 for Credit Card, $105 for Cashline |
| Early settlement penalty | S$250 | S$250 |
| Promotion | Up to $1,088 Cashback | Up to $1,088 Cashback |
Offered by one of the local banks in Singapore, POSB Personal Loan allows existing and new customers to apply online and get approval within minutes. You can also borrow up to 10x your monthly salary as long as you have a good credit standing.
As with other personal loan providers, POSB allows you to take out a loan if you’re Singaporean or PR aged 21 to 65, with a minimum annual income of $20,000.
If you’re already an existing POSB customer, you can apply via iBanking, mBanking, ATM, credit or debit card. There’s no additional document needed. Alternatively, if you don’t have a Cashline account, you can apply and submit your documents through MyInfo.
You can apply for a POSB personal loan through MoneySmart from as low as 3.88% p.a. (EIR 7.56% p.a.). Take note that EIR may change up to 20.01%, depending on your loan amount, tenure and credit history.
To get an estimate of how much you’ll be paying monthly, you can use the POSB Personal Loan Calculator.
POSB is running a cashback promotion for personal loan applicants. If you’re a new-to-bank customer with an approved loan amounting to $10,000, you’ll receive a $200 cashback. On the other hand, if your minimum approved loan amount is $30,000, you’ll get up to $1,088 cashback.
Keep in mind that no matter how enticing the promotion is, you should only sign up for a personal loan if you need to consolidate debts or manage your cash flow.
If you need assistance regarding POSB Personal Loans, you can call their 24-hr customer service at 1800 111 1111.
It’s simple. Go to POSB’s website or visit MoneySmart’s personal loan page to compare interest rates from other providers before deciding. If you end up choosing POSB personal loan, click on “Apply Now” and you’ll be redirected to POSB’s personal loan page. If you’re already an existing customer, you can straight away apply through their app.
POSB Cashline is an online account that lets you access instant cash on a short-term basis through your current or savings account. You can also use your Cashline account to transfer funds, withdraw cash and pay bills.
If you decide to borrow money through POSB personal loan, you can do so as long as you’re not beyond 65 years old. Do note that there’s a minimum annual salary requirement of $20,000.
To check your POSB personal loan application status, you simply need to go to their website, log in using your iBanking account or card details. You may also go to the bank directly to find out the status of your application.
If you’re a Singaporean or PR planning to take out a loan through POSB, your minimum annual income should be $20,000.