Best Personal Loans with Low Interest Rates & Fast Approval in Singapore 2024

Compare personal loan & get best loan interest rates in Singapore. Read More
20,000 personal loan Paid over 1 year
S$
We found 19 Personal Loans for you!
Sponsored
Standard Chartered CashOne

Per Month

S$1,715

Per Month
MoneySmart Exclusive
Instant Approval & Disbursement | HIGHEST CASHBACK
Promotion ends in
Interest Rate*
EIR: From 5.84%
From 2.88%
Total Amount Payable
S$20,576
Processing Fee
S$0
Per Month
S$1,715

[HIGHEST CASHBACK]
Get up to S$5,300 Cash or attractive gifts like an Apple iPhone 15, 256GB (worth S$1,472.50) or an Apple 11-inch iPad Air, 128GB (worth S$899) or a Sony PS5 (SLIM) Digital Edition (worth S$669) or LEVEL8 Luggages (worth up to  S$1,398)! T&Cs apply.

Valid until 14 Jul 2024 - See more details below
Apply Now
UOB Personal Loan

Per Month

S$1,715

Per Month
MoneySmart Exclusive
Faster Gift Redemption
Interest Rate*
EIR: From 5.43%
From 2.88%
Total Amount Payable
S$20,576
Processing Fee
0%
Per Month
S$1,715

[Faster Gift Redemption]
Get attractive gifts like an Apple 13-inch MacBook Air M2 Chip, 256GB (worth S$1,399) or the LATEST Apple 11-inch iPad Air, 64GB (worth S$899) or an Apple Watch Series 9 (GPS), 45mm (worth S$655) or an Apple iPad 10th Gen, 64GB (worth S$529) or up to S$1,200 Cash via PayNow when you apply for UOB Loan through MoneySmart! T&Cs apply.

Valid until 31 Jul 2024 - See more details below
Apply Now
CIMB Personal Loan

Per Month

S$1,733

Per Month
MoneySmart Exclusive
LOWEST INTEREST RATE*
Interest Rate
EIR: 7.3%
4%
Total Amount Payable
S$20,800
Processing Fee
S$0
Per Month
S$1,733

[LOWEST INTEREST RATE*]
Get attractive gifts like an Apple iPhone 15, 128GB (worth S$1,311) or a Sony PlayStation®5 (SLIM) Disc Edition (worth S$799) or an Apple iPad 10th Gen, 64GB + Apple Pencil (USB-C) (worth S$648) or a Samsung 27-inch Smart Monitor M5 (worth S$432) or up to S$1,200 Cash via PayNow when you apply for a loan through MoneySmart! T&Cs apply
 
For a limited time only, enjoy the lowest flat interest rate from 2.80%p.a. (EIR from 5.28% p.a.) when you get approved for a min. loan amount of S$30,000 and above!

Valid until 31 Jul 2024 - See more details below
Apply Now
Trust Instant Loan

Per Month

S$1,713

Per Month
MoneySmart Exclusive
GET YOUR LOAN APPROVED AS FAST AS 3 MINS!
Interest Rate*
EIR: From 5.27%
From 2.79%
Total Amount Payable
S$20,558
Processing Fee
S$0
Per Month
S$1,713

Get up to S$1,000 Cash via PayNow or attractive gifts like the LATEST Apple 13-inch iPad Air (worth S$1,199) or a Apple Mac Mini (worth S$856.85) or a Secretlab TITAN Evo Lite Chair (worth S$519) when you apply for a Trust Instant Loan through MoneySmart! T&Cs apply.
 
PLUS get up to S$70 FairPrice E-Vouchers from Trust when you sign up with the referral code MONEYSMT. T&Cs apply.

Valid until 31 Jul 2024 - See more details below
Apply Now
HSBC Personal Loan

Per Month

S$1,715

Per Month
Quick Application via MyInfo, Instant Disbursement
Interest Rate*
EIR: From 5.5%
From 2.92%
Total Amount Payable
S$20,584
Processing Fee
S$0
Per Month
S$1,715
Apply Now
DBS Eco-aware Renovation Loan

Per Month

S$1,761

Per Month
MoneySmart Exclusive
Interest Rate
From 5.68%
Total Amount Payable
S$21,136
Processing Fee (Approved Loan)
S$400
Per Month
S$1,761
Enjoy a preferential rate of 5.68% p.a. when you apply for a DBS Eco-aware Renovation Loan! T&Cs apply.
Valid until 30 Sep 2024 - See more details below
Apply Now
DBS Renovation Loan

Per Month

S$1,765

Per Month
Interest Rate
From 5.88%
Total Amount Payable
S$21,176
Processing Fee (Approved Loan)
S$400
Per Month
S$1,765
Apply Now
GXS FlexiLoan

Per Month

S$1,717

Per Month
Interest Rates*
EIR: From 5.65%
From 2.99%
Total Amount Payable
S$20,598
Processing Fee
S$0
Per Month
S$1,717
Read More
GXS FlexiLoan (Balance Transfer)

Per Month ²

From S$100

Per Month ²
Interest Rate ¹
EIR : 4.13% p.a
0%
Total Amount Payable
S$20,000
Processing Fee ²
S$135
Per Month ²
From S$100
Read More
DBS Personal Loan

Per Month

S$1,711

Per Month
Online Promo
Interest Rate*
EIR: From 5.43%
From 2.68%
Total Amount Payable
S$20,536
Processing Fee
From 1% of Approved Loan Amount
Per Month
S$1,711
Online Promo:
Enjoy 2% unlimited cashback when you apply for a loan today! T&Cs apply.
Valid until 30 Sep 2024 - See more details below
Read More
POSB Personal Loan

Per Month

S$1,711

Per Month
Online Promo
Interest Rate*
EIR: From 5.43%
From 2.68%
Total Amount Payable
S$20,536
Processing Fee
From 1% of Approved Loan Amount
Per Month
S$1,711
Online Promo:
Enjoy 2% unlimited cashback when you apply for a loan today! T&Cs apply.
Valid until 30 Sep 2024 - See more details below
Read More
OCBC ExtraCash Loan

Per Month

S$1,759

Per Month
Interest Rate*
EIR: 13.92%
5.54%
Total Amount Payable
S$21,108
Processing Fee
S$200
Per Month
S$1,759
Read More
OCBC FRANK Education Loan

Per Month

S$1,742

Per Month
Interest Rate
From 4.5%
Total Amount Payable
S$20,900
Processing Fee
S$500
Per Month
S$1,742
Read More
Maybank Monthly Rest Education Loan (Overseas)

Per Month

S$1,753

Per Month
Interest Rate
From 4.5%
Total Amount Payable
S$21,040
Processing Fee
S$450
Per Month
S$1,753
Read More
POSB Further Study Assist (Local)

Per Month

S$1,740

Per Month
Interest Rate
From 4.38%
Total Amount Payable
S$20,876
Processing Fee
S$500
Per Month
S$1,740
Read More
Maybank Monthly Rest Education Loan (Local)

Per Month

S$1,753

Per Month
Interest Rate
From 4.5%
Total Amount Payable
S$21,040
Processing Fee
S$450
Per Month
S$1,753
Read More
Standard Chartered CashOne (Renovation)

Per Month

S$1,715

Per Month
Instant Approval & Cash Disbursement
Interest Rate
From 2.88%
Total Amount Payable
S$20,576
Processing Fee
S$0
Per Month
S$1,715
Read More
Maybank Renovation Loan Monthly Rest

Per Month

S$1,782

Per Month
Best for Larger Renovation Loans
Interest Rate
From 4.98%
Total Amount Payable
S$21,386
Processing Fee
S$250
Per Month
S$1,782
Apply Now
HSBC Renovation Loan

Per Month

S$1,727

Per Month
Interest Rate
From 3.6%
Total Amount Payable
S$20,720
Processing Fee
S$0
Per Month
S$1,727
Apply Now

Disclaimer: At MoneySmart.sg, we strive to keep our information accurate and up to date. This information may be different than what you see when you visit a financial institution, service provider or specific product’s site. All financial products and services are presented without warranty. Additionally, this site may be compensated through third party advertisers. However, the results of our comparison tools which are not marked as sponsored are always based on objective analysis first.

Understanding Personal Loan Interest Rates in Singapore

While comparing the personal loans available in Singapore, there are typically at least two distinct interest rates which are published upfront on the banks’ websites (which are the advertised rates and EIR). Besides these two rates, there are more to consider such as actual estimated interest rates, zero interest rate loans, term loan rates, revolving loan rates and more important factors which you can read more about in our articles relating to personal loans.

Term personal loans rates

Generally, term personal loans have lower interest rates compared to revolving personal loans. The rates are fixed or variable and are determined at the start of the loan. These loans involve borrowing a lump sum amount that is repaid in fixed monthly installments over a specified period, typically ranging from 1 to 7 years.

Revolving personal loans rates

Revolving personal loans, such as credit lines and credit cards, tend to have higher interest rates. This is due to the flexible nature of borrowing and the higher risk associated with them. Unlike term personal loans, revolving loans allow you to borrow up to a pre-approved credit limit and repay it in flexible amounts. Interest is charged only on the outstanding balance.

Advertised vs actual interest rate

This is the interest rate that banks and financial institutions prominently display. It reflects the annual cost of the loan but does not include other fees or charges. For example, DBS Personal Loan has an advertised interest rate of 3.882.68% p.a. (accurate at the time of writing, last updated on 1 July 2024). However, it doesn’t give you the full picture, since it leaves out other details like processing and admin fees.

Effective Interest Rate (EIR)

This rate provides a more accurate representation of the actual cost of the loan, as it includes not only the advertised interest rate but also additional fees, processing charges, and the loan's repayment schedule. The EIR is usually higher than the advertised rate and offers a clearer picture of the total cost of borrowing. It’s compulsory in Singapore to state the effective interest rate, or EIR, next to the advertised rate.

0% Interest Personal Loans

Some banks also offer promotional 0% interest personal loans for short-term loans. However, these tend to come with high processing fees. That means you’ll still be paying the bank for the loan - it’s just that the bank collects your money upfront rather than in interest payments later on.

Read More On What To Consider When Getting A Personal Loan Here

Preferred Personal Loan Interest Rates Singapore (2024)

Personal loan typeInterest rateProcessing fee
DBS Personal LoanFrom 2.68% p.a.1% of approved loan amount
Standard Chartered CashOne LoanFrom 2.88% p.a.None
UOB Personal LoanFrom 2.88% p.a.None
POSB Personal LoanFrom 2.68% p.a.1% of approved loan amount
HSBC Personal LoanFrom 2.92% p.a.None
OCBC ExtraCash LoanFrom 5.54% p.a.$100

Does Inflation Affect Personal Loans?

We look at how rising inflation affects consumers and why this could benefit borrowers in easing cash flow.

How to Choose the Best Personal Loan

Should you look at the interest rate or EIR?

Since EIR represents the “true” cost of taking a personal loan, including processing fees, it’s more accurate to look at the EIR rather than the advertised interest rate. However, interest rate alone isn’t the only important thing to consider.

What about monthly instalments?

You should also make sure that the monthly instalments for that loan are manageable. However, don’t take an unnecessarily long loan just to keep the monthly costs down, because it would mean paying the bank more in total interest.

What loan amount should you take?

You should also make sure that the monthly instalments for that loan are manageable. However, don't take an unnecessarily long loan just to keep the monthly costs down, because it would mean paying the bank more in total interest. To make sure that your loan amount makes economic sense, you can tap on personal loan calculators such as the ones by renowned banks like UOB personal loan calculator and DBS personal loan calculator, which are completely free to use and easy to access.

How long should your loan tenure be?

Choose the shortest loan tenure you can manage, because taking on an excessively long loan means that the interest really adds up. You should try to achieve a balance by picking either a term personal loan or revolving personal loan wisely.


While a term personal loan involves a fixed period of time (longer loan tenure) with lower interest rates, a revolving personal loan has a shorter loan tenure which is great for those who are capable of repaying their personal loans as soon as possible, but it comes with much higher interest rates.

Are there alternatives to personal loans?

Expenses, like redoing your home or starting up your own business, are eligible for special bank loans like renovation loans or SME (small/medium enterprise) loans. Since the bank knows what exactly you plan to use the money on, these are considered less risky and therefore have lower interest rates than personal loans. If you are looking for loans catered for different purposes, check out guide on the different ways to use a loan.

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What if You Don’t Qualify for a Personal Loan?

Banks are generally laxer on Singaporeans and PRs in terms of the minimum requirements for them to get a loan. If you’re a foreigner, on the other hand, it can be quite difficult to get a personal loan from a bank if your income is less than $3,000 a month. (Some banks impose even higher minimum monthly incomes.)

If you’re unsuccessful in applying for a personal loan through a bank, you may turn to a licensed moneylender. The Ministry of Law publishes a list of licensed moneylenders so be sure to only borrow from them.

Singapore law requires moneylenders to explain the terms and conditions of a loan to you in a language that you understand, so listen and read carefully, and make sure you are comfortable with the loan terms. Feel free to shop around until you find a licensed moneylender you are satisfied with. Moneylender interest rates can be sky-high - as high as 4% a month - so be sure to borrow the absolute minimum you need, and for the shortest loan tenure you can manage. If you are unemployed and are looking for an urgent cash loan, you could check out our list of safe personal loan for unemployed individuals in Singapore.

Should You Go to a Licensed Moneylender?

If you’re unsuccessful in applying for a personal loan through a bank, and you cannot get cash through any other means, you may turn to a licensed moneylender as a last resort. The Ministry of Law publishes a list of licensed moneylenders, so be sure to only borrow from them.

Singapore law requires moneylenders to explain the terms and conditions of a loan to you in a language that you understand, so listen and read carefully, and make sure you are comfortable with the loan terms. Feel free to shop around until you find a licensed moneylender you are satisfied with. Moneylender interest rates can be sky-high - as high as 4% a month - so be sure to borrow the absolute minimum you need, and for the shortest loan tenure you can manage.

Personal Loan Singapore - Note to Borrowers

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 6.5% 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 an example of a loan with 8.5% EIR, you would need to pay S$316/month for an 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).

What Is the MoneySmart Personal Loan Calculator?

Personal Loan interest rates and packages are extremely dynamic; they can vary significantly depending on your loan tenure (period), the loan amount, your citizenship status, and your income. To find a more accurate quote, please use MoneySmart’s Personal Loan Calculator at the top of the page and enter the variables as accurately as possible. What makes our personal loan calculator different is that while other calculators ask you to enter interest rate to determine your EMI value, our Personal Loan Calculator will generate a list of loan packages, interest rates and repayment plans tailored to the information you entered. You can always adjust the loan amount and loan tenure to find a comfortable monthly repayment amount. Note that our Personal Loan Calculator can only give you an estimate of the interest rates; the provider has final say on the rates they offer you.

Frequently Asked Questions about Personal Loans

What is a personal loan?

A personal loan is a type of debt borrowed from banks, credit unions, licensed money lenders, or neighbouring loan providers for a short or mid-term tenure (Few months or few years), payable in equated monthly instalments which can be used for numerous reasons such as debt consolidation, emergency medical expenses, wedding expenses, starting a business etc. Personal loans are generally expensive compared to other kinds of loans and thus should be taken only when required. Majority of the Personal loans available in the market are 'unsecured loans' which means that you don't need to provide a collateral to the lender for the same. Some of the banks that provide personal loans in Singapore include OCBC, Standard Chartered, DBS, UOB etc.

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?

Several major banks such as OCBC, Citibank, Standard Chartered, UOB and others offer foreigner personal loans. However, it is important to note that there is a minimum eligibility requirement for these loans such as your work permit status and your annual income. To learn more about the details of the personal loans available, read our guide on personal loans for foreigners.

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

As most personal loans are fixed-interest products, current borrowers will not be affected by the Fed’s rate hikes. On the other hand, as interest rates on new personal loans are likely to keep rising, new borrowers will feel the impact more than current borrowers, but new borrowers can still qualify for competitive rates by improving their credit scores and shopping for the best deals.

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

As every borrower's needs and financial capability to take on a personal loan differs, it'll probably be wise to do an estimated calculation using online tools like personal loan calculators by renowned banks i.e. UOB personal loan calculator, DBS personal loan calculator, just to name a few, which are completely free to use and easy to access.