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

Compare personal loan & get best loan interest rates in Singapore. Read More
10,000 personal loan Paid over 3 years
S$
We found 18 Personal Loans for you!
Standard Chartered CashOne

Per Month

S$302

Per Month
MoneySmart Exclusive
Instant Approval & Disbursement | HIGHEST CASHBACK
Interest Rate*
EIR: From 5.84%
From 2.88%
Total Amount Payable
S$10,864
Processing Fee
S$0
Per Month
S$302

[HIGHEST CASHBACK | FLASH DEAL]
Get up to S$5,790 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 30 Jun 2024 - See more details below
Apply Now
UOB Personal Loan

Per Month

S$302

Per Month
MoneySmart Exclusive
Faster Gift Redemption
Interest Rate*
EIR: From 5.43%
From 2.88%
Total Amount Payable
S$10,864
Processing Fee
0%
Per Month
S$302

[Faster Gift Redemption]
Get attractive gifts like an Samsung Galaxy S24, 512GB (worth S$1,458) or an Apple iPad Air, 64GB (worth S$895.40) or an Apple Watch Series 9 (GPS), 45mm (worth S$655) or an Apple iPad 9th Gen, 64GB (worth S$508.30) or up to S$1,200 Cash via PayNow when you apply for UOB Loan through MoneySmart! T&Cs apply.

Valid until 30 Jun 2024 - See more details below
Apply Now
CIMB Personal Loan

Per Month

S$306

Per Month
MoneySmart Exclusive
LOWEST INTEREST RATE*
Interest Rate
EIR: 6.38%
3.38%
Total Amount Payable
S$11,014
Processing Fee
S$0
Per Month
S$306

[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 30 Jun 2024 - See more details below
Apply Now
Trust Instant Loan

Per Month

S$301

Per Month
MoneySmart Exclusive
Interest Rate*
EIR: From 5.27%
From 2.79%
Total Amount Payable
S$10,837
Processing Fee
S$0
Per Month
S$301

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 30 Jun 2024 - See more details below
Apply Now
HSBC Personal Loan

Per Month

S$302

Per Month
Online Promo
Quick Application via MyInfo, Instant Disbursement
Interest Rate*
EIR: From 5.5%
From 2.92%
Total Amount Payable
S$10,876
Processing Fee
S$0
Per Month
S$302
Online Promo:
Apply easily in minutes via MyInfo and get instant cash upon approval!
For a limited time only, enjoy promotional interest rate of 2.92% p.a. (EIR 5.50% p.a.) and up to 1.5% cashback. T&Cs apply.
Valid until 30 Jun 2024 - See more details below
Apply Now
DBS Eco-aware Renovation Loan

Per Month

S$325

Per Month
MoneySmart Exclusive
Interest Rate
From 5.68%
Total Amount Payable
S$11,704
Processing Fee (Approved Loan)
S$200
Per Month
S$325
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$327

Per Month
Interest Rate
From 5.88%
Total Amount Payable
S$11,764
Processing Fee (Approved Loan)
S$200
Per Month
S$327
Apply Now
GXS FlexiLoan

Per Month

S$303

Per Month
Interest Rates*
EIR: From 5.65%
From 2.99%
Total Amount Payable
S$10,897
Processing Fee
S$0
Per Month
S$303
Read More
DBS Personal Loan

Per Month

S$300

Per Month
Online Promo
Interest Rate*
EIR: From 5.43%
From 2.68%
Total Amount Payable
S$10,804
Processing Fee
From 1% of Approved Loan Amount
Per Month
S$300
Online Promo:
Enjoy 2% unlimited cashback plus get up to S$300 eCapitaVouchers when you apply for a loan today! T&Cs apply.
Valid until 30 Jun 2024 - See more details below
Read More
POSB Personal Loan

Per Month

S$300

Per Month
Online Promo
Interest Rate*
EIR: From 5.43%
From 2.68%
Total Amount Payable
S$10,804
Processing Fee
From 1% of Approved Loan Amount
Per Month
S$300
Online Promo:
Enjoy 2% unlimited cashback plus get up to S$300 eCapitaVouchers when you apply for a loan today! T&Cs apply.
Valid until 30 Jun 2024 - See more details below
Read More
OCBC ExtraCash Loan

Per Month

S$323

Per Month
Interest Rate*
EIR: 11.47%
5.43%
Total Amount Payable
S$11,629
Processing Fee
S$100
Per Month
S$323
Read More
OCBC FRANK Education Loan

Per Month

S$315

Per Month
Interest Rate
From 4.5%
Total Amount Payable
S$11,350
Processing Fee
S$250
Per Month
S$315
Read More
Maybank Monthly Rest Education Loan (Overseas)

Per Month

S$315

Per Month
Interest Rate
From 4.5%
Total Amount Payable
S$11,350
Processing Fee
S$225
Per Month
S$315
Read More
POSB Further Study Assist (Local)

Per Month

S$314

Per Month
Interest Rate
From 4.38%
Total Amount Payable
S$11,314
Processing Fee
S$250
Per Month
S$314
Read More
Maybank Monthly Rest Education Loan (Local)

Per Month

S$315

Per Month
Interest Rate
From 4.5%
Total Amount Payable
S$11,350
Processing Fee
S$225
Per Month
S$315
Read More
Standard Chartered CashOne (Renovation)

Per Month

S$302

Per Month
Instant Approval & Cash Disbursement
Interest Rate
From 2.88%
Total Amount Payable
S$10,864
Processing Fee
S$0
Per Month
S$302
Read More
Maybank Renovation Loan Monthly Rest

Per Month

S$319

Per Month
Best for Larger Renovation Loans
Interest Rate
From 4.98%
Total Amount Payable
S$11,494
Processing Fee
S$125
Per Month
S$319
Apply Now
HSBC Renovation Loan

Per Month

S$308

Per Month
Interest Rate
From 3.6%
Total Amount Payable
S$11,080
Processing Fee
S$0
Per Month
S$308
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, you might have noticed at least two distinct interest rates attached to each loan. Here’s how they differ:

Advertised Interest Rate

This is the annual interest rate that is advertised in a bigger font. For example, DBS Personal Loan has an advertised interest rate of 3.88% p.a. However, it doesn’t give you the full picture, since it leaves out other details like processing and admin fees.

Effective Interest Rate (EIR)

It’s compulsory in Singapore to state the effective interest rate, or EIR, next to the advertised rate. This takes into account processing and other fees, as well as the details of your repayment schedule. In short, EIR shows you the “true” interest rate of the personal loan.

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.

What Can You Use a Personal Loan For?

There are generally 2 main uses for personal loans. Most borrowers either need the cash (for example, to pay for an emergency), or they want to use the loan to repay debts. Here's how they work.

Can You Get Cash from a Personal Loan?

Getting a personal loan in Singapore generally means you get the money in cash, deposited into your bank account. This makes personal loans different from other borrowing facilities such as home loans and renovation loans - where the borrowed money is disbursed to your contractor or the seller of the home, bypassing you completely. In order to get the cash, you may be required to open a bank account with the personal loan provider. You can then transfer the cash to your regular bank account.

Can You Use a Personal Loan for Debt Settlement?

If you are overwhelmed by high-interest debt such as credit card debt, a Personal Loan is one way to tackle it. After the cash is disbursed into your account, you can use it to pay off your credit card bills and start again with a (hopefully) clean slate. But you will need to commit to your personal loan repayment schedule, and this may mean years of monthly repayments. At the same time, be sure to keep your credit card bills in check. Consider cancelling your non-essential credit cards or other loan facilities so you will not be tempted to overborrow. .

Bank Personal Loan Interest Rates Singapore (2024)

Personal Loan ProductInterest RateAmount Payable (for $10,000 Loan)
Standard Chartered CashOne Personal Loan2.88%S$ 11,044
UOB Personal Loan2.88%S$ 11,197
HSBC Personal Loan4%S$ 11,200

Personal Loans Recommendations

Looking for the perfect personal loan to fulfill your financial goals? We've got you covered! Whether you're planning a home renovation, tackling unexpected medical expenses, or consolidating debt, finding the right personal loan can make all the difference. Check out our top recommendations designed to suit various needs and preferences.

How to Choose the Right Personal Loan Repayment Plan

A personal loan is a serious commitment that can span years! Be careful to choose a personal loan package that allows you to repay in comfortable monthly instalments. If you do not pay the monthly instalment on time, you may be hit with additional fees. On the other hand, be careful not to opt for a loan tenure that’s way too long! You will end up paying a lot more in interest. Plus, should you need to repay the personal loan ahead of schedule, you may need to pay an early settlement fee.

How Long Can Your Personal Loan Period Be?

Name of loanLoan repayment period
Standard Chartered CashOne1 year to 5 years
UOB Personal Loan1 year to 5 years
HSBC Personal Loan1 year to 7 years

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 for You

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 personal loan promotions are available?

For the Standard Chartered CashOne Loan, if you apply through Moneysmart, you will be eligible to get S$1,120 cash via paynow and an Apple iPhone 14 Pro Max, 128 GB (worth S$1,815.80) AND up to $3,100 cashback from SC. Promo ends on 31 July. T&Cs apply. Get your loan today!

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 bank has the best personal loans?

The best banks for personal loans in Singapore may differ per metric and we suggest you compare each to find one that suits your needs best. For example, Citibank Quick cash is known for its low EIR, HSBC Personal Loan is known for its low interest rate, and Standard Chartered CashOne is known for its instant approval.

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.