Get the Best Personal Loan Interest Rates for 2019 Now!

Updated 21 January 2019

Get the latest Personal Loan interest rates for Singapore on MoneySmart.sg. See how personal loans compares against other banks and apply instantly online.

Edit Loan Details

Loan Details

$
$

4.55%

Interest Rate (EIR 8.50% p.a.)

0%

Processing Fee

$316

Per Month

MoneySmart Exclusive: Interest rate lowered to 3.99% p.a. (7.5% EIR p.a.)!
Loan Details
Citizenship StatusSingaporean / PR
Minimum Annual Income$30,000
Maximum Loan Tenure5 years
Processing Fee0%
Repayment Summary
Principal Loan Amount$10,000
Monthly Instalments$316
Interest Rate (per annum)4.55%
Loan Tenure3 years
Total Amount Payable$11,365
Total Interest Payable$1,365

5.80%

Interest Rate (EIR 12.12% p.a.)

2% of loan amount

Processing Fee

$326

Per Month

Loan Details
Citizenship StatusSingaporean / PR
Minimum Annual Income$20,000
Maximum Loan Tenure5 years
Processing Fee2% of loan amount
Repayment Summary
Principal Loan Amount$10,000
Monthly Instalments$326
Interest Rate (per annum)5.80%
Loan Tenure3 years
Total Amount Payable$11,740
Total Interest Payable$1,740

4.80%

Interest Rate (EIR 9% p.a.)

$88

Processing Fee

$318

Per Month

  • S$88 cash back + Processing fee waiver (worth S$88)
  • 1 minute in-principle approval
  • +1 more
Other Promotions
  • As low as 3.7% p.a. interest rate, with $80k min. annual income
Loan Details
Citizenship StatusSingaporean / PR
Minimum Annual Income$30,000
Maximum Loan Tenure7 years
Processing Fee$88
Repayment Summary
Principal Loan Amount$10,000
Monthly Instalments$318
Interest Rate (per annum)4.80%
Loan Tenure3 years
Total Amount Payable$11,440
Total Interest Payable$1,440

3.88%

Interest Rate (EIR 7.90% p.a.)

1% of loan amount

Processing Fee

$310

Per Month

  • Online Exclusive: Get up to S$1,000 processing fee waiver
  • Online Exclusive: Get S$120 NTUC Vouchers
Loan Details
Citizenship StatusSingaporean / PR
Minimum Annual Income$20,000
Maximum Loan Tenure5 years
Processing Fee1% of loan amount
Repayment Summary
Principal Loan Amount$10,000
Monthly Instalments$310
Interest Rate (per annum)3.88%
Loan Tenure3 years
Total Amount Payable$11,164
Total Interest Payable$1,164

3.88%

Interest Rate (EIR 7.97% p.a.)

0%

Processing Fee

$310

Per Month

MoneySmart Exclusive: 3.88% p.a. guaranteed on all loan amounts and tenures
  • Get S$199 Cash Credit
Loan Details
Citizenship StatusSingaporean / PR
Minimum Annual Income$30,000
Maximum Loan Tenure5 years
Processing Fee0%
Repayment Summary
Principal Loan Amount$10,000
Monthly Instalments$310
Interest Rate (per annum)3.88%
Loan Tenure3 years
Total Amount Payable$11,164
Total Interest Payable$1,164

3.88%

Interest Rate (EIR 7.90% p.a.)

1% of loan amount

Processing Fee

$310

Per Month

  • Get up to S$1,000 processing fee waiver
  • Get S$120 NTUC Vouchers
Loan Details
Citizenship StatusSingaporean
Minimum Annual Income$20,000
Maximum Loan Tenure5 years
Processing Fee1% of loan amount
Repayment Summary
Principal Loan Amount$10,000
Monthly Instalments$310
Interest Rate (per annum)3.88%
Loan Tenure3 years
Total Amount Payable$11,164
Total Interest Payable$1,164

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).

Best Personal Loans Singapore 2018

Best forPersonal LoanMinimum Loan Amount
Foreigners in SingaporeStandard Chartered CashOneS$30,000
Low Income EarnersDBS Personal LoanS$20,000
Fast Approval timeHSBC's Personal LoanS$20,000
Short Term LoansOCBC Cash-on-InstalmentsS$20,000
Long Term LoansHSBC's Personal LoanS$30,000
Promotional IncentivesCitibank Ready CreditS$30,000

Understanding Personal Loan Interest Rates

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 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.

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?

The maximum loan amount is stipulated by the bank - usually 4 times your monthly salary. However, you should only borrow the minimum you need to get by. Since interest is charged as a percentage of the loan amount, the less you borrow, the less you pay in interest too.

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

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.