Get the Best Personal Loan Interest Rates for 2019 Now!

Updated 11 November 2019

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

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Loan Details

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Instant Cash & S$359 Cashback!

Standard Chartered CashOne

Standard Chartered CashOne

3.88%

Interest Rate
(EIR 7.97% p.a.)

$11,164

Total Amount Payable

$0

Processing Fee

$310

Per Month

MoneySmart Exclusive: Guaranteed 3.88% i/r + S$359 Cashback + Instant Cash Disbursement!Valid till 30 Nov 2019.
  • Min. loan repayment of 1 year to Max. of 5 years
Key Features
  • MoneySmart Exclusive- 3.88% p.a. guaranteed
  • Instant Approval and loan disbursement if you apply with MyInfo via MoneySmart
  • Applicable for all loan tenure and loan amount of $1,000 and above
  • 1st year annual fee waiver worth S$199 (As cashback)
Loan Details
Citizenship StatusSingaporean / PR
Minimum Annual Income$20,000
Maximum Loan Tenure5 years
Processing Fee$0
Repayment Summary
Principal Loan Amount$10,000
Interest Rate (p.a)3.88%
Loan Tenure3 years
Total Interest Payable$1,164
Total Amount Payable$11,164
Monthly Instalments$310

Lowest EIR of 7% p.a.

HSBC Personal Loan

HSBC Personal Loan

3.70%

Interest Rate
(EIR 7% p.a.)

$11,110

Total Amount Payable

$0

Processing Fee

$309

Per Month

MoneySmart Exclusive: As low as 3.7% p.a. interest rate + S$0 processing fee Valid till 30 Nov 2019.
  • Min. loan repayment of 1 year to Max. of 7 years
Key Features
  • Enjoy 3.7% p.a. interest rate with min. $30k annual income for 2 -4 years loan tenor
  • Enjoy 3.8% p.a. interest rate with min. $30k annual income for 1 year, or 5-7 years loan tenor
  • Minimum S$1,000 loan amount, up to S$200,000
  • Valid till 31 Oct 2019.
Loan Details
Citizenship StatusSingaporean / PR
Minimum Annual Income$30,000
Maximum Loan Tenure7 years
Processing Fee$0
Repayment Summary
Principal Loan Amount$10,000
Interest Rate (p.a)3.70%
Loan Tenure3 years
Total Interest Payable$1,110
Total Amount Payable$11,110
Monthly Instalments$309
POSB Personal Loan

POSB Personal Loan

3.88%

Interest Rate
(EIR 7.90% p.a.)

$11,264

Total Amount Payable

1%

Processing Fee

$310

Per Month

Online Promotion: 3.88% p.a. interest + up to S$1,088 Cashback Valid till 31 Dec 2019.
  • Min. loan repayment of 1 year to Max. of 5 years
Key Features
  • Enjoy low interest rates from 3.88% p.a. when you apply online via MoneySmart
  • For a limited time only, get up to $1,088 cashback when you apply online
  • Get immediate cash to your DBS/POSB deposit account
  • Get up to 10X of your monthly salary if your annual income is S$120,000 and above
Loan Details
Citizenship StatusSingaporean
Minimum Annual Income$20,000
Maximum Loan Tenure5 years
Processing Fee1%
Repayment Summary
Principal Loan Amount$10,000
Interest Rate (p.a)3.88%
Loan Tenure3 years
Total Interest Payable$1,164
Total Amount Payable$11,264
Monthly Instalments$310
DBS Personal Loan

DBS Personal Loan

3.88%

Interest Rate
(EIR 7.90% p.a.)

$11,264

Total Amount Payable

1%

Processing Fee

$310

Per Month

Online Promotion: 3.88% p.a. interest + up to S$1,088 Cashback Valid till 31 Dec 2019.
  • Min. loan repayment of 1 year to Max. of 5 years
Key Features
  • Enjoy low interest rates from 3.88% p.a. when you apply online via MoneySmart
  • For a limited time only, get up to $1,088 cashback when you apply online
  • Get immediate cash to your DBS/POSB deposit account
  • Get up to 10X of your monthly salary if your annual income is S$120,000 and above
Loan Details
Citizenship StatusSingaporean / PR
Minimum Annual Income$20,000
Maximum Loan Tenure5 years
Processing Fee1%
Repayment Summary
Principal Loan Amount$10,000
Interest Rate (p.a)3.88%
Loan Tenure3 years
Total Interest Payable$1,164
Total Amount Payable$11,264
Monthly Instalments$310
UOB Personal Loan

UOB Personal Loan

4.25%

Interest Rate
(EIR 8.56% p.a.)

$11,375

Total Amount Payable

1%

Processing Fee

$313

Per Month

Online Promotion: Get S$1,200 Cashback when you apply for UOB Personal Loan with 3-5 years loan tenure and minimum loan amount of S$45KValid till 31 Dec 2019.
  • Min. loan repayment of 1 year to Max. of 5 years
Key Features
  • Loans starting from S$1000
  • Loan tenure period of minimum 1 year to a maximum of 5 years
  • Flat Interest Rates of 4.25% p.a with just 1% processing fee
  • No documents required for existing Credit Card members
Loan Details
Citizenship StatusSingaporean/ PR
Minimum Annual Income$30,000
Maximum Loan Tenure5 years
Processing Fee1%
Repayment Summary
Principal Loan Amount$10,000
Interest Rate (p.a)4.25%
Loan Tenure3 years
Total Interest Payable$1,275
Total Amount Payable$11,375
Monthly Instalments$313
CIMB CashLite

CIMB CashLite

4.50%

Interest Rate
(EIR 8.41% p.a.)

$11,350

Total Amount Payable

S$0

Processing Fee

$315

Per Month

Key Features
  • No processing fee at all, which lowers your overall repayment sum
  • Loan tenure of 1-5 years
  • Applicable for loan amount as low as S$1k, up to 70% of the credit limit of your CIMB Credit Card
  • You are required to have a CIMB Credit Card to be offered a CIMB CashLite
Loan Details
Citizenship StatusSingaporean / PR
Minimum Annual Income$30,000
Maximum Loan Tenure5 years
Processing FeeS$0
Repayment Summary
Principal Loan Amount$10,000
Interest Rate (p.a)4.50%
Loan Tenure3 years
Total Interest Payable$1,350
Total Amount Payable$11,350
Monthly Instalments$315
Citibank Quick Cash (New Loan Customers)

Citibank Quick Cash (New Loan Customers)

4.55%

Interest Rate
(EIR 8.50% p.a.)

$11,365

Total Amount Payable

0%

Processing Fee

$316

Per Month

  • Min. loan repayment of 1 year to Max. of 5 years
Key Features
  • No processing fees at all, which lowers your overall repayment sum
  • Applicable for all loan tenor and loan of $1k and above
  • You are required to have a Citibank Ready Credit or Citi Credit Card account to be offered a Citi Quick Cash loan
  • By clicking on "Apply Now", you will be applying for a Citibank Ready Credit account and for a Citi Quick Cash loan on such account.
Loan Details
Citizenship StatusSingaporean / PR
Minimum Annual Income$30,000
Maximum Loan Tenure5 years
Processing Fee0%
Repayment Summary
Principal Loan Amount$10,000
Interest Rate (p.a)4.55%
Loan Tenure3 years
Total Interest Payable$1,365
Total Amount Payable$11,365
Monthly Instalments$316
Citibank Quick Cash (Existing Loan Customers)

Citibank Quick Cash (Existing Loan Customers)

4.55%

Interest Rate
(EIR 8.50% p.a.)

$11,365

Total Amount Payable

0%

Processing Fee

$316

Per Month

  • Min. loan repayment of 1 year to Max. of 5 years
Key Features
  • No processing fees at all, which lowers your overall repayment sum
  • Applicable for all loan tenor and loan of $1k and above
Loan Details
Citizenship StatusSingaporean / PR
Minimum Annual Income$30,000
Maximum Loan Tenure5 years
Processing Fee0%
Repayment Summary
Principal Loan Amount$10,000
Interest Rate (p.a)4.55%
Loan Tenure3 years
Total Interest Payable$1,365
Total Amount Payable$11,365
Monthly Instalments$316
OCBC Cash-on-Instalments (Existing loan customers)

OCBC Cash-on-Instalments (Existing loan customers)

4.70%

Interest Rate
(EIR 9.46% p.a.)

$11,510

Total Amount Payable

1%

Processing Fee

$317

Per Month

  • Min. loan repayment of 1 year to Max. of 5 years
Key Features
  • Get extra cash by converting your unused credit limit from your OCBC Credit Card or EasiCredit account
  • Fixed monthly instalments of 12 to 60 months tenure
  • Existing OCBC loan customer will enjoy 4.7% p.a. interest rate on any loan amount
  • One-time processing fee of 1% on loan amount
Loan Details
Citizenship StatusSingaporean / PR
Minimum Annual Income$20,000
Maximum Loan Tenure5 years
Processing Fee1%
Repayment Summary
Principal Loan Amount$10,000
Interest Rate (p.a)4.70%
Loan Tenure3 years
Total Interest Payable$1,410
Total Amount Payable$11,510
Monthly Instalments$317

Instant approval & instant disbursement + S$20 Cash Credit

OCBC ExtraCash Loan

OCBC ExtraCash Loan

5.43%

Interest Rate
(EIR 11.47% p.a.)

$11,829

Total Amount Payable

S$200 or 2%, whichever is higher

Processing Fee

$323

Per Month

MoneySmart Exclusive: Get S$20 Cash Credit Valid till 31 Dec 2019.
Key Features
  • Loan tenure from 12 to 60 months
  • Borrow up to 6x monthly salary for annual income S$120,000 and above, 4x monthly salary for annual income S$30,000-S$119,999 and 2x monthly salary for annual income S$20,000-S$29,000
  • Make repayments easily via online or Mobile Banking funds transfer, cheque deposit or cash deposit machine
  • Easy ways to manage your account with Online and Mobile banking
Loan Details
Citizenship StatusSingaporean / PR
Minimum Annual Income$30,000
Maximum Loan Tenure5 years
Processing FeeS$200 or 2%, whichever is higher
Repayment Summary
Principal Loan Amount$10,000
Interest Rate (p.a)5.43%
Loan Tenure3 years
Total Interest Payable$1,629
Total Amount Payable$11,829
Monthly Instalments$323

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 2019

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$30,000
Short Term LoansOCBC Cash-on-InstalmentsS$20,000
Low Interest RatePOSB Personal LoanS$20,000
Low EIRCitibank Quick CashS$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.