Get the Best Personal Loan Interest Rates for 2020 Now!

Get the latest Personal Loan interest rates for Singapore on MoneySmart.sg. read more
Borrowing S$10,000 personal loan for over 3 years years
S$
S$
More Personal Loans Options 
We found 10 Personal Loans for you!
Sponsored
Standard Chartered logo
Per MonthPer Month

S$310

MoneySmart Exclusive
Interest Rate*
3.88%
Total Amount Payable
S$11,164
Processing Fee
S$0
Per Month
S$310
Apply Now
MoneySmart Exclusive: Get additional S$100 Cash Next day via PayNow! Applies for min. approved loan amount of S$20,000. Valid till 30 Apr 2020.
  • Get 50% cashback on your 1st month's instalment + $199 Cashback!
  • Instant cash disbursement + $20 cashback!
  • +2 more
HSBC logo
Per MonthPer Month

S$309

MoneySmart Exclusive
Interest Rate*
3.7%
Total Amount Payable
S$11,110
Processing Fee
S$0
Per Month
S$309
Apply Now
MoneySmart Exclusive: 3.7% p.a. Interest rate + 0% Processing fee + Up to $300 Cashback Valid till 30 Apr 2020.
  • Min. loan repayment of 1 year to Max. of 7 years
  • *E.I.R: Effective Interest Rate of 7.00% p.a. is applicable for all loan tenors
DBS logo
Per MonthPer Month

S$310

MoneySmart Exclusive
Interest Rate*
3.88%
Total Amount Payable
S$11,164
Processing Fee
S$100
Per Month
S$310
Apply NowApply directly on MoneySmart
MoneySmart Exclusive: Secured application via DBS ibanking account on MoneySmart and get your instant approval! Valid till 30 Apr 2020.
  • Min. loan repayment of 1 year to Max. 5 years
  • *E.I.R: Effective Interest Rate of 7.90% p.a. based on 3 Year loan tenure
POSB logo
Per MonthPer Month

S$310

MoneySmart Exclusive
Interest Rate*
3.88%
Total Amount Payable
S$11,164
Processing Fee
S$100
Per Month
S$310
Apply NowApply directly on MoneySmart
MoneySmart Exclusive: Secured application via DBS ibanking account on MoneySmart and get your instant approval! Valid till 30 Apr 2020.
  • Min. loan repayment of 1 year to Max. 5 years
  • *E.I.R: Effective Interest Rate of 7.90% p.a. based on 3 Year loan tenure
UOB logo
Per MonthPer Month

S$313

Interest Rate*
4.25%
Total Amount Payable
S$11,275
Processing Fee
S$0
Per Month
S$313
Apply Now
  • *E.I.R: Effective Interest Rate of 7.96% p.a. based on 3 Year loan tenure
  • Min. loan repayment of 1 year to Max. 5 years
Citibank logo
Per MonthPer Month

S$316

Interest Rate*
4.55%
Total Amount Payable
S$11,365
Processing Fee
S$0
Per Month
S$316
Apply Now
  • Min. loan repayment of 1 year to Max. 5 years
  • *E.I.R: Effective Interest Rate of 8.50% p.a. based on 3 Year loan tenure
Citibank logo
Per MonthPer Month

S$316

MoneySmart Exclusive
Interest Rate*
4.55%
Total Amount Payable
S$11,365
Processing Fee
S$0
Per Month
S$316
Apply Now
MoneySmart Exclusive: 3.99% p.a. is only valid for 3 years loan tenor and min. loan amount of $20k Valid till 30 Apr 2020.
  • Min. loan repayment of 1 year to Max. 5 years
  • *E.I.R: Effective Interest Rate of 8.50% p.a. based on 3 Year loan tenure
OCBC logo
Per MonthPer Month

S$317

Interest Rate*
4.7%
Total Amount Payable
S$11,410
Processing Fee
S$100
Per Month
S$317
Apply Now
  • Min. loan repayment of 1 year to Max. 5 years
  • *E.I.R: Effective Interest Rate of 9.46% p.a. based on 3 Year loan tenure
HL Bank  logo
Per MonthPer Month

S$318

Interest Rate*
4.88%
Total Amount Payable
S$11,464
Processing Fee
S$150
Per Month
S$318
Apply Now
  • Min. loan repayment of 1 year to Max. 5 years
  • *E.I.R: Effective Interest Rate of 10.62% p.a. based on 3 Year loan tenure
OCBC logo
Per MonthPer Month

S$323

Interest Rate*
5.43%
Total Amount Payable
S$11,629
Processing Fee
S$200
Per Month
S$323
Apply Now
  • Min. loan repayment of 1 year to Max. 5 years
  • *E.I.R: Effective Interest Rate of 11.47% p.a. based on 3 Year loan tenure

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.

Personal Loan Calculator - 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 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 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).

Best Personal Loans Singapore 2020

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.