Best Loans in Singapore 2020

Interested in obtaining the most affordable loan possible? Our team's research makes this process simple by identifying the best loans in Singapore by category.

Best Personal Loans
Best Home Loans Best Car Loans
Best Education Loans
Best Renovation Loans
Best Debt Consolidation Loans
Best Balance Transfer Loans Best Personal Line of Credit

Best Personal Loan: HSBC Personal Loan

Consider this if you need the most affordable personal loan available

Eligibility S$30,000 of annual income (S$40,000 for foreigners & non-salaried employees)
Max. Loan Amount 4x monthly salary for income S$30,000 to S$120,000; 8x monthly salary for income > S$120,000; S$200,000 Maximum Loan Size (2x monthly salary for foreigners)
Min. Loan Amount S$5,000
Processing Fee S$88, waived for online applicants
Approval Time 1 minute approval, receive cash in one business day
Loan DurationFlat RateProcessing FeeEffective Interest RateMonthly InstalmentTotal Cost
1 year3.8%S$07%S$865.00S$272
2 years3.7%S$07%S$447.50S$632
3 years3.7%S$07%S$308.61S$1,002
4 years3.7%S$07%S$239.17S$1,372
5 years3.8%S$07%S$198.33S$1,792
6 years3.8%S$07%S$170.56S$2,172
7 years3.8%S$07%S$150.71S$2,552
*Assuming S$10,000 loan and income of S$30,000; includes processing waiver & online cashback

HSBC's personal loans are the cheapest available for most consumers. For example, the bank charges just 7% EIR (effective interest rate) and tends to offer competitive promotions. Additionally, HSBC is the only bank to offer 7-year loans, which can be helpful for those that need to spread out the total cost of their loan. Lastly, HSBC personal loans work well for foreigners residing in Singapore, because the bank has the lowest income requirement for these borrowers (S$40,000).

Best Home Loan Interest Rates as of February 20, 2020

When it comes to choosing a home loan, it is most important to choose a loan with a competitive interest rate. To make things easy for you, our team has identified the best mortgage interest rates in the tables below. It is important to keep in mind that some home loans begin with very low interest rates, but eventually charge much higher rates. With that in mind, the tables below show introductory rates, but are sorted by estimated total cost of borrowing. To learn more about choosing a home loan or refinancing your existing loan, please refer to our free guides.

Bank1st Yr InterestLock-in PeriodApply Now
DBS Fixed1.86%2 years
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DBS Fixed1.90%2 years
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DBS Fixed2.00%5 years
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SCB Tracker2.01%2 years
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DBS Board2.08%1 year
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Bank1st Yr InterestLock-in PeriodApply Now
DBS Fixed1.86%2 years
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DBS Fixed1.90%2 years
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SCB Tracker2.01%2 years
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DBS Board2.08%1 year
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CITI Tracker1.84%0
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Bank1st Yr InterestLock-in PeriodApply Now
OCBC Board1.95%0
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SCB Tracker2.01%0
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DBS Board2.07%0
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CITI Tracker1.89%5 years
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HLF Board2.10%0
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Bank1st Yr InterestLock-in PeriodApply Now
DBS Fixed1.86%2 years
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DBS Fixed1.90%2 years
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DBS Fixed2.00%5 years
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SCB Tracker2.01%2 years
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DBS Board2.08%1 year
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Best Car Loans in Singapore

Car loan rates vary for new and used vehicles. Additionally, some banks allow for car loan refinancing. The loans below represent the best options for vehicle financing in Singapore.

Best Loans for New Cars: Hong Leong Finance Car Loan

Consider this if you need a car loan to purchase a new vehicle

Interest Rate 2.48%
Maximum Principal Up to 60% or 70% of car price
Maximum Term 7 years
Duration (Years)Flat RateEIRMonthly PaymentTotal Interest Cost
12.48%5.38%S$5,978S$1,736
22.48%5.11%S$3,061S$3,472
32.48%5.00%S$2,089S$5,208
42.48%4.92%S$1,603S$6,944
52.48%4.86%S$1,311S$8,680
62.48%4.82%S$1,117S$10,416
72.48%4.77%S$978S$12,152
Assuming loan of S$70,000

Hong Leong Finance provides the cheapest car loans for new vehicles. The lender charges just 2.48% p.a. on loans for new cars—the lowest rate available in Singapore. Additionally, HLF's car loans cover up to 70% of your car’s price and are available for tenures of 1 to 7 years.

Read Our Full Review

Best Loans for Used Cars: DBS Car Loan

Consider this if you require a car loan to purchase a used car

Interest Rate 1.99%
Maximum Principal Up to 60% or 70% of car price
Maximum Term 7 years
Duration (Years)Flat RateEIRMonthly PaymentTotal Interest Cost
11.99%3.67%S$5,949S$1,393
21.99%3.78%S$3,033S$2,786
31.99%3.82%S$2,061S$4,179
41.99%3.82%S$1,574S$5,572
51.99%3.81%S$1,283S$6,965
61.99%3.81%S$1,089S$8,358
71.99%3.79%S$949$9,751
Assuming loan of S$70,000

DBS charges the lowest interest rates for car loans for used vehicles, making it the best lender for this type of financing. The bank charges just 1.99% p.a. for used car loans, and provides loans of up to 70% of the car's purchase price and up to 7 years in tenure.

Read Our Full Review

Best Car Loan Refinancing: OCBC Car Loan Refinancing

Consider this if you want to refinance your current car loan

Interest Rate 2.08%
Maximum Principal Up to 100% of car price
Maximum Term 7 years
Original Loan Year 1OCBC Refinancing from Year 2Original Loan for 5 Years
PrincipalS$70,000S$56,000S$70,000
Interest Rate2.78%2.08%2.78%
Monthly InstalmentS$1,329S$1,030S$1,329
Total InterestS$1,946S$4,659S$9,730
Years145
Remaining PrincipalS$56,000S$0S$0
Refinancing SavingsS$3,125

OCBC offers the most affordable car loan refinancing in Singapore. The bank's unique loan allows borrowers to refinance their car loans at a lower rate (2.08%). This can result in savings of hundreds of dollars each year.

Read Our Full Review

Best Education Loans in Singapore

Finding an affordable education loan can enable students to pursue their dreams without incurring unnecessary costs. Here, we've highlighted the best study loans available.

Best Student Loan for Local & International Studies: OCBC Frank Education Loan

Consider this if you require a study loan for university outside of Singapore

Early Repayment Fee 1% of loan prepaid
Late Payment Fee S$50
Age 17 & Above
OCBC FRANK Education Loan
Processing Fee2.5%
Interest Rate4.50%
Tenure1-8 Years
Max PrincipalS$150,000 or 10x monthly income of guarantor
Annual Income Requirement of GuarantorS$24,000

OCBC's FRANK Education Loan is the cheapest student loan for local and international university studies. This is due to its interest rate of 4.5%, which makes it the cheapest option for financing studies in Singapore or abroad. The bank also offers loans of up to S$150,000, giving students the means necessary to finance increasing tuition rates abroad.

Read Our Full Review

Best Education Loan Promotion: Maybank Education Loan

Consider this if you are able to obtain Maybank's promotional interest rates

Early Repayment Fee 1% of loan prepaid
Late Payment Fee 3% min $30
Age 18 & Above
Maybank Education Loan
Processing Fee2%
Interest Rate4.45%
Tenure1-8 Years
Max PrincipalS$200,000 or 8x monthly income of guarantor
Annual Income Requirement of GuarantorS$30,000

Maybank's education loan is one of the most affordable due to its current promotion. The bank's promotional interest rate of 4.45% p.a. and a processing fee of 2%, are among the cheapest available. Additionally the bank offers its promotion to students that study locally or abroad. Maybank also provides loans of up to S$200,000 or 8 times the borrowers monthly income, making it a great choice for those that require a large study loan.

Read Our Full Review

Best Renovation Loans in Singapore

Renovating your home can greatly increase its value, but it is also an expensive endeavor. Depending on the size of your project, you may prefer a different renovation loan. Those listed below represent the top renovation loans in Singapore.

Cheapest Short-Term Renovation Loan: CIMB Renovation Loan

Consider this if you require a small renovation loan that you can repay in 3 years or less

Maximum Principal 6x Monthly Income or S$30,000
Rest Rate 2.98%
Cashier Fee 3 free, S$10/each after
MaturityProcessing FeeInterest Rate (Rest Rate)Monthly InstalmentTotal Cost
1 Year1%2.98%S$1,270S$393
2 Years1%3.87%S$651S$762
3 Years1%4.18%S$444S$1,136
4 Years1%4.34%S$341S$1,517
5 Years1%4.44%S$279S$1,904
*Assuming loan of S$15,000

CIMB provides some of the most affordable renovation loans in Singapore. The bank charges competitive interest rates and lower processing fees than its competitors. Not only that, CIMB's renovation loans are available to more people. For example, most other banks require an annual income of at least S$30,000, whie CIMB requires just S$24,000.

Read Our Full Review

Best Large, Long-Term Renovation Loans: DBS Renovation Loan

Consider this if you seek a large renovation loan with a tenure of 4 or 5 years

Maximum Principal 6x Monthly Income or S$30,000
Rest Rate 3.88%
Cashier Fee Free 1st, S$5 fee after, max 4
MaturityProcessing FeeInterest Rate (Rest Rate)Monthly InstalmentTotal Cost
1 Year2%3.88%S$1,276S$617
2 Years2%3.88%S$614S$914
3 Years2%3.88%S$442S$1,214
4 Years2%3.88%S$338S$1,518
5 Years2%3.88%S$275S$1,826
*Assuming loan of S$15,000

The DBS Renovation Loan is a great choice for those seeking a large renovation loan or one with a longer tenure. For example, DBS charges 3.88% p.a., which is the lowest interest rate for 4 and 5 renovation loans. Therefore, these loans are great for those that will require a larger renovation scale project. With that said, DBS charges higher than average fees (1% handling fee + 1% insurance premium) and does not offer the best short-term rates. Therefore, those who need a smaller renovation loan would be better off choosing a different lender.

Read Our Full Review

Best Renovation Loan Promotion: Maybank Renovation Loan

Consider this if you require a large renovation loan and will apply online

Maximum Principal 6x Monthly Income or S$30,000
Rest Rate 4.33%
Cashier Fee 1st free, S$5/each after deducted from loan proceeds
MaturityProcessing FeeInterest Rate (Rest Rate)Monthly InstalmentTotal Cost
1 Year1%4.33%$1,280S$504
2 Years1%4.33%S$654S$836
3 Years1%4.33%S$445S$1,172
4 Years1%4.33%S$341S$1,513
5 Years1%4.33%S$278S$1,859
*Assuming loan of S$15,000

Maybank offers competitive renovation loan pricing as well as an enticing promotion. For example, the bank's 4.33% interest rate is among the lowest for loans of at least 3 years long, and it is currently offering S$100 in shopping vouchers to online applicants. Additionally, Maybank charges an interest rate of just 2.88% to its current home loan customers.

Read Our Full Review

Best Debt Consolidation Plans

Debt consolidation loans can be useful for those that need to reduce their personal debt over a longer period of time. These loans give borrowers the chance to consolidate all of their existing debt with one loan at a lower interest rate than other types of debt.

Best Cashback Promotion: POSB & DBS Debt Consolidation Plan

Consider this if you prefer a cashback promotion and qualify for POSB & DBS's lowest rates

Balance to Income Ratio More than 12x monthly income
Early Repayment Fee 5% on outstanding loan amount
Late Payment Fee S$90
Processing Fee S$99
POSB/DBS Debt Consolidation LoanDetails
Processing FeeS$99
Flat Interest Rate 1-8 YearsAs low as 3.98% (7.23% EIR)
Promotion3% cashback based on approved loan amount

POSB & DBS debt consolidation loans stand out due to their competitive cashback promotion and low advertised rates (3.98%). Both POSB and DBS offer 3% cashback to approved borrowers—the highest cashback rate offered for a debt consolidation loan. Despite these factors, the banks do not guarantee that their rates are available to all loan applicants. Instead rates are advertised as "as low as 3.98%". This suggests that you may actually be offered a higher rate.

Read Our Full Review

Lowest Promotional Rates: Maybank Debt Consolidation Plan

Consider this if you qualify for the bank's lowest rates

Balance to Income Ratio More than 12x monthly income
Early Repayment Fee 4% of outstanding balance or S$300, whichever is greater
Late Payment Fee 5% of the minimum monthly repayment or S$80, whichever is higher
Processing Fee N/A
Maybank Debt Consolidation LoanDetails
Processing FeeN/A
Flat RateAs low as 3.88%
Min EIR6.92%
Tenure1-10 Years

Maybank is currently charging promotional interest rates of 6.92% EIR (flat rate: 3.88% p.a.)—the lowest advertised effective interest rate available. It is also offering a cashback promotion (S$388 upon approval), another great incentive for borrowers. However, the bank does not guarantee its lowest rates to all applicants, which means some will receive better rates from other lenders.

Read Our Full Review

Best Guaranteed Rate: HSBC Debt Consolidation Plan

Consider this if you qualify for the bank's lowest rates

Balance to Income Ratio More than 12x monthly income
Early Repayment Fee 5% of redemption amount
Late Payment Fee S$75
Processing Fee S$88 or 1%, waived for online applications
HSBC Debt Consolidation LoanDetails
Processing FeeWaived
Flat Interest Rate 1-7 Years4.0% (7.5% EIR)
Flat Interest Rate 8-10 Years5.7% (10.0% EIR)

HSBC's debt consolidation loan is the best choice for most borrowers because it offers the lowest guaranteed interest rates and is currently waiving its processing fee. For instance, for HSBC charges a flat rates of 4% (1-7 years) and 5.7% (8-10 years), both of which are much lower than most of its competitors. Finally, while some banks advertise lower interest rates than HSBC, these banks use non-committal language (e.g. "as low as"), which suggests not all borrowers will receive their best rates.

Read Our Full Review

Best Balance Transfer Loan: UOB Balance Transfer

Consider this if you seek an affordable balance transfer loan

Processing Fee 4.28%
Maximum Principal 95% of credit line
Interest Free Period 12 months
Interest-Free PeriodProcessing FeeEIR with UOB Credit CardsEIR with UOB CashPlus
6 months2.5%5.34%5.27%
12 months4.28%4.95%4.82%

The UOB Balance Transfer is the cheapest available for most individuals. For example, the bank charges a market leading processing fee of 4.28% for transfers with a 12-month interest free period. Additionally, UOB offers a cashback promotion of up to S$160. For these reasons, most individuals seeking to repay their debt within one year will find UOB to be the cheapest option.

Best Personal Credit Line Loans

A line of credit is a loan that only charges borrowers interest on the flexible amount they've actually borrowed. The options below represent the best personal lines of credit currently available in Singapore.

Best Overall Personal Credit Line: HSBC Personal Line of Credit

Consider this if you need a personal line of credit for a few years

Eligibility S$30,000 of annual income
Max. Credit Limit 4x monthly salary (6x for annual income > S$120,000), up to S$100,000
Annual Fee S$60, waived for 1 year
  • Prevailing Interest Rate: 18.5%
  • Annual Fee: S$60 (waived for 1 year)
  • Revolution & Advance Interest Rate: 16.5%
  • Revolution & Advance Annual Fee: S$60 (waived for 2 years)

HSBC's personal line of credit stands out due to its low interest rates and fees. For example, the bank's effective interest rate is the lowest available (18.5%) in Singapore. Additionally, HSBC's annual fee is lower than its competitors and waived for 1 year (2 years for Revolution & Advance customers). For these reasons, HSBC's personal line of credit is the most affordable for those seeking to obtain a credit line for a few years.

Read Our Full Review

Best Short-Term Personal Line of Credit: Maybank CreditAble

Consider this if you require a cheap, short-term personal line of credit

Eligibility S$30,000 of annual income
Max. Credit Limit 4x monthly salary
Annual Fee S$80, waived for 2 years
  • Promotional First-Year Interest Rate: 9.0%
  • Prevailing Interest Rate: 19.8%
  • Annual Fee: Waived for 2 years (S$80)
  • Maximum Credit Limit: 4x monthly salary

Maybank's personal line of credit is by far the cheapest for short-term use, due to its incredibly low rate of 9% in the first year. The bank is also currently waiving its annual fee (S$80) for 2 years. With that said, Maybank CreditAble becomes less competitive over the course of several years, as its interest rate rises to 19.8% following the first year. Therefore, it is best to view Maybank's credit line as a short-term financing option.

Read Our Full Review

William Hofmann

William is a Senior Research Analyst at ValueChampion Singapore, focusing on banking and SMEs. He previously was an Economic Consultant at Industrial Economics Inc.

Comments and Questions

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