Best Personal Loans in Singapore 2021

Taking out a personal loan may be necessary if you need extra cash for a major expense. Our loan experts analysed and compared all of the personal loans available on the market to help you find the best personal loan for your specific needs.

BankBest For:Flat RateTenor
Lendela Personal LoanLow-Income Borrowersfrom 0.8% p.m.1-7 years
HSBC Personal LoanBest Overallfrom 3.4% p.a.1-7 years
Standard Chartered CashOnePromotionsfrom 3.48% p.a.1-5 years
POSB/DBS Personal LoanInstant Cash Disbursementfrom 3.88% p.a.1-5 years
Citibank Quick Cash Personal LoanShort-Termfrom 3.45% p.a.1-5 years
OCBC Cash-On-InstalmentCash-on-Instalment3.5% p.a.1-5 years
Standard Chartered CashOneLow-Income Borrowersfrom 9.8%1-5 years
HSBC Personal LoanForeigners & Expatsfrom 3.7% p.a.1-7 years
Friday Finance Personal LoanLow Creditfrom 1% p.m.3 months - 18 months
TCC Personal LoanLow-Income Borrowers6.99% p.a.1 month - 5 years
Table shows lowest advertised interest rates; interest rates vary for different tenures and/or smaller loan amounts. Please see below for further details.
BankBest For:Flat RateTenor
Lendela Personal LoanLow-Income Borrowersfrom 0.8% p.m.1-7 years
HSBC Personal LoanBest Overallfrom 3.4% p.a.1-7 years
Standard Chartered CashOnePromotionsfrom 3.48% p.a.1-5 years
POSB/DBS Personal LoanInstant Cash Disbursementfrom 3.88% p.a.1-5 years
Citibank Quick Cash Personal LoanShort-Termfrom 3.99% p.a.1-5 years
OCBC Cash-On-InstalmentCash-on-Instalment3.5% p.a.1-5 years
Standard Chartered CashOneLow-Income Borrowersfrom 9.8%1-5 years
HSBC Personal LoanForeigners & Expatsfrom 3.7% p.a.1-7 years
Friday Finance Personal LoanLow Creditfrom 1% p.m.3 months - 18 months
TCC Personal LoanLow-Income Borrowers6.99% p.a.1 month - 5 years
Table shows lowest advertised interest rates; interest rates vary for different tenures and/or smaller loan amounts. Please see below for further details.

Compare the Best Personal Loans in Singapore

Below, we show the total cost for each personal loan in Singapore. Our chart assumes a 3-year S$10,000 loan for a borrower that makes at least S$30,000 annually. For a loan of this size, you should expect to pay somewhere between S$1,000 and S$2,500 in fees and interest. This cost does not include fees for late or early payments, which we typically advise against.

Comparing the total cost of personal loans from every bank in Singapore in terms of interest payment, assuming S$10,000 of personal loan over 3 years
Cost of Personal Loan by Bank

Best Moneylender Loans for Low-Income Borrowers: Lendela

Consider this if you are unable to obtain a personal loan from a bank
  • Eligibility
    • S$1,600 per month
    • Max. Loan Amount
      • 6x monthly salary
      • Min. Loan Amount
        • S$500
        • Processing Fee
          • Varies
          • Approval Time
            • 1 day
            Promotion:
            • No promotions currently offered

            Lendela is a great option for individuals that do not qualify for personal loans from banks. For example, Lendela provides prospective borrowers with a comparison of the best personal loans from moneylenders based on the borrower's credit score. Additionally, Lendela has a low minimum income requirement (S$1,200 monthly) and most applicants receive more than 1 same-day loan offer. In these ways, the platform is a great alternative for those that cannot obtain bank loans.

            Consider this if you are unable to obtain a personal loan from a bank
            • Eligibility
              • S$1,600 per month
              • Max. Loan Amount
                • 6x monthly salary
                • Min. Loan Amount
                  • S$500
                  • Processing Fee
                    • Varies
                    • Approval Time
                      • 1 day
                      Promotion:
                      • No promotions currently offered

                      Lendela is a great option for individuals that do not qualify for personal loans from banks. For example, Lendela provides prospective borrowers with a comparison of the best personal loans from moneylenders based on the borrower's credit score. Additionally, Lendela has a low minimum income requirement (S$1,200 monthly) and most applicants receive more than 1 same-day loan offer. In these ways, the platform is a great alternative for those that cannot obtain bank loans.

                      Best Personal Loan: HSBC Personal Loan

                      PROMO: Get S$100 Cashback
                      Consider this if you require a large, long-term personal loan
                      • Eligibility
                        • S$30,000 of annual income
                        • 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
                                Promotion:
                                • New BAU Promo: S$100 Cashback

                                HSBC's personal loans typically charge the lowest effective interest rates in the market (from 6.5% EIR). Additionally, HSBC is the only lender that provides 7-year loans, which can reduce the burden of your monthly repayments by spreading them out over a longer period of time. HSBC also boasts a quick 1 minute in-principle approval time and you can receive cash by the next day for successful loan applications of less than S$100,000. Finally, the bank is a great option for foreigners living in Singapore, as its income requirement for foreigners (S$40,000) is the lowest of any bank in our review.

                                Loan DurationFlat RateProcessing FeeEIRMonthly InstalmentTotal Cost
                                1 year3.6%S$06.5%S$862.96S$356
                                2 years3.5%S$06.5%S$445.46S$691
                                3 years3.4%S$06.5%S$306.49S$1,034
                                4 years3.5%S$06.5%S$237.15S$1,383
                                5 years3.5%S$06.5%S$195.66S$1,740
                                6 years3.5%S$06.5%S$168.10S$2,103
                                7 years3.5%S$06.5%S$148.49S$2,474
                                Assuming S$10,000 loan and income of S$30,000; includes processing fee waiver for Premier customers (S$60 for Personal Banking Customers) and any promotions. Please note that rates above are not indicative of your customised loan offer.
                                PROMO: Get S$100 Cashback
                                Consider this if you require a large, long-term personal loan
                                • Eligibility
                                  • S$30,000 of annual income
                                  • 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
                                          Promotion:
                                          • New BAU Promo: S$100 Cashback

                                          HSBC's personal loans typically charge the lowest effective interest rates in the market (from 6.5% EIR). Additionally, HSBC is the only lender that provides 7-year loans, which can reduce the burden of your monthly repayments by spreading them out over a longer period of time. HSBC also boasts a quick 1 minute in-principle approval time and you can receive cash the next day for successful loan applications of less than S$100,000. Finally, the bank is a great option for foreigners living in Singapore, as its income requirement for foreigners (S$40,000) is the lowest of any bank in our review.

                                          Loan DurationFlat RateProcessing FeeEIRMonthly InstalmentTotal Cost
                                          1 year3.6%S$06.5%S$862.96S$356
                                          2 years3.5%S$06.5%S$445.46S$691
                                          3 years3.4%S$06.5%S$306.49S$1,034
                                          4 years3.5%S$06.5%S$237.15S$1,383
                                          5 years3.5%S$06.5%S$195.66S$1,740
                                          6 years3.5%S$06.5%S$168.10S$2,103
                                          7 years3.5%S$06.5%S$148.49S$2,474
                                          Assuming S$10,000 loan and income of S$30,000; includes processing fee waiver for Premier customers (S$60 for Personal Banking Customers) and any promotions. Please note that rates above are not indicative of your customised loan offer.

                                          Best Personal Loan Promotions: Standard Chartered CashOne Personal Loan

                                          PROMO: Get cashbak rewards and fees waived
                                          Consider this if you are interested in large personal loans with low rates, or personal loans with the lowest interest rates for low-income borrowers
                                          • Eligibility
                                            • S$30,000 of annual income
                                            • Max. Loan Amount
                                              • 2x monthly salary for annual income below S$30,000; 4x monthly salary for annual income > S$30,000; 8x monthly income for annual income above S$120,000 (up to S$250,000)
                                              • Min. Loan Amount
                                                • S$1,000
                                                • Processing Fee
                                                  • S$199 for 1st year, S$50 for subsequent years (waived for borrowers who make repayments on time)
                                                  • Approval Time
                                                    • 15 minutes
                                                    Promotion:
                                                    • 50% first month's payment in cashback
                                                    • Apply via MyInfo for S$20 Cashback
                                                    • Annual fee of S$50 is waived 2nd year onwards if payments are made on time

                                                    Standard Chartered is currently offering some of the best cashback promotions. For instance, the bank is offering 50% off your first loan payment for those with loans of at least S$15,000 and tenures of at least 4 years. On top of their competitive rates (starting at 3.48% p.a.), these promos make the CashOne personal loan a great fit for those seeking loans of at least S$15,000 with tenures of 4 to 5 years. Finally, approval takes 15 minutes, after which funds are disbursed instantly. However, it is important to keep in mind that other loans may be cheaper if you do not qualify for Standard Chartered's lowest rates and current promotions.

                                                    Loan DurationFlat RateAnnual FeeEIRMonthly InstallmentTotal Cost
                                                    1 year loan3.48%S$1998.45%SS$1,725S$895
                                                    2 year loan3.48%S$07.63%$891S$1.392
                                                    3 year loan3.48%S$07.30%S$614$2,088
                                                    4 year loan3.48%S$07.10%S$475S$2,546.67
                                                    5 year loan3.48%S$06.95%S$391S$3,284.33
                                                    Assuming S$10,000 loan and income of S$30,000; includes processing fee waiver and any promotions. Please note that rates above are not indicative of your customised loan offer.
                                                    PROMO: Get cashbak rewards and fees waived
                                                    Consider this if you are interested in large personal loans with low rates, or personal loans with the lowest interest rates for low-income borrowers
                                                    • Eligibility
                                                      • S$30,000 of annual income
                                                      • Max. Loan Amount
                                                        • 2x monthly salary for annual income below S$30,000; 4x monthly salary for annual income > S$30,000; 8x monthly income for annual income above S$120,000 (up to S$250,000)
                                                        • Min. Loan Amount
                                                          • S$1,000
                                                          • Processing Fee
                                                            • S$199 for 1st year, S$50 for subsequent years (waived for borrowers who make repayments on time)
                                                            • Approval Time
                                                              • 15 minutes
                                                              Promotion:
                                                              • 50% first month's payment in cashback
                                                              • Apply via MyInfo for S$20 Cashback
                                                              • Annual fee of S$50 is waived 2nd year onwards if payments are made on time

                                                              Standard Chartered is currently offering some of the best cashback promotions. For instance, the bank is offering 50% off your first loan payment for those with loans of at least S$15,000 and tenures of at least 4 years. On top of their competitive rates (starting at 3.48% p.a.), these promos make the CashOne personal loan a great fit for those seeking loans of at least S$15,000 with tenures of 4 to 5 years. Finally, approval takes 15 minutes, after which funds are disbursed instantly. However, it is important to keep in mind that other loans may be cheaper if you do not qualify for Standard Chartered's lowest rates and current promotions.

                                                              Loan DurationFlat RateAnnual FeeEIRMonthly InstallmentTotal Cost
                                                              1 year loan3.48%S$1998.45%SS$1,725S$895
                                                              2 year loan3.48%S$07.63%S$891S$1.392
                                                              3 year loan3.48%S$07.30%S$614S$2,088
                                                              4 year loan3.48%S$07.10%S$475S$2,546.67
                                                              5 year loan3.48%S$06.95%S$391S$3,284.33
                                                              Assuming S$10,000 loan and income of S$30,000; includes processing fee waiver and any promotions. Please note that rates above are not indicative of your customised loan offer

                                                              Fastest Personal Loan Disbursement: POSB/DBS Personal Loan

                                                              PROMO: Get 1% cashback on approved loans
                                                              Consider this if you require a personal loan that offers cash immediately
                                                              • Eligibility
                                                                • S$20,000 of annual income
                                                                • Max. Loan Amount
                                                                  • 4x monthly salary; 10x monthly salary for income > S$120,000
                                                                  • Min. Loan Amount
                                                                    • S$500
                                                                    • Processing Fee
                                                                      • 1% of loan principal, waived for loans of more than S$30,000
                                                                      • Approval Time
                                                                        • Immediate approval & disbursement for DBS & POSB credit card or line of credit customers

                                                                        Promotion:

                                                                        • New loan customers receive 1% cashback for approved loans of S$10,000 and above.

                                                                        POSB and DBS charge some of the most competitive interest rates (from 3.88% p.a., 7.56% EIR) in Singapore. Not only that, the banks' loans are particularly useful for individuals that need cash immediately. While most banks take at least a day to disburse personal loans, POSB & DBS instantly provide funds to their credit card and credit line customers, as well as new customers that credit their salary into a POSB or DBS deposit account.

                                                                        Note: The interest rate and processing fee offered to you is based on your personal credit and income profile. It may differ from the published rate and the rate offered to other borrowers.

                                                                        Loan DurationFlat RateFeeEIRMonthly PaymentTotal Cost
                                                                        1 year loan3.88%1%7.56%S$865.67S$488
                                                                        2 year loan3.88%1%7.56%S$449.00S$876
                                                                        3 year loan3.88%1%7.56%S$310.11S$1,264
                                                                        4 year loan3.88%1%7.56%S$240.67S$1,652
                                                                        5 year loan3.88%1%7.56%S$199.00S$2,040
                                                                        Assuming S$10,000 loan and income of S$30,000; includes processing fee waiver and any promotions. Please note that rates above are not indicative of your customised loan offer
                                                                        PROMO: Get 1% cashback on approved loans
                                                                        Consider this if you require a personal loan that offers cash immediately
                                                                        • Eligibility
                                                                          • S$20,000 of annual income
                                                                          • Max. Loan Amount
                                                                            • 4x monthly salary; 10x monthly salary for income > S$120,000
                                                                            • Min. Loan Amount
                                                                              • S$500
                                                                              • Processing Fee
                                                                                • 1% of loan principal, waived for loans of more than S$30,000
                                                                                • Approval Time
                                                                                  • Immediate approval & disbursement for DBS & POSB credit card or line of credit customers
                                                                                  Promotion:
                                                                                  • New loan customers receive 1% cashback for approved loans of S$10,000 and above.

                                                                                  POSB and DBS charge some of the most competitive interest rates (from 3.88% p.a., 7.56% EIR) in Singapore. Not only that, the banks' loans are particularly useful for individuals that need cash immediately. While most banks take at least a day to disburse personal loans, POSB & DBS instantly provide funds to their credit card and credit line customers, as well as new customers that credit their salary into a POSB or DBS deposit account.

                                                                                  Note: The interest rate and processing fee offered to you is based on your personal credit and income profile. It may differ from the published rate and the rate offered to other borrowers.

                                                                                  Loan DurationFlat RateFeeEIRMonthly PaymentTotal Cost
                                                                                  1 year loan3.88%1%7.56%S$865.67S$488
                                                                                  2 year loan3.88%1%7.56%S$449.00S$876
                                                                                  3 year loan3.88%1%7.56%S$310.11S$1,264
                                                                                  4 year loan3.88%1%7.56%S$240.67S$1,652
                                                                                  5 years loan3.88%1%7.56%S$199.00S$2,040
                                                                                  Assuming S$10,000 loan and income of S$30,000; includes processing fee waiver and any promotions. Please note that rates above are not indicative of your customised loan offer

                                                                                  Best Small, Short-Term Personal Loan: Citibank Quick Cash Personal Loan

                                                                                  PROMO: Get promotional interest rates as low as 3.45% p.a.
                                                                                  Consider this if you require a small, short-term personal loan
                                                                                  • Eligibility
                                                                                    • S$30,000 of annual income
                                                                                    • Max. Loan Amount
                                                                                      • 4x monthly salary
                                                                                      • Min. Loan Amount
                                                                                        • S$1,000
                                                                                        • Processing Fee
                                                                                          • None
                                                                                          • Approval Time
                                                                                            • 1 hour (before 5pm)
                                                                                            Promotion:
                                                                                            • New Citi Credit Card or Citibank Ready Credit account holders can enjoy rates as low as 3.45% p.a. with 0% processing fee (E.I.R 6.50% p.a.).

                                                                                            For people who need a small personal loan and expect to be able to pay it off within 3 years, Citibank's Quick Cash Personal Loan (formerly Ready Credit PayLite) is one of the best options in the market. Citibank's effective interest rates of 6.5% for new customers are among the lowest in Singapore for 1-3 years. Additionally, Citibank's Personal Loan does not charge a processing fee. Finally, Citibank’s minimum loan amount is only S$1,000, making it very accessible for anyone who may need to borrow just a few thousand dollars.

                                                                                            Additionally, Citibank's Personal Loans now offer competitive interest rates for loans with longer tenures, making even more of an attractive option for borrowers. However, while Citi's application decision is made within one hour, cash is disbursed more slowly, for new Citibank customers, (3-5 days) than other banks.

                                                                                            Loan DurationFlat RateFeeEIRMonthly InstalmentTotal Cost
                                                                                            1 year loan3.56%0%6.50%S$862.96S$355.50
                                                                                            2 years loan3.46%0%6.50%S$445.46S$691.00
                                                                                            3 years loan3.45%0%6.50%S$306.6S$1,038.00
                                                                                            4 years loan3.46%0%6.50%S$237.16S$1,384.00
                                                                                            5 years loan3.48%0%6.50%S$195.66S$1,740.00
                                                                                            Assuming S$10,000 loan; includes processing fee waiver and any promotions. Please note that rates above are not indicative of your customised loan offer
                                                                                            PROMO: Get promotional interest rates as low as 3.45% p.a.
                                                                                            Consider this if you require a small, short-term personal loan
                                                                                            • Eligibility
                                                                                              • S$30,000 of annual income
                                                                                              • Max. Loan Amount
                                                                                                • 4x monthly salary
                                                                                                • Min. Loan Amount
                                                                                                  • S$1,000
                                                                                                  • Processing Fee
                                                                                                    • None
                                                                                                    • Approval Time
                                                                                                      • 1 hour (before 5pm)
                                                                                                      Promotion:
                                                                                                      • New Citi Credit Card or Citibank Ready Credit account holders can enjoy rates as low as 3.45% p.a. with 0% processing fee (E.I.R 6.50% p.a.).

                                                                                                      For people who need a small personal loan and expect to be able to pay it off within 3 years, Citibank's Quick Cash Personal Loan (formerly Ready Credit PayLite) is one of the best options in the market. Citibank's effective interest rates of 7.50%-7.85% for new customers are among the lowest in Singapore for 1-3 years. Additionally, Citibank's Personal Loan does not charge a processing fee. Finally, Citibank’s minimum loan amount is only S$1,000, making it very accessible for anyone who may need to borrow just a few thousand dollars.

                                                                                                      Additionally, Citibank's Personal Loans now offer some of the lowest interest rates for loans with longer tenures, making even more of an attractive option for borrowers. However, while Citi's application decision is made within one hour, cash is disbursed more slowly, for new Citibank customers, (3-5 days) than other banks.

                                                                                                      Loan DurationFlat RateFeeEIRMonthly InstalmentTotal Cost
                                                                                                      1 year loan3.56%0%6.50%S$862.96S$355.50
                                                                                                      2 years loan3.46%0%6.50%S$445.46S$691.00
                                                                                                      3 years loan3.45%0%6.50%S$306.6S$1,038.00
                                                                                                      4 years loan3.46%0%6.50%S$237.16S$1,384.00
                                                                                                      5 years loan3.48%0%6.50%S$195.66S$1,740.00
                                                                                                      Assuming S$10,000 loan; includes processing fee waiver and any promotions. Please note that rates above are not indicative of your customised loan offer

                                                                                                      Best Cash-On-Instalment: OCBC Cash-On-Instalment

                                                                                                      PROMO: Get S$20 cashback via PayNow (via SGSaver)
                                                                                                      Consider this if you want a long-term, non-traditional personal loan
                                                                                                      • Eligibility
                                                                                                        • S$30,000 of annual income
                                                                                                        • Max. Loan Amount
                                                                                                          • Maximum available credit limit
                                                                                                          • Min. Loan Amount
                                                                                                            • S$1,000
                                                                                                            • Processing Fee
                                                                                                              • 1%
                                                                                                              • Approval Time
                                                                                                                • Unknown
                                                                                                                Promotion:
                                                                                                                • S$20 cashback via PayNow (via SGSaver)
                                                                                                                • Receive up to S$480 cashback when you apply for Cash-on-Instalments online

                                                                                                                Due to its exclusive rate offered through ValueChampion, OCBC's Cash-On-Instalments are a great option for individuals seeking an alternative to other personal loans. The bank is currently offering an exclusive interest rate of 3.5% p.a. (EIR 6.96%-7.87%) and up to S$480 cashback promotion to new customers. It's loans are less competitive for current OCBC Credit Card or OCBC EasiCredit customers, with interest rates of 4.7% p.a. (EIR 9.06%-10.45%).

                                                                                                                These loans are unique in that they allow consumers to convert their available credit limit into a fixed monthly instalment loan. This feature can be quite useful for those who need a relatively small sum of cash. Their 1-year loan is also relatively cheap, with a one-time processing fee of 1% of the principle amount. However, OCBC's Cash-On Instalments can be quite expensive for loans of longer durations.

                                                                                                                Loan DurationFlat RateProcessing FeeEIRMonthly InstalmentTotal Cost
                                                                                                                1 year loan4.7%1%10.45%S$872.50S$550.00
                                                                                                                2 year loan4.7%1%9.77%S$455.84S$1,020.00
                                                                                                                3 year loan4.7%1%9.46%S$316.95S$1,490.00
                                                                                                                4 year loan4.7%1%9.24%S$247.50S$1,960.00
                                                                                                                5 year loan4.7%1%9.06%S$205.84S$2,430.00
                                                                                                                Assuming S$10,000 loan; includes processing fee waiver and any promotions. Please note that rates above are not indicative of your customised loan offer
                                                                                                                PROMO: Get S$20 cashback via PayNow (via SGSaver)
                                                                                                                Consider this if you want a long-term, non-traditional personal loan
                                                                                                                • Eligibility
                                                                                                                  • S$30,000 of annual income
                                                                                                                  • Max. Loan Amount
                                                                                                                    • Maximum available credit limit
                                                                                                                    • Min. Loan Amount
                                                                                                                      • S$1,000
                                                                                                                      • Processing Fee
                                                                                                                        • 1%
                                                                                                                        • Approval Time
                                                                                                                          • Unknown
                                                                                                                          Promotions:
                                                                                                                          • S$20 cashback via PayNow (via SGSaver)
                                                                                                                          • Receive up to S$480 cashback when you apply for Cash-on-Instalments online

                                                                                                                          Due to its exclusive rate offered through ValueChampion, OCBC's Cash-On-Instalments are a great option for individuals seeking an alternative to other personal loans. The bank is currently offering an exclusive interest rate of 3.5% p.a. (EIR 6.96-7.87%) and S$20 cashback promotion to new customers. It's loans are less competitive for current OCBC Credit Card or OCBC EasiCredit customers, with interest rates of 4.7% p.a. (EIR 9.06-10.45%).

                                                                                                                          These loans are unique in that they allow consumers to convert their available credit limit into a fixed monthly instalment loan. This feature can be quite useful for those who need a relatively small sum of cash. Their 1-year loan is also relatively cheap, with a one-time processing fee of 6% and 0% of interest. However, OCBC's Cash-On Instalments can be quite expensive for longer durations.

                                                                                                                          Loan DurationFlat RateProcessing FeeEIRMonthly InstalmentTotal Cost
                                                                                                                          1 year loan4.7%1%10.45%S$872.50S$550.00
                                                                                                                          2 year loan4.7%1%9.77%S$455.84S$1,020.00
                                                                                                                          3 year loan4.7%1%9.46%S$316.95S$1,490.00
                                                                                                                          4 year loan4.7%1%9.24%S$247.50S$1,960.00
                                                                                                                          5 year loan4.7%1%9.06%S$205.84S$2,430.00
                                                                                                                          Assuming S$10,000 loan; includes processing fee waiver and any promotions. Please note that rates above are not indicative of your customised loan offer.

                                                                                                                          Best Personal Loans for Low Income Borrowers

                                                                                                                          As a prospective borrower with a limited income, it can be difficult to find an affordable loan from a reputable lender. The four options below represent the best options for these individuals in Singapore.

                                                                                                                          Best Bank Loan for Low-Income Borrowers: Standard Chartered CashOne

                                                                                                                          PROMO: Get cashbak rewards and fees waived
                                                                                                                          Consider this if you are interested in large personal loans with low rates, or personal loans with the lowest interest rates for low-income borrowers
                                                                                                                          • Eligibility
                                                                                                                            • S$30,000 of annual income
                                                                                                                            • Max. Loan Amount
                                                                                                                              • 2x monthly salary for annual income below S$30,000
                                                                                                                              • Min. Loan Amount
                                                                                                                                • S$1,000
                                                                                                                                • Processing Fee
                                                                                                                                  • S$199 for 1st year (waived for online application), S$50 for subsequent years (waived for borrowers who make repayments on time)
                                                                                                                                  • Approval Time
                                                                                                                                    • 15 minutes
                                                                                                                                    Promotion:
                                                                                                                                    • 50% first month's payment in cashback
                                                                                                                                    • Apply via MyInfo for S$20 Cashback
                                                                                                                                    • Annual fee of S$50 is waived 2nd year onwards if payments are made on time

                                                                                                                                    For individuals who make less than S$30,000 per year, Standard Chartered CashOne is the best personal loan available. For people who make between S$20,000 and S$30,000 per year, Standard Chartered offers loans with flat rates of 9.8%-10.8% and an administrative fee only for the first year. This translates to an effective interest rate (EIR) of 20%-27%, depending on the loan tenor. In comparison, other personal loans offered to lower income borrowers charge flat rates of 11%-13% in addition to processing fees (up to 4%) with EIR of around 30%. As mentioned before, approval is within 15 minutes with funds disbursed once approved.

                                                                                                                                    A downside of the Standard Chartered CashOne is that it has a maximum loan cap of S$5,000 or 2x your monthly salary, whichever is lower. However, if you make less than S$30,000, we strongly advise you against borrowing more than this amount in the first place.

                                                                                                                                    Loan DurationFlat RateFeeEIRMonthly InstalmentTotal Cost
                                                                                                                                    1 year loan9.8%S$19927.56%S$275S$493
                                                                                                                                    2 year loan9.8%S$023.14%S$150S$588
                                                                                                                                    3 year loan10.8%S$022.99%S$110S$972
                                                                                                                                    4 year loan10.8%S$021.80%S$90S$1,296
                                                                                                                                    5 year loan10.8%S$020.92%S$70S$1,620
                                                                                                                                    Assuming existing customer with annual income of S$25,000, S$3,000 loan
                                                                                                                                    PROMO: Get cashbak rewards and fees waived
                                                                                                                                    Consider this if you are interested in large personal loans with low rates, or personal loans with the lowest interest rates for low-income borrowers
                                                                                                                                    • Eligibility
                                                                                                                                      • S$30,000 of annual income
                                                                                                                                      • Max. Loan Amount
                                                                                                                                        • 2x monthly salary for annual income below S$30,000
                                                                                                                                        • Min. Loan Amount
                                                                                                                                          • S$1,000
                                                                                                                                          • Processing Fee
                                                                                                                                            • S$199 for 1st year (waived for online application), S$50 for subsequent years (waived for borrowers who make repayments on time)
                                                                                                                                            • Approval Time
                                                                                                                                              • 15 minutes
                                                                                                                                              Promotion:
                                                                                                                                              • 50% first month's payment in cashback
                                                                                                                                              • Apply via MyInfo for S$20 Cashback
                                                                                                                                              • Annual fee of S$50 is waived 2nd year onwards if payments are made on time
                                                                                                                                              • Best Interest Rates for Low Income Borrowers
                                                                                                                                              • Loan Tenor: 1 - 5 years
                                                                                                                                              • Loan Amount: S$1,000 - S$5,000 or 2x your monthly salary (whichever lower)
                                                                                                                                              • Approval Time: 15 minutes
                                                                                                                                              • Min. Annual Income: S$20,000 (SG Citizens & PR)

                                                                                                                                              For individuals who make less than S$30,000 per year, Standard Chartered CashOne is the best personal loan available. For people who make between S$20,000 and S$30,000 per year, Standard Chartered offers loans with flat rates of 9.8%-10.8% and an administrative fee only for the first year. This translates to an effective interest rate (EIR) of 20%-27%, depending on the loan tenor. In comparison, other personal loans offered to lower income borrowers charge flat rates of 11%-13% in addition to processing fees (up to 4%) with EIR of around 30%. As mentioned before, approval is within 15 minutes with funds disbursed once approved.

                                                                                                                                              A downside of the Standard Chartered CashOne is that it has a maximum loan cap of S$5,000 or 2x your monthly salary, whichever is lower. However, if you make less than S$30,000, we strongly advise you against borrowing more than this amount in the first place.

                                                                                                                                              Loan DurationFlat RateFeeEIRMonthly InstalmentTotal Cost
                                                                                                                                              1 year loan9.8%S$19927.56%S$275S$493
                                                                                                                                              2 year loan9.8%S$023.14%S$150S$588
                                                                                                                                              3 year loan10.8%S$022.99%S$110S$972
                                                                                                                                              4 year loan10.8%S$021.80%S$90S$1,296
                                                                                                                                              5 year loan10.8%S$020.92%S$70S$1,620
                                                                                                                                              Assuming existing customer with annual income of S$25,000, S$3,000 loan

                                                                                                                                              Honourable Mention: TCC Personal Loan

                                                                                                                                              Consider this if if you are looking for a small and flexible loan offer from a non-banking institution
                                                                                                                                              • Eligibility
                                                                                                                                                • S$1,200 per month
                                                                                                                                                • Max. Loan Amount
                                                                                                                                                  • 6x monthly income (up to S$50,000)
                                                                                                                                                  Promotion:

                                                                                                                                                  TCC Credit Cooperative Limited is a non-profit lending institution whose loans can be beneficial for low-income borrowers. This is largely because their minimum monthly salary requirement is S$1,400, which is much less than other banks, who typically have minimum income requirements of S$20,000 per annum. In addition to the low salary requirement, TCC's interest rate is low, making it one of the cheaper loans available in the market. Moreover, since the firm is not a bank, there are less restrictions regarding the loan details. For example, loan repayments can be negotiated depending on unforeseen circumstances. Thus, those with low income or those looking for a more flexible loan could benefit from TCC's services.

                                                                                                                                                  To apply for a loan, you must be a TCC member. Opening an account is free, however members must pay a minimum of S$10 per month to their TCC savings account. Obtaining a membership will qualify you for a variety of loans they offer, from education to marriage loans, and give you access to other perks such as academic funds and discounts on healthcare providers. While TCC may be a good option for those who want low rates and flexible conditions, it's important to mention that it might not be the best option for people who are looking for a loan larger than S$50,000.

                                                                                                                                                  Consider this if if you are looking for a small and flexible loan offer from a non-banking institution
                                                                                                                                                  • Eligibility
                                                                                                                                                    • S$1,200 per month
                                                                                                                                                    • Max. Loan Amount
                                                                                                                                                      • 6x monthly income (up to S$50,000)
                                                                                                                                                      Promotion:

                                                                                                                                                      TCC Credit Cooperative Limited is a non-profit lending institution whose loans can be beneficial for low-income borrowers. This is largely because their minimum monthly salary requirement is S$1,400, which is much less than other banks, who typically have minimum income requirements of S$20,000 per annum. In addition to the low salary requirement, TCC's interest rate is low, making it one of the cheaper loans available in the market. Moreover, since the firm is not a bank, there are less restrictions regarding the loan details. For example, loan repayments can be negotiated depending on unforeseen circumstances. Thus, those with low income or those looking for a more flexible loan could benefit from TCC's services.

                                                                                                                                                      To apply for a loan, you must be a TCC member. Opening an account is free, however members must pay a minimum of S$10 per month to their TCC savings account. Obtaining a membership will qualify you for a variety of loans they offer, from education to marriage loans, and give you access to other perks such as academic funds and discounts on healthcare providers. While TCC may be a good option for those who want low rates and flexible conditions, it's important to mention that it might not be the best option for people who are looking for a loan larger than S$50,000.

                                                                                                                                                      Best Moneylender Loans for Near-Prime Credit Borrowers: Friday Finance

                                                                                                                                                      Consider this if if you are building credit and looking to borrow from a credible lender
                                                                                                                                                      • Eligibility
                                                                                                                                                        • No min. salary; Must be SG citizen or PR who is either a Salaried Employee, Variable/Commission-based Employee or Self Employed
                                                                                                                                                        • Max. Loan Amount
                                                                                                                                                          • 6x monthly salary
                                                                                                                                                          • Processing Fee
                                                                                                                                                            • Starting from 2%; 50% refund if loan is paid off on time
                                                                                                                                                            • Approval Time
                                                                                                                                                              • 1 day
                                                                                                                                                              Promotion:
                                                                                                                                                              • No promotions currently offered

                                                                                                                                                              For Singaporeans with less than perfect credit looking for a personal loan from a credible lender, Friday Finance is a good option. Friday Finance offers low monthly interest rates (between 1%-3% per month) and they will work with you to create a custom weekly or monthly repayment plan. Loan approval is short, within 1-2 hours, with disbursement within a day. They even incentivize on-time payments by refunding 50% of the administration fees when you fully pay off the loan, either by GIRO, PayNow or bank transfers. In the event you can't pay back the loan due to an accident, Friday Finance also offers personal loan protection and insurance.

                                                                                                                                                              Since Friday Finance takes into consideration the current and future earning capacity of each applicant, we recommend it for people who have trouble getting a loan due to a lower credit score, particularly those who make good income now but had an incident that affected their credit scores in the past. Due to this type of credit checking, it's also a great option if you don't have a fixed income stream (i.e. you are a freelancer, or entrepreneur).

                                                                                                                                                              Consider this if if you are building credit and looking to borrow from a credible lender
                                                                                                                                                              • Eligibility
                                                                                                                                                                • No min. salary; Must be SG citizen or PR who is either a Salaried Employee, Variable/Commission-based Employee or Self Employed
                                                                                                                                                                • Max. Loan Amount
                                                                                                                                                                  • 6x monthly salary
                                                                                                                                                                  • Processing Fee
                                                                                                                                                                    • Starting from 2%; 50% refund if loan is paid off on time
                                                                                                                                                                    • Approval Time
                                                                                                                                                                      • 1 day
                                                                                                                                                                      Promotion:
                                                                                                                                                                      • No promotions currently offered

                                                                                                                                                                      For Singaporeans with less than perfect credit looking for a personal loan from a credible lender, Friday Finance is a good option. Friday Finance offers low monthly interest rates (between 1%-3% per month) and they will work with you to create a custom weekly or monthly repayment plan. Loan approval is short, within 1-2 hours, with disbursement within a day. They even incentivize on-time payments by refunding 50% of the administration fees when you fully pay off the loan, either by GIRO, PayNow or bank transfers. In the event you can't pay back the loan due to an accident, Friday Finance also offers personal loan protection and insurance.

                                                                                                                                                                      Since Friday Finance takes into consideration the current and future earning capacity of each applicant, we recommend it for people who have trouble getting a loan due to a lower credit score, particularly those who make good income now but had an incident that affected their credit scores in the past. Due to this type of credit checking, it's also a great option if you don't have a fixed income stream (i.e. you are a freelancer, or entrepreneur).

                                                                                                                                                                      Best Personal Loan for Foreigners in Singapore

                                                                                                                                                                      PROMO: Get S$100 Cashback
                                                                                                                                                                      Consider this if you require a large, long-term personal loan
                                                                                                                                                                      • Eligibility
                                                                                                                                                                        • S$30,000 of annual income
                                                                                                                                                                        • 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
                                                                                                                                                                                Promotion:
                                                                                                                                                                                • New BAU Promo: S$100 Cashback

                                                                                                                                                                                According to our analysis HSBC offers the best personal loan for foreigners/expats living in Singapore. Foreigners can also take advantage of 1 minute approval with disbursement within a day. Furthermore, HSBC has the lowest interest rates (7% EIR) and income requirements for foreigners (S$40,000). Finally, HSBC offers the longest personal loan tenures (7 years), which can reduce the cost of monthly instalments.

                                                                                                                                                                                To learn more about the best personal loans available to foreigners living in Singapore, refer to our full guide.

                                                                                                                                                                                Loan DurationFlat RateProcessing FeeEIRMonthly InstalmentTotal Cost
                                                                                                                                                                                1 year loan3.7%S$07%S$865.27S$383
                                                                                                                                                                                2 year loan3.7%S$07%S$447.73S$745
                                                                                                                                                                                3 year loan3.7%S$07%S$308.77S$1,116
                                                                                                                                                                                4 year loan3.7%S$07%S$239.46S$1,494
                                                                                                                                                                                5 year loan3.7%S$07%S$198.01S$1,881
                                                                                                                                                                                6 year loan3.7%S$07%S$170.49S$2,275
                                                                                                                                                                                7 year loan3.7%S$07%S$150.93S$2,678
                                                                                                                                                                                Assuming S$10,000 loan and income of S$40,000; includes processing waiver & online cashback
                                                                                                                                                                                PROMO: Get S$100 Cashback
                                                                                                                                                                                Consider this if you require a large, long-term personal loan
                                                                                                                                                                                • Eligibility
                                                                                                                                                                                  • S$30,000 of annual income
                                                                                                                                                                                  • 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
                                                                                                                                                                                          Promotion:
                                                                                                                                                                                          • New BAU Promo: S$100 Cashback

                                                                                                                                                                                          According to our analysis HSBC offers the best personal loan for foreigners/expats living in Singapore. Foreigners can also take advantage of 1 minute approval with disbursement within a day. Furthermore, HSBC has the lowest interest rates (7% EIR) and income requirements for foreigners (S$40,000). Finally, HSBC offers the longest personal loan tenures (7 years), which can reduce the cost of monthly instalments.

                                                                                                                                                                                          To learn more about the best personal loans available to foreigners living in Singapore, refer to our full guide.

                                                                                                                                                                                          Loan DurationFlat RateProcessing FeeEIRMonthly InstalmentTotal Cost
                                                                                                                                                                                          1 year loan3.7%S$07%S$865.27S$383
                                                                                                                                                                                          2 year loan3.7%S$07%S$447.73S$745
                                                                                                                                                                                          3 year loan3.7%S$07%S$308.77S$1,116
                                                                                                                                                                                          4 year loan3.7%S$07%S$239.46S$1,494
                                                                                                                                                                                          5 year loan3.7%S$07%S$198.01S$1,881
                                                                                                                                                                                          6 year loan3.7%S$07%S$170.49S$2,275
                                                                                                                                                                                          7 year loan3.7%S$07%S$150.93S$2,678
                                                                                                                                                                                          Assuming S$10,000 loan and income of S$40,000; includes processing waiver & online cashback

                                                                                                                                                                                          How to Choose the Best Personal Loan in Singapore

                                                                                                                                                                                          Before you apply for a personal loan, you should always consider all of your options. Although personal loans are cheaper than credit card debt, they still come at a relatively high price. Interest rates and other terms can also vary greatly based on your annual income and other factors. Therefore, here is some parting advice for those who want to take out a personal loan.

                                                                                                                                                                                          • Total Cost: this is the dollar amount you end up paying in interest and fees. You can minimize it by choosing low effective interest rate and short duration.
                                                                                                                                                                                          • Monthly Payment: you need to be able to comfortably afford the monthly repayment during the loan’s tenure. Otherwise, you will end up paying significant amounts in penalty fees and interest. To figure out your monthly payment, first multiply your annual flat rate by the principal amount. Then, multiply this amount by the duration of your loan in years. Then add this amount to the principal you borrowed. Dividing this by the duration of your loan in months will result in the monthly payment (also called monthly installment or monthly repayment) that you need to make to the bank.
                                                                                                                                                                                          • Balance: you need to balance the above two numbers as much as possible. Try to minimize the total cost of your personal loan, while making sure that your finances can comfortably handle the monthly installment required to pay off the loan.

                                                                                                                                                                                          Personal Instalment Loan Comparison Table

                                                                                                                                                                                          Please refer to our summary table below for the best personal loan offerings in Singapore.

                                                                                                                                                                                          Personal LoansBest For...Min. Annual Income
                                                                                                                                                                                          HSBC Personal LoanBest Personal LoanS$30,000
                                                                                                                                                                                          Standard Chartered CashOneBest PromotionsS$20,000
                                                                                                                                                                                          POSB/DBS Personal LoanFast Cash DisbursementS$20,000
                                                                                                                                                                                          Citibank Quick CashSmall, Short Term LoansS$30,000
                                                                                                                                                                                          Citibank Quick Cash 0% InterestSmall, 1-Year LoansS$30,000
                                                                                                                                                                                          OCBC Cash-On-InstalmentShort-Term AlternativeS$30,000
                                                                                                                                                                                          Standard Chartered CashOneAnnual Income Below S$30,000S$20,000
                                                                                                                                                                                          HSBC Personal LoanForeigners in SingaporeS$40,000
                                                                                                                                                                                          Lendela Personal LoanLow-income BorrowersS$19,200
                                                                                                                                                                                          Friday Finance Personal LoanNear-prime Credit BorrowersLess than S$20,000
                                                                                                                                                                                          TCC Personal LoanLow-income BorrowersS$14,400
                                                                                                                                                                                          Personal LoansBest For...Min. Annual Income
                                                                                                                                                                                          HSBC Personal LoanBest Personal LoanS$30,000
                                                                                                                                                                                          Standard Chartered CashOneBest PromotionsS$20,000
                                                                                                                                                                                          POSB/DBS Personal LoanFast Cash DisbursementS$20,000
                                                                                                                                                                                          Citibank Quick CashSmall, Short Term LoansS$30,000
                                                                                                                                                                                          Citibank Quick Cash 0% InterestSmall, 1-Year LoansS$30,000
                                                                                                                                                                                          OCBC Cash-On-InstalmentShort-Term AlternativeS$20,000
                                                                                                                                                                                          Standard Chartered CashOneAnnual Income Below S$30,000S$20,000
                                                                                                                                                                                          HSBC Personal LoanForeigners in SingaporeS$40,000
                                                                                                                                                                                          Lendela Personal LoanLow-income BorrowersS$19,200
                                                                                                                                                                                          Friday FinanceNear-prime Credit BorrowersLess than S$20,000
                                                                                                                                                                                          TCC Personal LoanLow-income BorrowersS$14,400

                                                                                                                                                                                          Effective Interest Rate (EIR) vs Flat Interest Rate

                                                                                                                                                                                          When evaluating a personal loan in Singapore, it’s very important to consider both its flat rate and its effective interest rate (EIR). To explain the difference, flat rate is the number you use to calculate how much interest you owe on the loan. For example, if you borrow S$10,000 at 5% flat rate over 5 years, you have to pay S$500 in interest per year for the next 5 years.

                                                                                                                                                                                          In contrast, EIR represents the true economic cost of the loan, and includes the impact of processing fees and your loan repayment schedule. The reason this is important is that you don’t get to use the full amount you borrow (principal) for the entire duration of your loan. This is because you have to pay the processing fee and your principal payment back to the bank. In other words, you are paying some money back every month that has no impact on reducing your interest payment.

                                                                                                                                                                                          Therefore, you have to carefully examine both numbers when shopping for a personal loan. The flat interest rate will determine how much you have to pay back to the bank on a monthly basis. On the other hand, EIR will tell you what the loan really costs (including fees). Don't be tricked into thinking that a personal loan is only going to cost you 4-8% by looking at its flat rate. In reality, it really costs 12%-20%, if not more, which is represented by EIR.

                                                                                                                                                                                          What You Need to Apply for A Personal Loan

                                                                                                                                                                                          In Singapore, you must be between 21 and 65 years old to qualify for a personal loan. Also, most banks will require a minimum annual income of S$30,000, though some banks lend to people with as little as S$20,000 of annual income. For foreigners, this limit increases to $40,000-S$60,000 depending on the lender.

                                                                                                                                                                                          In terms of documents, you will likely need to provide the following to the lender to be approved:

                                                                                                                                                                                          • Proof of Identity: Singapore Identification Card (IC) or Employment Pass (EP) + Passport
                                                                                                                                                                                          • Proof of Address: Documents including your residential address (i.e. utility bills with your name and address)
                                                                                                                                                                                          • Proof of Income: Your Latest 12 months’ Central Provident Fund (CPF) contribution history statement or Latest Income Tax Notice of Assessment or Latest Computerised Payslip or Salary Crediting into the lender’s bank account

                                                                                                                                                                                          To learn more about how personal loans work in Singapore, you can read more about personal loans basics and how much they cost in our guides.

                                                                                                                                                                                          There are a few different types of personal loans available to borrowers in Singapore. First, there are personal instalment loans. These are the most common type of personal loans. Personal instalment loans provide borrowers funds upfront, which borrowers are expected to repay on a monthly basis over the tenor of the loan. These loans are helpful for borrowers that need financing for a large, one-time expense. Another common type of personal financing is known as a credit line or personal line of credit. These loans allow borrowers to "draw" funds as needed up to a limit determined by the lender. Borrowers are only charged interest based on the amount of money and amount of time that they have borrowed, which can make this type of financing cheaper depending on your borrowing needs. These type of loans are useful for individuals that plan to borrow smaller amounts on an ongoing basis.

                                                                                                                                                                                          Borrowers that already have a significant amount of personal debt may consider balance transfer or debt consolidation loans. Balance transfer loans allow borrowers to transfer outstanding loans to a one new loan balance. Many lenders offer a grace period of 3 to 12 months, during which borrowers are not charged interest, making these loans a great option for consolidating and paying down your personal debt. Debt consolidation loans are similar in that they allow borrowers to pay down various personal debts; however, debt consolidation loans are instalment loans that provide a lump sum of cash in order to pay down various debts. Debt consolidation loans are typically useful for borrowers that require a longer-term option for consolidating their personal debt.

                                                                                                                                                                                          If you are considering applying for a personal loan, it is essential to make sure that you are applying for the cheapest loan possible. Aside from comparing rates and fees, it is important to make sure that you are considering the most applicable loan type. For instance, it is often much more inexpensive to apply for a specific-use loan if it fits your borrowing purposes. For example, home, car and education loans tend to charge much lower interest rates than those of personal loans, making these loans less expensive for borrowers that require financing for these specific purposes. Therefore, while personal loans can be great financing tools for many large or unexpected expenses, prospective borrowers should also be aware of other borrowing options.

                                                                                                                                                                                          What if You Don’t Qualify for a Personal Loan?

                                                                                                                                                                                          Banks generally offer lower minimum requirements for Singaporeans and permanent residents. That being said, foreigners will find it a bit more difficult to get a personal loan from a bank if your income falls below S$30,000 annually, many impose higher minimum income requirements.

                                                                                                                                                                                          Your first option should be to find a personal loan from a bank. In the event you are unsuccessful, there are licensed moneylenders in Singapore that offer short-term loans. Getting a loan from a moneylender should be a last resort, and be sure to choose from the published list of licensed moneylenders from the Ministry of Law.

                                                                                                                                                                                          Take your time carefully reading through the terms and conditions. Singaporean law requires moneylenders to properly explain terms and conditions to you, so if you have any questions laid out in the terms, don't be afraid to ask. Additionally, rates vary widely across different moneylenders and can be quite high. So, you should shop around and compare rates while only borrowing what you need with the shortest loan tenure possible.

                                                                                                                                                                                          Frequently Asked Questions

                                                                                                                                                                                          Want to learn more about personal loans? Here are some answers to commonly asked questions.

                                                                                                                                                                                          Personal loans do not count towards income, so they are not taxed. Therefore, you will not need to report the amount you borrow on your income tax return. This is due from the fact that personal loans are meant to be paid back fully, so it cannot be considered part of your annual income.

                                                                                                                                                                                          Yes. Foreigners can apply for personal loans in Singapore. All you need to do to apply is to submit a copy of proof of identification, an employment pass which will be valid (at least) for the next 12 months, and three months worth of bank statements. Currently, the lowest annual income requirement for foreigners to obtain a personal loan is S$40,000 from HSBC.

                                                                                                                                                                                          Yes. You can take out a home loan even if you already have a personal loan. As long as you meet the requirements and can prove that you can repay the original loan, you will be able to acquire both loans.

                                                                                                                                                                                          If you decide to get a home loan in addition to another loan, you may wish to calculate your monthly debt obligations, or your TDSR (total debt servicing ratio for property loans). This is useful to know when budgeting for multiple monthly expenses. The following is the formula:
                                                                                                                                                                                          TDSR= (Borrower's total monthly debt obligation/Borrower's gross monthly income)*100%

                                                                                                                                                                                          Having poor credit does not mean that you cannot get a personal loan. While in most cases you'll have to meet a minimum credit score requirement to get a loan at a bank, there may be some banks that have more lenient requirements It is worth comparing some bank's eligibility requirements, but be wary that they might charge higher interest rates. Alternatively, you might be able to get a cash advance on your next paycheck or look to obtain a a licensed moneylender.

                                                                                                                                                                                          There is no limit on how many loans you can get. However, the total amount of loans you have cannot exceed 12 times your monthly income. If you decide to apply for a secondary personal loan, you will have to undergo a credit check. This will tell your prospective borrower if you have any loans currently outstanding, which could hinder your ability to get another loan.

                                                                                                                                                                                          Moreover, policies vary from lender to lender regarding eligibility for subsequent loans. For example, some providers will require you to pay on time for six consecutive months prior to giving you another loan.

                                                                                                                                                                                          Depending on which loan you choose, you will be able to take out 4-8 times your monthly income per personal loan. For example, if you have a high monthly income, HSBC will allow you to borrow 8x your monthly income.

                                                                                                                                                                                          If you want to get a loan for a specific purpose, such as buying a home or car, it is recommended that you get a loan directed for that purpose.

                                                                                                                                                                                          Yes. While you do not need to disclose the purpose of your personal loan and can therefore use a personal loan for this purpose, the higher interest rates and short tenors might deter you. Instead, it might be better for you to choose a home loan to put a down payment on your house. This is due to the lower fees and longer-term loan duration.

                                                                                                                                                                                          While it is possible to use a personal loan for nearly all purchases, if you are interested in financing in order to purchase a vehicle, renovate your home, attend university or even buy a home, you are better off considering a specific-use loan. Most banks offer a range of these loans (e.g. car loans) with interest rates that are much lower than those of personal loans.

                                                                                                                                                                                          It depends. If you are able to repay your credit card balance within your monthly billing cycle, a credit card can be a great option, as they often offer great rewards that can offset the total cost of your wedding. On the other hand, if you are unable to repay your balance in-full, you're better off choosing a personal loan, as personal loans tend to charge much lower interest rates than credit cards.

                                                                                                                                                                                          Methodology

                                                                                                                                                                                          To arrive at our best personal loan list for Singapore, we collected data from the terms and conditions of personal loans from over 10 major loan providers in Singapore, listed in our table below.

                                                                                                                                                                                          Personal Lenders in ValueChampion's Study
                                                                                                                                                                                          POSB/DBSOCBCUOBHSBC
                                                                                                                                                                                          CitibankStandard CharteredMaybankCIMB
                                                                                                                                                                                          Hong LeongANZRHBQianNow
                                                                                                                                                                                          TCC

                                                                                                                                                                                          We then created an algorithm to calculate the cost of each loan. This cost includes everything that a borrower ends up paying the bank outside of the loan amount itself, which includes processing fees, administrative fees, interest rates. We also take into account benefits of promotions like fee waivers or cashback, which decrease the total cost of a loan. We assume that each monthly installment is paid on time, therefore avoiding other penalties like late payments or early payments.

                                                                                                                                                                                          Because loans come with different costs depending on their size, duration and required minimum income, cost is calculated for each duration range (1-5 years) and for each principal amount. By mapping out each loan's total costs at different size, maturity and income level, we were able to arrive at the above list that costs the least to the borrower.

                                                                                                                                                                                          Stephen Lee

                                                                                                                                                                                          Stephen Lee is a Senior Research Analyst at ValueChampion, specializing in insurance. He holds a Bachelor of Arts degree in International Studies from the University of Washington, and his prior work experience include risk management and underwriting for professional liability and specialty insurance at Victor Insurance. Additionally, Stephen is a former US Peace Corps Volunteer in Myanmar (serving between 2018-2020), where he continues to provide business development consulting services to HR companies in Asia Pacific.

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