Best Personal Loans in Singapore 2020

Our experts carefully review the rates and features personal loans from all of Singapore's major lenders in order to make tailored recommendations for the best personal loan based on your preferences.

BankBest For:Flat RateTenor
HSBC Personal LoanBest Overallfrom 3.7% 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
Citibank Quick Cash 0% InterestSmall, 1-Year Loans0% p.a. + 3.5% fee1 year
OCBC Cash-On-InstalmentCash-on-Instalment3.5% p.a.1-5 years
Standard Chartered CashOneLow-Incomefrom 9.8%1-5 years
HSBC Personal LoanForeigners & Expatsfrom 3.7% p.a.1-7 years
Lendela Personal LoanLow-Income Borrowsfrom 0.8% p.m.1-7 years
Friday Finance Personal LoanLow Creditfrom 1% p.m.3 months - 18 months
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

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
BankBest For:Flat RateTenor
HSBC Personal LoanBest Overallfrom 3.7% 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
Citibank Quick Cash 0% InterestSmall, 1-Year Loans0% p.a. + 3.5% fee1 year
OCBC Cash-On-InstalmentCash-on-Instalment3.5% p.a.1-5 years
Standard Chartered CashOneLow-Incomefrom 9.8%1-5 years
HSBC Personal LoanForeigners & Expatsfrom 3.7% p.a.1-7 years
Lendela Personal LoanLow-Income Borrowsfrom 0.8% p.m.1-7 years
Friday Finance Personal LoanLow Creditfrom 1% p.m.3 months - 18 months
Table shows lowest advertised interest rates; interest rates vary for different tenures and/or smaller loan amounts. Please see below for further details

Best Personal Loan: HSBC Personal Loan

  • Most Competitive Interest Rates: from 7% EIR
  • Longest Loan Durations: 1 - 7 years
  • Promotions:
  • Receive S$88 cashback + 5 x S$20 Grab Food Vouchers upon successful application for a min. S$20,000 instalment plan
  • Read Our Full Review
Loan DurationFlat RateProcessing FeeEIRMonthly InstalmentTotal Cost
1 year3.7%S$07%S$864.17S$370
2 years3.7%S$07%S$447.50S$740
3 years3.7%S$07%S$308.61S$1,110
4 years3.7%S$07%S$239.17S$1,480
5 years3.7%S$07%S$197.50S$1,850
6 years3.7%S$07%S$169.72S$2,220
7 years3.7%S$07%S$149.88S$2,590
*Assuming S$10,000 loan and income of S$30,000; includes processing fee waiver (Note that rates above are not indicative of your customised loan offer)

HSBC's personal loans typically charge the lowest effective interest rates in the market (from 7% 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. 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.

  • Most Competitive Interest Rates: from 7% EIR
  • Longest Loan Durations: 1 - 7 years
  • Promotions:
  • Receive S$88 cashback + 5 x S$20 Grab Food Vouchers upon successful application for a min. S$20,000 instalment plan
  • Read Our Full Review
Loan DurationFlat RateProcessing FeeEIRMonthly InstalmentTotal Cost
1 year3.7%S$07%S$864.17S$370
2 years3.7%S$07%S$447.50S$740
3 years3.7%S$07%S$308.61S$1,110
4 years3.7%S$07%S$239.17S$1,480
5 years3.7%S$07%S$197.50S$1,850
6 years3.7%S$07%S$169.72S$2,220
7 years3.7%S$07%S$149.88S$2,590
*Assuming S$10,000 loan and income of S$30,000; includes processing fee waiver (Note that rates above are not indicative of your customised loan offer)

HSBC's personal loans typically charge the lowest effective interest rates in the market (from 7%). 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. 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.

Best Personal Loan Promotions: Standard Chartered CashOne Personal Loan

  • Competitive Interest Rates: from 6.95% EIR
  • Promotions:
  • 50% first month's payment in cashback
  • Apply via MyInfo for S$20 Cashback
  • Annual fee (S$50) waived with on-time payments
  • Read Our Full Review
Loan DurationFlat RateFeeEIRMonthly InstallmentTotal Cost
1 year3.48%S$1999.19%S$866S$547
2 years3.48%S$1998.37%S$449S$895
3 years3.48%S$1998.04%S$310S$1,234
4 years3.48%S$1997.82%S$241S$1,591
5 years3.48%S$1997.67%S$199S$1,939
Assuming a S$10,000 loan and annual income of S$30,000

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. 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.

  • Competitive Interest Rates: from 6.95% EIR
  • Promotions:
  • 50% first month's payment in cashback
  • Apply via MyInfo for S$20 Cashback
  • Annual fee (S$50) waived with on-time payments
  • Read Our Full Review
Loan DurationFlat RateFeeEIRMonthly InstallmentTotal Cost
1 year3.48%S$1999.19%S$866S$547
2 years3.48%S$1998.37%S$449S$895
3 years3.48%S$1998.04%S$310S$1,234
4 years3.48%S$1997.82%S$241S$1,591
5 years3.48%S$1997.67%S$199S$1,939
Assuming a S$10,000 loan and annual income of S$30,000

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. 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.

Fastest Personal Loan Disbursement: POSB/DBS Personal Loan

  • Competitive Interest Rates: from 7.56% EIR
  • Promotions:
  • No promotions currently offered
  • Read Our Full Review
Loan DurationFlat RateFeeEIRMonthly PaymentTotal Cost
1 year3.88%1%7.56%S$865.67S$488
2 years3.88%1%7.56%S$449.00S$876
3 years3.88%1%7.56%S$310.11S$1,264
4 years3.88%1%7.56%S$240.67S$1,652
5 years3.88%1%7.56%S$199.00S$2,040
*Assuming loan of S$10,000

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 provide loans online applicants instantly 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.

  • Competitive Interest Rates: from 7.56% EIR
  • Promotions:
  • No promotions currently offered
  • Read Our Full Review
Loan DurationFlat RateFeeEIRMonthly PaymentTotal Cost
1 year3.88%1%7.56%S$865.67S$488
2 years3.88%1%7.56%S$449.00S$876
3 years3.88%1%7.56%S$310.11S$1,264
4 years3.88%1%7.56%S$240.67S$1,652
5 years3.88%1%7.56%S$199.00S$2,040
*Assuming loan of S$10,000

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 provide loans online applicants instantly 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.

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

  • Competitive Interest Rates for Small, Short-Term Loans (EIR: from 7.5%)
  • Low minimum loan amount: S$1,000
  • No Processing Fee
  • Read Our Full Review
Loan TenureFlat RateFeeEIRMonthly InstalmentTotal Cost
1 year4.94%0%9.0%S$874.50S$494
2 years4.92%0%9.0%S$457.67S$984
3 years4.55%0%8.5%S$315.69S$1,365
4 years5.72%0%10.5%S$256.00S$2,288
5 years5.79%0%10.5%S$214.92S$2,895
*Assuming loan of S$10,000, total cost includes impact of promotions
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 7.5-9% 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.

However, Citibank's Personal Loan does not offer the lowest interest rates for loans with longer tenures, making it a less attractive option for borrowers that require long-term loans. Additionally, 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.

  • Competitive Interest Rates for Small, Short-Term Loans (EIR: from 7.5%)
  • Low minimum loan amount: S$1,000
  • No Processing Fee
  • Read Our Full Review
Loan DurationFlat RateFeeEIRMonthly InstalmentTotal Cost
1 year4.94%0%9.0%S$874.50S$494
2 years4.92%0%9.0%S$457.67S$984
3 years4.55%0%8.5%S$315.69S$1,365
4 years5.72%0%10.5%S$256.00S$2,288
5 years5.79%0%10.5%S$214.92S$2,895
*Assuming loan of S$10,000, total cost includes impact of promotions

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 7.5-9% 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.

However, Citibank's Personal Loan does not offer the lowest interest rates for loans with longer tenures, making it a less attractive option for borrowers that require long-term loans. Additionally, 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.

Cheapest Small 1-Year Loans: Citibank Quick Cash 0% Interest

  • Inexpensive Small, 1-Year Loans
  • 0% Interest + 3.5% Processing Fee (EIR: 7.5%)
  • Low minimum loan amount: S$1,000
  • Read Our Full Review
Loan Details
Interest Rate0% p.a.
Processing Fee3.5%
Tenure12 Months
Effective Interest Rate7.5%
Citibank's Quick Cash 0% interest loan functions as a cash-on-instalment loan. This means that borrows may borrow based on their available credit limit via a Citi Credit Card or Citi Ready Credit line of credit. With an effective interest rate of 7.5%, this is the cheapest small (less than S$5,000) 1-year loan available in Singapore.
  • Inexpensive Small, 1-Year Loans
  • 0% Interest + 3.5% Processing Fee (EIR: 7.5%)
  • Low minimum loan amount: S$1,000
  • Read Our Full Review
Loan Details
Interest Rate0% p.a.
Processing Fee3.5%
Tenure12 Months
Effective Interest Rate7.5%

Citibank's Quick Cash 0% interest loan functions as a cash-on-instalment loan. This means that borrows may borrow based on their available credit limit via a Citi Credit Card or Citi Ready Credit line of credit. With an effective interest rate of 7.5%, this is the cheapest small (less than S$5,000) 1-year loan available in Singapore.

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

  • Competitively Priced Long-Term Loans for New OCBC Customers
  • Exclusive Rate for New Customers 3.5% p.a. (from 6.96% EIR)
  • Low minimum loan amount: S$1,000
  • Promotions:
  • S$20 cashback via PayNow (via SGSaver)
  • Read Our Full Review
Loan DurationFlat RateProcessing FeeEIRMonthly InstalmentTotal Cost
1 year3.5%1%7.87%S$862.50S$430
2 years3.5%1%7.57%S$445.83S$780
3 years3.5%1%7.27%S$306.94S$1,130
4 years3.5%1%7.09%S$237.50S$1,480
5 years3.5%1%6.96%S$195.83S$1,830
*Assuming new-to-bank customer, S$10,000 loan and income of S$30,000, promotion
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.

  • Competitively Priced Long-Term Loans for New OCBC Customers
  • Exclusive Rate for New Customers 3.5% p.a. (from 6.96% EIR)
  • Low minimum loan amount: S$1,000
  • Promotions:
  • S$20 cashback via PayNow (via SGSaver)
  • Read Our Full Review
Loan DurationFlat RateProcessing FeeEIRMonthly InstalmentTotal Cost
1 year3.5%1%7.87%S$862.50S$430
2 years3.5%1%7.57%S$445.83S$780
3 years3.5%1%7.27%S$306.94S$1,130
4 years3.5%1%7.09%S$237.50S$1,480
5 years3.5%1%6.96%S$195.83S$1,830
*Assuming new-to-bank customer, S$10,000 loan and income of S$30,000, promotion

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.

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 two options below represent the best options for these individuals in Singapore.

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

  • Best Interest Rates for Low Income Borrowers
  • Low Minimum Income Requirement: S$20,000
  • Low Minimum Loan amount: S$1,000
  • Promotions:
  • 50% first month's payment in cashback
  • Apply via MyInfo for S$20 Cashback
  • Annual fee (S$50) waived with on-time payments
  • Read Our Full Review
Loan DurationFlat RateFeeEIRMonthly InstalmentTotal Cost
1 year9.8%S$027.56%S$274.50S$282
2 years9.8%S$023.14%S$149.50S$576
3 years10.8%S$022.99%S$110.33S$980
4 years10.8%S$021.80%S$89.50S$1,284
5 years10.8%S$020.92%S$77.00S$1,608
*Assuming existing customer with annual income of S$25,000, S$3,000 loan
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 charges flat rates of 9.8 - 10.8% and no processing fee. 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%.

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.

  • Best Interest Rates for Low Income Borrowers
  • Low Minimum Income Requirement: S$20,000
  • Low Minimum Loan amount: S$1,000
  • Promotions:
  • 50% first month's payment in cashback
  • Apply via MyInfo for S$20 Cashback
  • Annual fee (S$50) waived with on-time payments
  • Read Our Full Review
Loan DurationFlat RateFeeEIRMonthly InstalmentTotal Cost
1 year9.8%S$027.56%S$274.50S$282
2 years9.8%S$023.14%S$149.50S$576
3 years10.8%S$022.99%S$110.33S$980
4 years10.8%S$021.80%S$89.50S$1,284
5 years10.8%S$020.92%S$77.00S$1,608
*Assuming existing customer with annual income of S$25,000, S$3,000 loan

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 charges flat rates of 9.8 - 10.8% and no processing fee. 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%.

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.

Best Moneylender Loans for Low-Income Borrowers: Lendela

  • Low Minimum Income Requirement: S$1,600 monthly
  • Fast Loan Disbursement: within 1 day
  • Promotions:
  • No promotions currently offered
  • Read Our Full Review
Loan Details
Monthly Interest Ratesfrom 0.8% (lower rates for returning borrowers)
Lendela ApplicationFree
Processing FeesVary by lender
Loan SizeS$500 to S$100,000 (or 6x monthly income)
Loan DisbursementWithin 1 day

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$1,600 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.

  • Low Minimum Income Requirement: S$1,600 monthly
  • Fast Loan Disbursement: within 1 day
  • Promotions:
  • No promotions currently offered
  • Read Our Full Review
Loan Details
Monthly Interest Ratesfrom 0.8% (lower rates for returning borrowers)
Lendela ApplicationFree
Processing FeesVary by lender
Loan SizeS$500 to S$100,000 (or 6x monthly income)
Loan DisbursementWithin 1 day

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$1,600 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 Moneylender Loans for Near-Prime Credit Borrowers: Friday Finance

  • Low Monthly Interest Rate of 1-3%
  • Receive Payment Within a Day
  • Administration Fee Refund of 50% After Full Repayment
Loan Details
Monthly Interest RatesFrom 1-3%
Loan EligibilitySingaporean Citizen/PR, 21 years of age +
Friday Finance ApplicationFree
Administrative FeesStarting from 2%
Loan SizeAnnual Income < S$20,000: S$3,000; Annual Income > S$20,000: Max. 6x Monthly Income
Loan DurationUp to 18 months
Loan DisbursementWithin 1 day

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% p.m.) and they will work with you to create a custom weekly or monthly repayment plan. 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).

  • Low Monthly Interest Rate of 1-3%
  • Receive Payment Within a Day
  • Administration Fee Reimbursed up To 50% After Full Repayment
Loan Details
Monthly Interest RatesFrom 1-3%
Loan EligibilitySingaporean Citizen/PR, 21 years of age +
Friday Finance ApplicationFree
Administrative Processing FeesStarting from 2%
Loan SizeAnnual Income < S$20,000: S$3,000; Annual Income > S$20,000: Max. 6x Monthly Income
Loan DurationUp to 18 months
Loan DisbursementWithin 1 day

For Singaporeans with low 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% p.m.) and they will work with you to create a custom weekly or monthly repayment plan. They even incentivize on-time payments by reimbursing 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. 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

  • Lowest Income Requirement for Foreigners: S$40,000
  • Most Competitive Interest Rates: 7% EIR
  • Longest Loan Durations: 1 - 7 years
  • Promotions:
  • Receive S$88 cashback + 5 x S$20 Grab Food Vouchers upon successful application for a min. S$20,000 instalment plan
  • Read Our Full Review
Loan DurationFlat RateProcessing FeeEIRMonthly InstalmentTotal Cost
1 year3.8%S$07%S$865.00S$272
2 years3.7%S$07%S$447.50S$632
3 years3.7%S$07%S$308.61S$1,002
4 years3.7%S$07%S$239.17S$1,372
5 years3.8%S$07%S$198.33S$1,792
6 years3.8%S$07%S$170.56S$2,172
7 years3.8%S$07%S$150.71S$2,552
*Assuming S$10,000 loan and income of S$40,000; includes processing waiver & online cashback
According to our analysis HSBC offers the best personal loan for foreigners/expats living in Singapore. For example, 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.

  • Lowest Income Requirement for Foreigners: S$40,000
  • Most Competitive Interest Rates: 7% EIR
  • Longest Loan Durations: 1 - 7 years
  • Promotions:
  • Receive S$88 cashback + 5 x S$20 Grab Food Vouchers upon successful application for a min. S$20,000 instalment plan
  • Read Our Full Review
Loan DurationFlat RateProcessing FeeEIRMonthly InstalmentTotal Cost
1 year3.8%S$07%S$865.00S$272
2 years3.7%S$07%S$447.50S$632
3 years3.7%S$07%S$308.61S$1,002
4 years3.7%S$07%S$239.17S$1,372
5 years3.8%S$07%S$198.33S$1,792
6 years3.8%S$07%S$170.56S$2,172
7 years3.8%S$07%S$150.71S$2,552
*Assuming S$10,000 loan and income of S$40,000; includes processing waiver & online cashback

According to our analysis HSBC offers the best personal loan for foreigners/expats living in Singapore. For example, 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.

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 instalment 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
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

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.

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/DBSOCBCUOBHSBCCitibank
Standard CharteredMaybankCIMB ANZRHB

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.

William Hofmann

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

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