Five-year fixed rate personal loans

A locked rate for a generous term. Find out if five-year fixed rate personal loans could be right for you.

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Fixed rate personal loans offer you the benefit of the same repayments no matter what happens in the market. Whether you’re looking for a secured loan to buy a car or an unsecured loan to pay for a holiday, a fixed rate loan could be one to consider. This page is a guide on fixed-rate personal loans with five-year terms.

DBS Personal Loan

DBS Personal Loan

From

3.88 % p.a.

rate

  • Borrow from S$500
  • Repayment flexibility, subject to lending criteria
  • Instant approval

DBS Personal Loan

Apply today to get approved for up to 10X your monthly salary over 5 years.

  • Max. loan amount: Up to 10x fixed monthly income
  • Loan tenure: 1 - 5 years
  • Approval duration: Instant approval
  • Effective Interest Rate: 7.56% - Apply today and you could get an interest rate as low as 3.88% p.a.
  • Fees: 1% processing fee
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Compare a range of fixed-rate personal loans

Name Product Interest Rate From Minimum Loan Amount Maximum Loan Amount Processing Fee
DBS Personal Loan
3.88% 

EIR: 7.56%

S$500
Up to 10x your monthly salary
1% processing fee
Apply today and you could get an interest rate as low as 3.88% p.a. (EIR 7.56% p.a), plus a 1% processing fee. Loans of up to 10x your salary may be available.
Standard Chartered CashOne Personal Loan
3.48% 

EIR: 6.95%

S$1,000
Up to 4x your monthly salary, subject to a cap of S$250,000
S$0
Apply by 20 July 2020 to receive Cashback equivalent to 50% of your first month's instalment loan amount. T&Cs apply.
POSB Personal Loan
3.88% 

EIR: 7.56%

S$500
Up to 10x your monthly salary
Based on your personal credit and income profile
Enjoy a fast approvals service and an interest rate starting at 3.88% p.a. (EIR 7.56% p.a), plus a 1% processing fee.
HSBC Personal Instalment Loan
3.7% 

EIR: 7%

S$1,000
S$200,000
S$88
Get an S$88 processing fee waiver if you apply by 31 October 2020. T&Cs apply.
Citi Quick Cash Loan
4.55% 

EIR: 8.5%

S$1,000
S$100,000
S$0
Get cash starting at 4.55% p.a. (EIR 8.5% p.a.) on a 36-month loan tenure. The interest you pay will vary depending on factors such as your credit score.
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How does a five-year fixed rate personal loan work?

When you apply for a fixed rate personal loan, the rate that is stated in your loan contract will be locked in place for the duration of your five-year term. Taking into account any other ongoing fees, this rate will be used to calculate your repayments. Your weekly, fortnightly or monthly repayment will stay the same for the entire five-year term. At the end of the term, your debt will be repaid.

What are the types of fixed-rate personal loans?

A few different types of fixed rate personal loans exist, each suited to different loan purposes and for borrowers in varying situations. Depending on what you need, either of the following might be suitable:

  • Secured fixed rate personal loan. If you’re looking to purchase a car, draw on your home equity or even use a high-priced asset as a guarantee, you could consider a secured fixed rate loan.
  • Unsecured fixed rate personal loan. Unsecured personal loans may be more suited to you if you aren’t looking to buy a vehicle, your vehicle isn’t eligible to be used as a guarantee, or you‘re looking to pay for a holiday or consolidate debt.

How to compare your fixed rate personal loan options

If you’re wondering which fixed rate loan is right for you, compare your options to find the best fit. Keep the following features in mind:

  • Interest rates. These loans all come with fixed interest rates, but compare them with loans that have similar features to see how competitive the rate is.
  • Upfront and ongoing fees. Will you be charged an establishment fee? Are there any monthly or annual fees? These can add up over a period of five years, so check before you apply.
  • Loan suitability. This is mainly true for secured personal loans, but check that you will be able to finance what you need with the loan. Ensure that the loan amount is sufficient and you will receive the loan when you need it.
  • Eligibility. Lenders set the minimum age, income, employment, credit and financial criteria that must be met in order for you to be eligible for the loan. Ensure that you meet these before you submit your application.

Benefits and drawbacks of five-year fixed rate personal loans

  • You’ll have a generous repayment term to repay your loan, making the loan suitable for higher amounts
  • Your repayments will remain the same during the loan term
  • Secured personal loan options are available, so you have the option of locking in a low rate for this period
  • Longer repayment terms, while keeping your repayments lower, will result in you paying more interest in total
  • Your circumstances may change during the five years, which could make it challenging to meet your repayments

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