Best personal loans with lowest interest rates in Singapore

Personal loans have quite a bad rep, mostly because it’s an unsecured loan with significant interest costs. Compared to other types of loans which are tied to collateral (e.g. home or car loans), personal loan interest rates are high.

And while we’d never encourage anyone to take personal loan on whim – say, to buy a branded handbag or a vacation you can’t afford – the truth is that times are bad. Singapore is deep in recession – the Ministry of Trade and Industry recently revised the 2020 GDP forecast to -7% to -5%.

If you have run into cash flow issues and are in need of cash urgently, a personal loan may be able to help you out. Here are the best personal loans in Singapore currently. 

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Name	Product	Interest Rate From	Loan Amount	Processing Fee
Lendela Personal Loan		3.45% EIR: 6.5%	$1,000 – $200,000	$0	Receive a customised personal loan that meets your financial needs.	Go to site View details	Compare	loading Fetching your data...
Citi Quick Cash Loan		3.45% EIR: 6.5%	$1,000 – Up to 4x your monthly salary	$0	View details	Compare	loading Fetching your data...
HSBC Personal Instalment Loan		3.4% EIR: 6.5%	$1,000 – $200,000	$0	View details	Compare	loading Fetching your data...
Standard Chartered CashOne Personal Loan		3.48% EIR: 6.95%	$1,000 – Up to 4x your monthly salary, subject to a cap of $250,000	$199	View details	Compare	loading Fetching your data...
UOB Personal Loan		3.4% EIR: 6.36%	$1,000 – Up to 95% of your available credit limit	$0	View details	Compare	loading Fetching your data...
DBS Personal Loan		3.88% EIR: 7.56%	$500 – Up to 10x your monthly salary	1% processing fee	View details	Compare	loading Fetching your data...
POSB Personal Loan		3.88% EIR: 7.56%	$500 – Up to 10x your monthly salary	1% processing fee		View details	Compare	loading Fetching your data...

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Do note that although correct at the time of writing, these rates may change. Additionally, the actual personal loan rate you’re offered may differ from published rates, depending on your risk profile, credit rating and more.

For the latest rates and promotions, you can compare personal loans on Finder.  

HSBC personal loan

HSBC offers personal loans at a competitive 3.7% p.a. (from EIR 7% p.a.). While most banks allow you to choose from one to five years to repay your loan (the tenure), HSBC offers a slightly longer option of up to seven years. This could be helpful in lowering your monthly repayments, but may end up in higher total interest costs. If you redeem your loan early, the fee is 2.5% of your redemption amount.

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DBS personal loan 

Of course, Singapore’s favourite bank DBS offers personal loans as well – and at quite competitive rates, too. DBS personal loans are from 3.88% p.a. (EIR 7.56% p.a.), and is the one of the banks in this list which allows up to seven years tenure. The early repayment fee is a flat rate of $250 instead of a percentage of the redemption sum, which may be cheaper if you intend to take a bigger loan.  

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OCBC ExtraCash personal loan 

OCBC’s personal loan (aptly named “ExtraCash”) is the most expensive on this list. OCBC charges a whopping 15% p.a., which is effectively 15.92% p.a. The rest of the terms are similar to others: Minimum $1,000 loan, one to five years repayment option and 3% early repayment fee. One thing to highlight, however, is that OCBC’s minimum income requirement is $20,000 instead of $30,000, which is the case for most banks. But if you earn $20,000 to $29,999, your interest rate is an astronomical 22% p.a. (EIR 23.10% p.a.). 

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UOB personal loan 

The UOB personal loan interest rate is one of the lowest in this list, at 3.4% p.a. (from EIR 6.22% p.a.). If you have a strong preference for local banks, this is worth considering.

The minimum loan required is the same as the rest ($1,000), and you can choose from one- to five-year tenure.

Citibank personal loan (Citi Quick Cash) 

Citibank’s personal loan is called Citi Quick Cash, and charges 4.55% p.a. (from 7.5% p.a.). If you’re an existing Citibank customer, you can also convert your unutilised credit limit for instant access to funds, or apply for instant disbursement on your mobile. Right now, Citibank has a limited-time promotion for new Citi credit card or Citibank Ready Credit account holders taking 12-month personal loans. The interest rate is 0%, with a 3.5% processing fee. This adds up to an EIR of 7.85% p.a.

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Standard Chartered CashOne personal loan 

Called CashOne, Standard Chartered’s personal loan offers 3.88% p.a. (from EIR 7.67% p.a.), which is very reasonable. Like DBS/POSB and HSBC, Standard Chartered’s maximum tenure is seven years – two years longer than the usual five-year maximum. Do note that there is a $199 annual fee (deducted from the approved loan amount) in the first year. If you change your tenure, there is also a $50 charge.

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CIMB CashLite personal loan 

For new-to-bank customers, CIMB’s personal loan (CashLite) is the cheapest on this list. It offers 3.5% p.a. (from EIR 6.4% p.a.), which is currently the lowest interest rate. If you’re an existing CIMB customer, however, then tough luck – the rate goes up to 4.5% p.a. (from EIR 8.29% p.a.). 

The rest of the terms are pretty standard: $1,000 minimum loan, one to five years repayment and 3% or $250 early repayment fee (whichever higher). 

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