Compare low interest rate personal loans

Don't pay more than you need to – take advantage of low interest rates on personal loans.

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If you’re considering a personal loan to help you make your next big purchase, consolidate debt or take any other step in your life, you want to be sure you’re taking on a competitive product. Low interest rate personal loans help you keep your ongoing costs low and your repayments manageable. Compare a range of these loans and find a low interest rate loan for you.

HSBC Personal Loan

HSBC Personal Loan


3.7 % p.a.


  • Borrow from S$5,000
  • Fixed monthly repayments
  • Redraw on your existing loan

HSBC Personal Loan

Apply today to get approved for up to S$200,000 over 7 years.

  • Max. loan amount: Up to 8x fixed monthly income or up to S$200,000
  • Loan tenure: Up to 7 years
  • Approval duration: 1 minute approval in principle. "Next Day" approval available for loans up to S$100,000
  • Effective Interest Rate: 7% - applicable only to customers who earn at least $80,000 p.a. and tenor between 3-7 years
  • Fees: S$88 processing fee, S$75 late payment fee, 2.5% early repayment fee, 2.5% + prevailing interest overdue interest fee
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Low interest rate personal loans in April 2020

Name Product Interest Rate From Effective Interest Rate Minimum Loan Amount Maximum Loan Amount Loan Tenure
HSBC Personal Loan
Up to 7 years
Get S$108 cashback plus an S$88 processing fee waiver if you apply by 30 April 2020. T&Cs apply.
Standard Chartered CashOne Personal Loan
Up to 4x fixed monthly salary, subject to a cap of S$250,000.
1 - 5 years
Take advantage of 50% cashback on your first month’s loan instalment, resulting in a S$199 refund on your loan account. Offer ends 30 June 2020.
Citi Quick Cash Loan
Up to 5 years
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.
POSB Personal Loan
Up to 10X your monthly salary
1 - 5 years
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.
DBS  Personal Loan
Up to 10X your monthly salary
1 - 5 years
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.
HSBC Debt Consolidation Loan
Equivalent to the total outstanding principal balance subject to additional 5% allowance on top of the total DCP amount.
Up to 10 years
Consolidate your outstanding balances from as low as 3.8% p.a. (EIR 7% p.a.) with no processing fee. T&Cs apply. Ends 30 June 2020.

Compare up to 4 providers

To make a comparison between some of the personal loans offered by the banks in Singapore, here is a table illustrating the various interest rates and interest based on a S$10,000 loan over 5 years. Please note that the rates are indicative only and subjected to change by the bank’s discretion.

Personal loanLoan tenureInterest rate*Processing fee**Maximum loan amount
DBS Personal Loan1 to 5 yearsAs low as 3.88% p.a. (EIR 7.56% p.a.)1%Up to 4X your monthly salary, or 10X if your monthly salary exceeds S$120,000
CIMB CashLite1 to 5 yearsAs low as 4.5% p.a. (EIR 8.29% p.a.)NoneUp to 80% of your available credit limit
Citibank Ready Credit1 to 5 years4.55% p.a. (EIR 8.5% p.a. for tenures up to 36 months)NoneUp to 4X your monthly salary
HSBC Personal Loan1 to 7 years3.7% p.a. (EIR 7.0% p.a.) to 4.8% p.a. (EIR 9.0% p.a.)S$88 (currently waived)Up to 8X your monthly salary
UOB Personal Loan1 to 5 years4.99% p.a. (EIR 9.48% p.a.)1%Your available credit limit
Standard Chartered CashOne1 to 5 years6.88% p.a. (EIR 12.75% p.a.)S$199 (currently waived)Up to 4X your monthly salary
Bank of China $martLoan1 to 7 years6.66% p.a. (EIR 13.86% p.a.)3%Up to 95% of your available credit limit
Maybank CreditAble Term Loan1 to 5 years6.88% p.a. (EIR 12.96%)2%Up to 90% of your available credit limit
OCBC ExtraCash Loan1 to 5 years8.55% p.a. (EIR 15.92% p.a.)2%Up to 6X your monthly salary

*Actual interest rate is offered once the bank assesses your risk profile.

**Processing fee is deducted from the principal, so for a S$10,000 loan with a 1% processing fee, you’ll only receive S$9,900 in cash.

How can you compare low interest rate personal loans?

A personal loan with a low interest rate can help you keep your ongoing repayments down while giving you access to the funds you need. But an interest rate is not the only feature a personal loan comes with.

  • Check what fees apply. While a low interest rate can help you save, high ongoing fees can make your loan more expensive than it needs to be. See if you are charged an establishment fee or monthly or annual fees for your personal loan. Comparing your options with the effective interest rate rather than the advertised interest rate will also give you a better idea of the loan cost.
  • See how flexible the repayments are. Most lenders will offer you the option of making weekly, fortnightly or monthly repayments, but not all do. It’s also important to check how easy it is to make your repayments – are they automatically deducted from your account on the due date? Can you manage your account easily online?
  • Determine if you can repay your loan early or make additional repayments. Repaying a loan early or making extra repayments is usually reserved for loans with variable interest rates, but some fixed rate loans also offer these features. Check if there are any limits on additional repayments (you may only be able to repay a certain amount per year) and if you will be charged a penalty for repaying early.
  • Evaluate the loan term and loan amounts. These will need to meet your borrowing needs. Are you able to borrow the amount you need for the time period you require to pay off the balance? Most lenders offer fixed rate loans with terms of between one and five years, and variable rate loans up to seven, but some lenders only offer certain terms within that range, such as one-, three- or five-year loans.

What types of personal loans have low rates?interest rate

There are various types of personal loans in the market to suit most borrowers’ needs, and some of these offer low rates. Here is a breakdown of the types of personal loans you can get:

  • Secured loans

This type of loan is used to purchase a car or another large asset, such as a boat. This will come with the most competitive interest rates because the asset you purchase is used as security by the lender in case you default on your loan. These loans have more restrictions than unsecured loans. For example, some lenders base the loan amount on the value of the asset you purchase.

  • Unsecured loans

Unsecured personal loans are similar to secured loans, although the lender does not require you to use an asset as security. Due to the increased amount of risk the lender is taking on, interest rates for these loans are usually higher, but you can still find competitive rates when you compare.

Unsecured loans are also more flexible when it comes to restrictions the lender places on the loan. For instance, you’re able to use the loan amount however you like. This can be for one purchase or for a number of different purposes.

  • Debt consolidation loans

Another reason people opt for low interest rate personal loans is to help them consolidate their debts. By moving all of your debts into one personal loan you may be able to save yourself money and better manage your repayments. These loans are unsecured and you can find low rates when you compare your options.

3 tips to help you get the lowest rate loan

  1. Check your credit score
    Make sure your credit is in good standing.
  2. Collect all your necessary documents
    You’ll need your payslips, ID, and details of your finances (assets, income, debts and expenses). This will help prove you can service the loan repayments.
  3. Compare and apply online
    It’s important to compare all your personal loan options before applying. You can start with some low interest rate personal loans in the table above.

Is the interest rate the only thing you need to look at?

Although it may be tempting to compare rates and just pick the lowest option, there are various other loan features you need to consider before you decide which loan to go with.

  • What type of loan do you need? Personal loans can be secured or unsecured and can come in the form of a lump sum payment (as is the case with most loans) or as a line of credit, as you find with personal overdrafts and line of credit loans. Determine what’s the best for your borrowing needs.
  • What extra features does the loan come with? These could be easy account management in the form of a mobile app or online account, a redraw facility to access extra repayments or even frequent flyer points.
  • What is the eligibility criteria? You will need to be over the age of 21 and a permanent Singapore resident or citizen. Most lenders also set a minimum income, which is usually a minimum of S$30,000 p.a. (for smaller loans). Eligibility criteria are outlined on all finder Singapore review pages.
  • How flexible is the loan? This is in terms of repayment flexibility, flexibility with the loan purpose, and with changes to your lifestyle. For instance, can you top up your personal loan if you need to?

Is there a catch with cheap low rate personal loans?

When you compare low interest rate personal loans, it’s important to look at the loan as a whole product package, rather than just the interest rate. Comparing your options with the effective interest rate rather than the advertised rate can also give you a better idea of the true cost of the loan, as this incorporates fees and charges.

You can also use a personal loan calculator to see if your repayments will be manageable on your budget.

What’s the eligibility criteria?

Eligibility criteria will differ between loans, but generally, you will need to meet the following requirements:

  • Be over the age of 21
  • Have a good credit rating
  • Be a Singapore citizen or permanent Singapore resident

Check the criteria for individual loans on

How you can apply for a low interest rate personal loan

If you would like to apply for a personal loan with a low interest rate you can compare your options using the table above. Once you’ve found a loan you’d like to apply for, click “Go to Site” to apply. The information you are required to provide will differ according to the loan type, but you will most likely need to provide the following:

  • Personal details including your name, contact information and proof of identification
  • Name and contact details of your employer
  • Details of your employment including income amount and how you are employed e.g. full time, part time, etc.
  • Financial details including your assets, liabilities, and any other active credit accounts.

You can find a range of competitive options when you compare low interest rate personal loans. Make sure you consider a range of lenders to find the right loan for your needs and situation.

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