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Compare POSB personal loans

Enjoy competitive rates and borrow up to 10x your monthly salary with a POSB personal loan.

No matter what you need your personal loan for, you can borrow up to ten times your monthly salary from the Post Office Savings Bank. Other borrowing options include loans for debt consolidation and to purchase a car.

The POSB has continuously served customers in Singapore since 1877 and offers a range of personal loans that are appropriate for various requirements. You can repay your loan in anything from one year through to five years.

Compare POSB Personal Loans

Name Product Interest Rate From Loan Amount Processing Fee
POSB Personal Loan

EIR: 5.79%

$500 – Up to 10x your monthly salary
1% processing fee
Enjoy a fast approvals service and an interest rate starting at 2.88% p.a. (EIR 5.79% p.a), plus a 1% processing fee.

Compare up to 4 providers

Types of personal loans from POSB

You have many options at POSB, including:

  • Personal loans. If you already have a Cashline facility or credit card with POSB, you can get instant approval on your loan application. Apply to borrow up to four times your monthly salary, or up to ten times your monthly salary if you earn over S$120,000 per year.
  • Debt consolidation. Consolidate your existing loans and debts into a single loan with POSB and you could save substantially on your interest charges, and reduce multiple monthly payments into a single payment. POSB offers debt consolidation loans with a tenure of up to eight years.

Features of a POSB personal loan

Here we summarise the main features of a POSB loan.

  • Fixed rates. Once you’ve agreed to a personal loan with POSB your interest rate is fixed, so you pay a set amount every month even if interest rates change.
  • Individual rates. POSB will evaluate your credit history and your ability to repay your loan and set an interest rate that is personalised to you.
  • Choice of loan tenure. You can choose over which period you would like to repay your loan, subject to POSB lending criteria. Loan agreements last a minimum of one year, or up to five years for personal loans and up to eight years for debt consolidation plans.
  • Instant approval. Some existing POSB customers can qualify for instant loan approval. If you hold a POSB credit card or a POSB Cashline facility you could qualify for immediate approval provided you meet the bank’s lending criteria. This is also the case if you are crediting your salary into a POSB bank account.

What other products does POSB offer?

Consider POSB for all of your personal banking needs, including:

  • Current and savings accounts. POSB offers a current account for everyday banking, with a solid interest rate. You can open a range of savings accounts while the bank also offers accounts suitable for foreigners.
  • Credit cards. You can apply for a credit card at POSB. The POSB credit card offers savings on filling up your car plus cash rebates, including up to 5% rebate on your overseas spend.
  • Home loans. If you are buying a new home you can apply for a loan at POSB. The bank also gives assistance with the refinancing of an existing home loan, while it offers borrowing options suitable for home renovation projects too.
  • Insurance. POSB can cover you for a range of insurance risks that include home and car insurance as well as life, health and travel cover.
  • Investments. Choose from equity investment products, unit trusts and fixed income products when you invest your savings at POSB.

How to apply for a personal loan from POSB

Look at the rates and terms on offer from other personal loan providers in Singapore. If a POSB personal loan is a right fit for your financial needs, head to their main website to start your application.

Eligibility requirements

  • Age. POSB will consider you for a personal loan if you are between 21 and 65 years old.
  • Residency. You must be a citizen of Singapore or have permanent resident status.
  • Income. You need to earn $30,000 p.a. or over to qualify for a loan.
  • POSB account. Applicants need an active account with POSB. If you don’t already have an account with POSB you need to open a deposit account before you apply for your loan.
  • Credit history. Your credit record should be in good standing.

Necessary documents and information

  • ID requirements. Provide both the front and the back of your NRIC card.
  • Evidence of income. If you are a salaried employee you can provide your most recent computerised payslip. Applicants who are self-employed or in a commission-based role will need to supply further evidence of their income.

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