Finding the best personal loans to suit your unique circumstances isn’t always easy. From interest rates and processing fees to personal loan tenure and instalment loan repayment plans, there’s an awful lot to consider. And with so many licensed moneylenders and banks on the market to choose from, it can often feel overwhelming when you start comparing details.

Here at Fortune Credit, we want to make your personal loan search and application process as easy as can be. Whether you’re looking for a quick cash personal loan, a longer-term loan, or just the lowest interest loan on the market, this article will compare the full range of personal loan options currently available in Singapore.

Singapore Personal Loans: Bank Comparison

First up, let’s look at some of the most popular personal loans currently offered by banks here in Singapore. Borrowing from a bank like DBS, Maybank, or Standard Chartered can have several great benefits. For example, existing bank customers can usually enjoy exclusive deals if they already hold savings accounts, credit cards, or a personal line of credit with the same provider. That said, it’s always important to shop around to secure the right personal loan principal and personal loan length you need and to find the lowest interest deals.

Here are some of the top bank personal loans with the best interest rates and instalment loan terms in Singapore right now:

Interest Rate (p.a.) Effective Interest Rate EIR p.a. Processing Fees Tenure Loan Amount
Standard Chartered CashOne as low as 3.48% interest rate from 6.95% p.a $0 (but $199 first year annual fees) Up to 5 years Up to 4x monthly income ($250k max)
HSBC Personal Loan as low as 3.4% interest rate 6.5% interest rate EIR $0 (no processing fees) Up to 7 years Up to $200k
DBS Personal Loan as low as 3.88% interest rate 7.56% interest rate EIR 1% processing fees (of personal loan principal) Up to 5 years 4-10x monthly income
UOB Personal Loan as low as 3.48% interest rate 6.86% interest rate EIR 1% processing fees (of personal loan principal) Up to 5 years Max. loan dependent on salary
Citibank Quick Cash (New Loan Customers) 0% interest rate on 1-year tenures, 3.99% interest rate on 2-5 year tenures 7.8% interest rate EIR on 1-year tenures, 7.5% interest rate EIR on 2-5 year tenures 3.5% processing fees Up to 5 years Max. loan dependent on salary
Citibank Quick Cash (Existing Loan Customers) as low as 4.55% interest rate 8.5% interest rate EIR $0 (no processing fees) Up to 5 years Max. personal loan dependent on salary
OCBC Extra Cash Loan as low as 5.43% interest rate 11.47% interest rate EIR $100 processing fees Loans of up to 5 years 4-6 times monthly salary
OCBC Cash-On Instalments (Existing Loan Customers) as low as 4.7% interest rate 9.06% EIR 1% processing fees (of personal loan principal) Up to 5 years 4-6 times monthly salary
HL Bank Personal Loan as low as 3.88% interest rate 8.78% EIR $100 or 1.5% whichever amount is higher Up to 5 years Up to 4 times monthly income

As you can see, there’s a lot of cost variation between different bank personal loans, and not all banks will necessarily offer exactly what you need – which is why it’s always important to compare.

It’s worth noting that most banks will require you to have a minimum salary of around $20k – $30k per month before you can submit a personal loan application.

This is because your bank will need complete confidence that you’ll be able to keep up your monthly repayment costs. Terms might also be slightly different if you are submitting a loan application as a foreigner, as opposed to as a Singapore citizen.

Finding the best personal loan isn’t always about sending off an application to whoever offers the lowest interest rates. There’s a lot to consider, and a low-interest rate or high processing fee costs won’t necessarily result in higher costs overall, especially if you can secure a good effective interest rate EIR or access a personal loan that’s better suited to your unique requirements.

Let’s take a look at each bank loan currently on offer in a little more detail.

Bank Personal Loans in Closer Detail

If you need a personal loan in Singapore, you must secure a personal loan package that properly meets your requirements. Whether you’re looking for a longer term loan with low interest, or you just need some extra money to pay off your credit card monthly repayment costs or put towards home loans or renovation loans, here’s a rundown of all the details you need to know about the top bank loans on the market.

standard chartered

Standard Chartered CashOne

Overview:

Offering attractive interest rates starting at just 3.48% p.a. (7.3% effective interest rate EIR) and a generous upper personal loan limit of up to 4x your monthly income or $250,000, whichever is higher, this flagship personal loan deal represents excellent value.

Borrowers can get their loan funds transferred into their bank account within just 15 minutes, and some can even waive a first-year processing fee of $199 under the latest Standard Chartered promotion.

Minimum and Maximum Loan Amount:

$10,000 (minimum), 4 times your monthly income or $250,000 (maximum)

Maximum Loan Length:

Up to 5 years

Minimum Yearly Income Requirement:

$20,000

Other Bank Requirements to be Eligible:

You must be a Singapore citizen and/or permanent resident aged between 21 and 65-years-old. The personal loan is available to both salaried employees and self-employed people.

Mindful Tips:

Borrowers will be charged $50 for any tenure change requested midway through the loan, while early repayment fees sit at $150 or 3% of the outstanding personal loan principal, whichever is higher.

hsbc

HSBC Personal Loan

Overview:

If you want to submit an application and receive your approved personal loan principal lightning-fast, the HSBC Personal Loan offers one-minute approvals and cash in your bank account within just 24 hours.

You can also enjoy an interest rate starting from just 3.4% p.a. (6.5% effective interest rate EIR) and no processing fee whatsoever. Many of this bank’s best deals extend to home loans, too.

Minimum and Maximum Loan Amount:

$5,000 (minimum), $200,000 (maximum)

Maximum Personal Loan Tenure:

Up to 7 years

Minimum Income Requirement:

$30,000

Other Bank Requirements to be Eligible:

Existing HSBC customers get a faster application process, but non-customers are still eligible to apply.

Mindful Tips:

Watch out for early repayment and overdue interest fees of 2.5% (sometimes plus interest), as well as late payment fees of $75.

Dbs

DBS Personal Loan

Overview:

If you’re looking for a lower-value loan with a shorter loan tenure, the DBS Personal Loan lets you borrow a minimum loan amount of just $500.

You can also take advantage of an interest rate starting from 3.88% (7.9% interest rate EIR), but the best rates are only available to those borrowing $10k or more.

Minimum and Maximum Loan Amount:

$500 (minimum), from 4-10 times monthly salary (maximum)

Maximum Personal Loan Length:

Up to 5 years

Minimum Income Requirement:

$30,000

Other Bank Requirements to be Eligible:

You must be a Singapore citizen and/or permanent resident earning $30,000 or more to secure the best rates. However, those earning $20,000 may still get a DBS loan at a higher interest rate and with an increased processing fee.

Mindful Tips: You’ll need to pay a processing fee of 1% of your loan principal. There’s also an early repayment fee of $250 and late payment fees of $100-120 that you should be aware of.

uob

UOB Personal Loan

Overview:

UOB offers a competitive, flat interest rate of just 3.48% (6.86% EIR), a low processing fee of just 1% of your principal amount, and instant approval for existing customers – as well as a “document-free” application process for anyone holding any of the bank’s credit cards.

That said, you should expect to be subjected to credit history and debt servicing ratio checks regardless.

Minimum and Maximum Loan Amount:

$1,000 (minimum), dependent on salary (maximum)

Maximum Personal Loan Length:

Up to 5 years

Minimum Income Requirement:

$30,000

Other Bank Requirements to be Eligible:

Only Singapore citizens can apply. If you have an existing bank account with this lender, you can receive instant cash disbursement if your loan application is submitted between 8 am and 9 pm on a weekday.

Mindful Tips:

Foreigners are not currently eligible for a UOB personal loan, and borrowers who cancel their loans early could face cancellation fees of $150 or 3% of their outstanding loan principal.

citibank

Citibank Quick Cash (New Loan Customers)

Overview:

New Citibank borrowers can enjoy an amazing 0% p.a. interest rate (7.85% EIR) on shorter loan tenure deals of just one year. This rises to 3.99% (7.5% EIR) on 2-5 year deals covering amounts of $20k or more. However, you will usually be expected to pay 3.5% in processing fees.

The bank also offers some amazing home loans on top of its attractive personal loans – so you might want to check these out too.

Minimum and Maximum Loan Amount:

$1,000 (minimum), dependent on salary (maximum)

Maximum Personal Loan Length:

Up to 5 years

Minimum Income Requirement:

$30,000 for Singaporeans, $42,000 for foreigners

Other Bank Requirements to be Eligible:

You must be a new Citibank loan customer to get the exclusive interest rate on offer.

Mindful Tips:

With instalment loans, if you default on your payments for two months in a row, the loan will be terminated, and you’ll receive a bill for the outstanding principal. There’s also a cancellation fee of 3% of the loan or $100, whichever is higher.

citibank

Citibank Quick Cash (Existing Loan Customers)

Overview:

If you already bank with Citibank, you can enjoy instant loan applications with no processing fees whatsoever, as well as a 4.55% interest rate (8.5% EIR). 

This applies to all loan tenure deals with a principal of $1k or more. Expect favourable monthly instalments and first-class customer service.

Minimum and Maximum Loan Amount:

$1,000 (minimum), dependent on salary (maximum)

Maximum Personal Loan Length:

Up to 5 years

Minimum Annual Income Requirement:

$30,000 for Singaporeans, $42,000 for foreigners

Other Bank Requirements to be Eligible:

You’ll need to be an existing Citibank customer to get these exclusive terms. You’ll also need a Citi deposit account to be granted instant disbursement of funds.

Mindful Tips

The same cancellation fees as Citi’s new customer deal apply, meaning 3% of your principal or $100, whichever is higher, for early cancellation. The same 2-month default penalty also applies.

Ocbc

OCBC Extra Cash Loan

Overview: If you need to borrow some extra money for anywhere between 1 to 5 years, this bank will let you take out up to 6 times your monthly salary for incomes over $120,000, or 4 times your earnings for incomes between $30,000 and $119,000.

Interest rates start from 5.43% (11.47% EIR), and you can make repayments easily via various online banking options. They also offer amazing savings account deals.

Minimum and Maximum Loan Amount:

$1,000 (minimum), from 4-6 times your monthly salary (maximum)

Maximum Personal Loan Length:

Up to 5 years

Minimum Annual Income Requirement:

$30,000

Other Bank Requirements to be Eligible:

N/A

Mindful Tips

OCBC offers several easy ways to manage your account if you already use their online banking services. The interest rates are a little high, but there are easy repayment options, including a cheque deposit.

Ocbc

OCBC Cash-On Instalments (Existing Loan Customers)

Overview:

Existing customers can access extra money by converting their unused credit card limit into a “money-on instalments” loan. There’s a one-time processing fee of 1% of the loan principal, but borrowers can enjoy reasonable repayment terms and paying interest of just 4.7% (9.06% interest rate EIR) on personal loans of up to 5 years.

Minimum and Maximum Loan Amount:

$1,000 (minimum), from 4-6 times your monthly salary (maximum)

Maximum Personal Loan Tenure:

Up to 5 years

Minimum Annual Income Requirement:

$30,000 for Singaporeans, $42,000 for foreigners

Other Bank Requirements to be Eligible:

You must have an OCBC credit card or EasiCredit account to apply. What’s more, only existing customers can enjoy that 4.7% interest rate.

Mindful Tips:

OCBC’s loan is pretty clear-cut in its repayment terms. Just watch out for that 1% processing fee and potential termination fees of $100 should you end your loan early.

hongleong bank

HL Bank Personal Loan

Overview:

HL Bank offers individuals attractive loans with rates as low as 3.88% (8.32% interest rate EIR). Borrowers can safely take out up to 4 times their monthly salary and enjoy low-interest monthly instalment loan payments for anywhere between one and five years.

However, you’ll need to pay a processing fee of $150. If you’re carrying out any home improvements, you might want to check out their renovation loans, too.

Minimum and Maximum Loan Amount:

$1,000 (minimum), up to 4 times monthly salary (maximum)

Maximum Personal Loan Tenure:

Up to 5 years

Minimum Annual Income Requirement:

$30,000

Other Bank Requirements to be Eligible:

N/A

Mindful Tips:

Aside from having to pay processing fees of $150, this loan has very easy-to-follow repayment terms.

Singapore licensed moneylender portrait

What About Getting a Personal Loan from a Licensed Moneylender?

Many people in Singapore immediately turn to their local bank when looking for personal loans, but what about borrowing from licensed moneylenders instead?

Well, a licensed moneylender loan actually offers a range of great benefits that individuals wouldn’t usually get to enjoy when borrowing from a traditional bank. Such perks include:

  • Easier application processes
  • Faster approval times for eligible applicants (within an hour upon application submission)
  • Less intense scrutiny of your credit history

If you need instant money without having to worry about lengthy bank application processes, or you’ve been turned down for other loans or credit cards in the past due to a low credit score, a licensed moneylender might be able to help.

Under most circumstances, you can still get a loan – even if your monthly salary falls well below the $20k – $30k limit required for most traditional bank loan deals.

Whatever your needs, private moneylenders can help you borrow up to six times your monthly salary with funds disbursed to your bank account almost immediately.

What’s more, if you choose a licensed moneylender like Fortune Credit that’s properly regulated by the Ministry of Law, you can be sure you’ll receive certain customer protections under Singaporean law, too.

Here at Fortune Credit, we offer attractive personal loans with the following terms:

  • Interest Rate:

Ultra-low personal loan interest rates from 1-4%

  • Personal Loan Tenure:

Personal loans available up to 12 months with flexible instalment loan monthly repayment terms

  • Minimum Salary Requirement:

$1,500 for Singapore citizens, $2,000 for foreigners

Good Details to Know: What to Consider When Applying for Personal Loans

From filling in your initial personal loan application to determining what kind of loan tenure, approved loan amount, and interest rates you need, there’s a wide range of things to consider when applying for a personal loan.

Here are the key questions you should be asking yourself:

How much do I need to borrow?

Think carefully about how much money you are going to need and how much you can realistically afford to repay.

What loan interest rates work for me?

Finding a bank or moneylender that will let you borrow the right sum means nothing unless you can secure an interest rate that really suits your needs.

What does the EIR equate to in real terms?

You should calculate what your total interest costs will amount to over the full course of the loan and make sure you can definitely meet the repayment terms within the agreed timeframe.

What loan tenures might be worth considering?

It’s important to compare loan tenures that properly meet your needs. Remember that longer tenures won’t always fit every individual’s circumstances, and you can sometimes save money if you’re able to repay more quickly.

What alternatives are available?

If you’re borrowing money for studying, purchasing real estate, or renovating your home, it’s always worth enquiring about purpose-specific education loans, home loans, or renovation loans – which might be a better fit.

How quickly do I need the money?

While banks often advertize favorable loan interest rates, a licensed moneylender like Fortune Credit can usually help you get your hands on the funds you need much more quickly – and will have more flexible repayment terms, too.

What are the income requirements?

Some loans are only available to those earning above a certain threshold, particularly if you’re applying through a bank. Consider all the options and find a lender that works for you.

Are there any additional fees involved?

It’s important to get details on the full range of costs you’ll be required to pay over the course of your personal loan. As well as processing fees, some banks or moneylenders might charge early repayment fees or cancellation costs.

Fortune Credit: Here for All Your Personal Loan Needs in Singapore

If you need a fast, no-nonsense personal loan with attractive loan interest rates, flexible instalment loan monthly repayment terms, and easy-to-understand terms, send us your details now and apply for one of our Fortune Credit personal loans today.

With Fortune Credit’s personal loans, you can expect top-notch services, as well as:

  • Low loan interest rates starting at just 1%
  • Personal loans with an approved loan amount of up to 6 times your monthly salary
  • Unsecured personal loans with no collateral required
  • Flexible loan tenure terms and instalment loan monthly repayment plans
  • Super-fast approvals – with same-day cash disbursement

Try out our quick and easy three-step approval process now and access your personal loan cash here in Singapore.