Top Bank Loans in Singapore

Top Bank Loans in Singapore

What is a bank loan?

A bank loan is when a bank offers to lend money to consumers for a certain amount of time. The bank loan will require the borrower to pay a certain interest rate per year. 

Here are some bank loans to consider:

DBS Top Bank Loans in Singapore

Bank Loan

DBS Personal Loan

Features Up to 10 times your monthly salary, instant cash into your bank account, with a fixed interest rate of 3.88% pa
Website https://www.dbs.com.sg/personal/loans/personal-loans/dbs-personalloan
Interest Rate 3.88% pa AIR

7.56% pa EIR

Eligibility
  • Singapore Citizen or Singapore Permanent Resident
  • Foreigners with existing Cashline and/or Credit Card account
  • 21 – 75 years old
  • Minimum Annual Income S$20,000

 


HSBC Top Bank Loans in Singapore

3.Bank Loan

HSBC Personal Loan

Features
  • Supporting documents are not required
  • Fixed monthly repayments with choice of tenor between 1 and 7 years
  • Reinstatement of available credit limit upon monthly repayment
  • Earn up to SGD 2,050 cashback
Website https://www.hsbc.com.sg/loans/products/personal-line-of-credit/instalment-plan
Interest Rate 3.4% pa EIR

6.5% pa AIR

Eligibility You will be eligible to apply if you have an existing Personal Line of Credit with good credit standing, and available Credit Limit.

 


Citi Bank Top Bank Loans in Singapore

Bank Loan

Citibank Personal Loan

Features
  • Get your cash within the next working day
  • Get it anytime with flexible repayment options from 12 to 60 months
  • Personal loan up to 4x your monthly income
Website https://www.citibank.com.sg/loans/quick-cash-media.htm
Interest Rate 6.5% pa EIR

3.45% pa

Eligibility Singaporean / PR

  • Minimum annual income of S$30,000
  • For Salaried Employees:

    • A photocopy of the front and back of your NRIC
    • Past 12 month’s CPF statement submitted via CPF web-link
      OR Latest Income Tax Notice of Assessment and latest original computerised payslip

    For Self-Employed:

    • A photocopy of the front and back of your NRIC
    • Last 2 years’ Income Tax Notice of Assessment and last 3 months’ bank statements

Foreigners

  • Minimum annual income of S$42,000
  • A photocopy of the front and back of your Passport/Employment Pass
  • Latest Income Tax Notice of Assessment and latest original computerised payslip

 


POSB Top Bank Loans in Singapore

Bank Loan

POSB Personal Loan

Features
  • Instant cash into your account
  • Up to 10 times your monthly salary
Website  https://www.posb.com.sg/personal/loans/personal-loans/posb-personalloan
Interest Rate EIR 7.56% pa

AIR 3.88% pa

Eligibility
  • Singapore Citizen or Singapore Permanent Resident
  • Foreigners with existing Cashline and/or Credit Card account
  • 21 – 75 years old
  • Minimum Annual Income S$20,000

 


OCBC Top Bank Loans in Singapore

Bank Loan

OCBC Personal Loan

Features
  •  Fixed repayments up to 60 months
Website  https://www.ocbc.com/personal-banking/loans
Interest Rate EIR 9.06% per annum

4.7% per annum

Eligibility

Singaporean or Singapore PR above 21 years old with an annual income of at least S$20,000

Foreigner above 21 years old with an annual income of at least S$45,000

Existing OCBC Credit Card or OCBC EasiCredit account holder

 


Maybank2u Top Bank Loans in Singapore

Bank Loan

Maybank Personal Loan

Features
  • Flexibility to repay over 12, 24, 36, 48 or 60 months
  • Waived 1% processing fees
Website  https://www.maybank2u.com.sg/en/personal/loans/personal-line-or-credit/creditable-term-loan.page?
Interest Rate  3.88% pa
Eligibility
  • Existing CreditAble account holder
  • Age: 21 to 65
  • Singapore Citizens or Singapore Permanent Residents
  • Annual income: S$30,000

 


UOB Top Bank Loans in Singapore

Bank Loan

UOB Personal Loan

Features
  • Up to $600 cash rebate
  • Get instant cash
  • Repayment from 36, 48 and 60-months
Website  https://www.uob.com.sg/personal/borrow/personal-loan.page
Interest Rate 3.48% p.a.

EIR 6.86% p.a.

Eligibility
  • Existing UOB Credit Card/CashPlus customer
  • Singapore citizen or Permanent Resident
  • 21 – 60 years old
  • Minimum annual income of S$30,000

 


CIMB Top Bank Loans in Singapore

Bank Loan

CIMB Personal Loan

Features
  • New-to-Bank customers enjoy rates as low as 3.50%* p.a.  (EIR 6.4% p.a. – 6.6% p.a.) with payment options from 1 to 5 years
  • Instant cash into bank account existing CIMB credit card members
  • Apply and receive a loan of up to 90% of your credit card limit
Website  https://www.cimb.com.sg/en/personal/banking-with-us/loans-financing/personal-loans-financing/cimb-cashlite.html
Interest Rate 4.5% p.a. (EIR 8.21% p.a. – 8.41% p.a.)
Eligibility Singaporean and Singapore PR annual income S$30,000

 


Standard Change Top Bank Loans in Singapore

Bank Loan

Standard Chartered Personal Loan

Features
  • Get up to $1,200 cashback
  • Within 15 minutes cash disbursement
Website  https://www.sc.com/sg/borrow/loans/cashone/
Interest Rate  3.48% pa

6.95% pa EIR

Eligibility  Singaporeans and PR

  • Age: 21 – 65 years
  • Minimum annual income: S$20,000

Foreigners

  • Age: 21 – 65 years
  • Minimum annual income: S$60,000
  • Must hold a Singapore Employment Pass

 


HL Bank Top Bank Loans in Singapore

 

Bank Loan

HL Bank Personal Loan

Features
  • 4 times your monthly salary
  • fuss-free payment method
Website  https://www.hlbank.com.sg/en/personal-banking/loans/personal-loan/installment-loan.html
Interest Rate 3.88% p.a. (EIR: 8.78% p.a.) to 8.88% p.a. (EIR: 17.77% p.a.)
Eligibility
  • Between 21 and 60 years old
  • A Singapore citizen or Singapore permanent resident
  • Earning a minimum annual income of S$30,000

Types of bank loan 

Secured loan 

A secured bank loan is for property and a car that requires a huge loan amount. These assets are pledged to the bank as collateral. If the collateral value drops below the loan amount, the borrower will have to top up with more assets or pay part of the outstanding loan amount. However, if the loan is not repaid after the loan tenure is up, the assets will be repossessed and sold to recover the loan. 

Unsecured loan 

Unsecured loans are for assets that are not pledged as collateral. Unsecured loans typically have higher interest rates. Unsecured loans include credit cards, bank overdraft, and personal lines of credit. 

Term loan 

Term loans require the borrower to repay the loan by instalments over the agreed loan period. The bank can recall the loan if the borrower is found to breach the terms of the loan agreement. Term loans are usually large in amount and offer a longer repayment period. Example of these loans is housing loans, education loans, and car loans. 

Revolving loan 

A revolving loan allows the borrower to use the money up to an agreed credit limit whenever they need it. When the borrower repays the outstanding amount, their credit becomes available to draw on again. Example of a revolving loan includes bank overdraft, personal lines of credit and credit cards. 

Personal loan 

A personal loan is a bank loan offered by a bank to an individual for any uses. Individuals can use a personal loan for their wedding, home, car, and any other matters in life that they need money for. 

Car loan 

A car loan is a specialised type of bank loan specially catered to potential car buyers. The borrower can apply for a car loan to purchase a new car or a second-hand car. 

Home loan 

A home loan is a specialised type of bank loan specially catered to home buyers. A home loan can also be used for renovation costs of the new home or specified types of housing such as an HDB flat. 

Education loan 

An education loan is a specialised bank loan usually borrowed by students to further their studies in a tertiary institution or university. 

Advantages of taking up a bank loan 

Flexible spending 

There are a wide variety of bank loans for borrowers to choose from. Different bank loans have a different purpose, and they offer different benefits to the borrower. Personal loans offer flexible spending to the borrower because they can use the money for anything. 

Flexible loan terms 

Bank loans offer borrowers great short-term and long-term financing option. The loan tenure period depends on what type of loan and what is the purpose of the loan. For car loans, the borrower can take up to 7 years to repay the loan. For bigger purchases such as homes, the loan tenure tends to be longer such as 20 to 30 years. 

Lower interest rates

When you take up a bank loan, you will enjoy lower interest rates as compared to credit cards and other licensed moneylenders. Your credit score will suffer if you use up your credit card or fail to pay your balance in full. If you choose to take a cash advance from your credit card, you will need to pay numerous fees and high-interest rates. 

Disadvantages of taking up a bank loan 

Strict approval process

Bank loans have a strict requirement for approval, so it is more difficult to apply for bank loans than other loan types. Bank loans are favoured towards borrowers with good to excellent credit. Your credit score will determine if your bank loan application gets approved and how much interest you will have to pay. 

Penalty for missing a loan payment 

Banks penalise heavily on borrowers who do not pay on time or pay part of their balance. Some banks charge a flat fee for late payment, while others charge a percentage of the outstanding balance. If you missed several payments, the bank might increase the interest rate that you have to pay. 

Other fees and conditions 

Some bank loans have other fees, such as a prepayment penalty and a one-time application fee. A prepayment penalty would mean that you may get penalised if you suddenly pay a large amount of money for your monthly repayment. Some bank loans may also have additional conditions, such as the annual income and the applicant’s age.

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Things to consider when taking up a bank loan 

Types of loans 

You should consider different bank loans that suit your purpose instead of immediately applying for a personal loan. Sometimes, applying for a specific type of loan, such as an education loan, may have lower interest rates and more benefits as compared to applying for a personal loan. 

Interest rate 

Interest rate is one of the most important factors to consider when wanting to take up a bank loan. You should compare the bank loans across different banks and pick out the lowest interest rate or the interest rate that you are most comfortable paying. 

Loan period 

Another important factor to consider is the loan period. The loan period will determine the amount of money for your monthly repayment. Ideally, you would want to make sure that you are able to pay your monthly repayment without much difficulty. 

Downpayment amount 

You should also consider the downpayment amount you need to pay for the bank loan. However, not all bank loans require a downpayment by the borrower. Downpayment helps to lower monthly payments. The more money you set aside for a downpayment, the lower your total loan amount will be. 

 Top Bank Loans in Singapore 2021

Top Personal Loan: HSBC Personal Loan

Interest Rate EIR Processing Charge Loan Tenure
3.5% p.a. 6.5% p.a. S$0-SS$6 1-7 years

Bonus: 

Fresh BAU Bonus: S$100 Cashback

HSBC’s Personal Loan Details
Best Savings Interest Rates Above 6.5% EIR
Lengthiest Loan Intervals 1 – 7 years
Loan Sum S$5,000 – S$200,000
Approval Period 1 minute approval, get money within 1 working day.
Minimum Yearly Income S$30,000 (Singapore Citizens or PR) / S$40,000 (foreigners)

HSBC’s Personal Loan Repayment Intervals

Loan Interval Flat Rate Processing Charge EIR Monthly Payment Total Charges
1 year 3.6% S$0 6.5% S$862.96 S$356
2 years 3.5% S$0 6.5% S$445.46 S$691
3 years 3.4% S$0 6.5% S$306.49 S$1,034
4 years 3.5% S$0 6.5% S$237.15 S$1,383
5 years 3.5% S$0 6.5% S$195.66 S$1,740
6 years 3.5% S$0 6.5% S$168.10 S$2,103
7 years 3.5% S$0 6.5% S$148.49 S$2,474

 Supposing S$10,000 loan, income of S$30,000; covers processing fee waiver for Premier clients (S$60 for Personal Banking Customers), existing bonuses. Note that the rates above do not reflect the final customised loan offer.

 

Top Personal Loan Promotions: Standard Chartered

Interest Rate EIR Processing Charge Loan Tenure
3.48% p.a. 6.95% p.a. S$0 1-5 years

Bonus:

50% 1st month’s payments with cashback

Register through MyInfo over S$20 Cashback.

Standard Chartered CashOne Loan Details
Competitive Interest Rates Above 6.95% EIR
Smallest Interest Rates for low-income individuals 9.8 – 10.8% p.a. Flat Rate
Loan Sum S$1,000 – S$250,000
Loan Tenure 1-5 years
Approval Interval 15 minutes
Minimum Yearly Income S$20,000 (Singapore Citizens & PR)

Standard Chartered’s CashOne Personal Loan Repayment Schedules

Loan Interval Flat Rate Yearly Charge EIR Monthly Payment Total Charges
1 year 3.48% S$199 8.45% SS$1,725 S$895
2 years 3.48% S$0 7.63% $891 S$1.392
3 years 3.48% S$0 7.30% S$614 S$2,088
4 years 3.48% S$0 7.10% S$475 S$2,546.67
5 years 3.48% S$0 6.95% S$391  S$3,284.33

Supposing S$10,000 loan with income of S$30,000; covers processing fee waiver or existing bonuses. Note that the rates cited do not reflect your final customized Loan Contract.

 

Swiftest Personal Loan Disbursement: POSB/DBS Personal Loan

Interest Rate EIR Processing Charge Loan Tenure
3.88% p.a. 7.56% p.a. 1% 1 month – 5 years

Bonus:

Fresh loan clients get 1% cashback over approved loans of S$10,000 or more.

POSB/DBS Personal Loan Details
Lowest Interest Rates Above 7.56% EIR
Loan Tenure 1 month – 5 years
Loan Amount S$500 – 10x Monthly Salary
Approval Time Instant approval with disbursement for DBS & POSB credit card and line of credit clients
Minimum Annual Income S$30,000 (Singapore Citizens and PR)

POSB/DBS’s Personal Loans Repayment Timing

Loan Interval Flat Rate Fee EIR Monthly Payment Total Cost
1 year 3.88% 1% 7.56% S$865.67 S$488
2 years 3.88% 1% 7.56% S$449.00 S$876
3 years 3.88% 1% 7.56% S$310.11 S$1,264
4 years 3.88% 1% 7.56% S$240.67 S$1,652
5 years 3.88% 1% 7.56% S$199.00  S$2,040

Supposing S$10,000 loan with income of S$30,000; covers processing fee waiver or existing bonuses. Note that the rates above do not reflect your customized final loan contract.

 

Top Small, Short-Term Personal Loan: Citibank Fast Cash Personal Loan

Interest Rate EIR Processing Charge Loan Tenure
4.94%-5.79% p.a. 9.0%-10.5% p.a. 0% 1-5 years

Bonus:

Fresh Citi Credit Card or Citibank Ready Credit sum holders are entitled the rate of 0% p.a. with 3.5% processing fee (E.I.R 7.85% p.a.) over a 1 year loan tenure.

POSB/DBS Personal Loan Details
Competitive Interest Rates for Small, Short-Term Loans EIR above 7.5%
Loan Tenure 1 – 5 years
Loan Sum S$1,000 – 4x monthly income (alternatively S$150,000)
Approval Interval 1 hour (Preceding 5pm)
Minimum Annual Income S$30,000 (Singapore Citizens and PR); S$42,000 (Foreigners)

Citibank Fast Cash Personal Loan Repayment Timing

Loan Interval Flat Rate Fee EIR Monthly Payment Total Cost
1 year 0% 3.5% 7.85% S$833.33 S$350.00
2 years 4.00% 0% 7.50% S$450.00 S$800.00
3 years 3.99% 0% 7.50% S$311.03 S$1,197.00
4 years 4.01% 0% 7.50% S$241.75 S$1,604.00
5 years 4.05% 0% 7.50% S$200.42 S$2,025.00

Supposing S$10,000 loan; covers processing fee waiver or existing bonuses. Take note that rates cited do not reflect the final customized loan contract.

 

Low-Interest Small 1-Year Loans: Citibank Quick Cash 0% Interest

Interest Rate EIR Processing Charge Loan Tenure
0% p.a. 7.85% p.a. 3.5% 1 year

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0% Interest Rate for 1-year Loan Details
Loan Tenure 1 year
Loan Sum S$1,000 – 4x monthly income (alternatively S$150,000)
Approval Interval 1 hour (Preceding 5pm)
Minimum Annual Income S$30,000 (Singapore Citizens and PR); S$42,000 (Foreigners)

Citi Quick Cash (0% Interest) Repayment Timing

Loan Interval Flat Rate Fee EIR Monthly Payment Total Cost
1 year 0% 3.5% 7.85% S$833.33 S$350.00

Supposing S$10,000 loan; covers processing fee waiver or more existing bonuses. Note that the rates cited do not reflect your customised final loan contract.

 

Top Cash-On-Instalment: OCBC Cash-On-Installment

Interest Rate EIR Processing Charge Loan Tenure
above 4.70% p.a. above 9.06% p.a. 1% 1 – 5 years

 

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OCBC Cash-On-Installment Details
Non-promotional rates: 4.70% flat rate; 9.06% – 10.45% EIR
Loan Tenure 1-5 years
Loan Sum S$1,000 – Max. Credit Limit
Approval Interval Varies
Minimum Annual Income S$30,000 (Singapore Citizens and PR); S$45,000 (Foreigners)

OCBC Cash-On-Instalment Repayment Timing for Current OCBC Clients

Loan Interval Flat Rate Fee EIR Monthly Payment Total Cost
1 year 4.7% 1% 10.45% S$872.50 S$550.00
2 years 4.7% 1% 9.77% S$455.84 S$1,020.00
3 years 4.7% 1% 9.46% S$316.95 S$1,490.00
4 years 4.7% 1% 9.24% S$247.50 S$1,960.00
5 years 4.7% 1% 9.06% S$205.84 S$2,430.00

Supposing S$10,000 loan; covers processing fee waiver or existing bonuses. Kindly note that the rates above do not reflect the final customized loan contract.

 

Top Bank Loan for Low-Income Borrowers: Standard Chartered CashOne

Interest Rate EIR Processing Charge Loan Tenure
9.8%-10.8% p.a 20.92%- 27.56% S$0 1 – 5 years

 

Conclusion 

For many people, taking up a bank loan is the best option to finance the things we need a huge sum of money for. However, not everyone can apply for a bank loan, and the bank loan is not guaranteed to be approved. When taking up a bank loan, be sure of the interest rate and the monthly repayment amount. Do bear in mind that you will end up in a bigger debt at the loan tenure if you miss too many monthly repayments. 


Editor’s Note:

While every precaution has been made to ensure the accuracy and fairness of this listing, we acknowledge that they may be inaccuracies. Therefore, we urge you to contact the service provider above for the correct information and/or contact us with the correct information.

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If you are a service provider and wish to be featured in this listing (MediaOne reviews are read by hundreds of thousands of Singaporeans), please contact us at [email protected]. There is no charge! Please allow us up to 3 working days to review before adjusting the information or including your entry.

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