What are personal loans?
Personal loans are unsecured loans that allow you to borrow money to use for whatever you want. Unlike a secured loan, you do not have to put up any collateral or pledge an asset such as your house when taking out a personal loan.
Given that personal loans are not tied to any of your assets, the interest rate on this type of loan tends to be higher. After all, there is nothing for the bank or moneylender to seize if you are unable to pay back your loan.
How much can I borrow with a personal loan?
The amount of money you can borrow with a personal loan ranges anywhere between 2-6 times your monthly salary.
Currently, in Singapore, there is a cap on the number of unsecured loans you can have, which is 12 times your monthly salary. This includes personal loans, credit card loans, and education loans.
The loan amount that you are eligible for typically depends on your credit history, income stream as well as other existing credit facilities that you may have. Some banks or licensed moneylenders also look at your citizenship and age. Most banks will require the borrower to be of a minimum age of 21 before they can take out a personal loan.
What are the types of personal loans available?
Several types of loans in Singapore can be classified under the broad category of personal loans.
Personal term loan
Under a personal term loan, you are allowed to borrow a specific sum of money from a bank or licensed moneylender. You will then need to pay back an agreed amount, which is your loan repayment amount together with interest, every month.
Most of the time, you will have the flexibility to choose whether you want to pay it over a specific period or a one-time lump sum. The duration of personal loan repayment ranges anywhere from one to seven years.
Line of credit
A line of credit, which sometimes goes by credit line, cash line, or flexible repayment loan, is when the bank agrees to set aside a pre-approved amount of money. This allows you to draw cash from it whenever you need it. You may withdraw the entire approved amount or just part of it. The interest will only be applied to the amount that you have withdrawn.
This type of loan typically does not have a fixed repayment period. You can opt to repay as quickly as you can as when you have the money. Alternatively, if you are unable to pay back the entire sum, you can repay the bank a stipulated minimum amount monthly. The remaining debt will then be rolled over to the next time. One important factor to consider is that the more money you owe the bank and rollover, the higher the interest you may end up paying.
Debt consolidation loan
If you have incurred a lot of debts with multiple banks or financial institutions, a debt consolidation loan may be the solution to managing these debts effectively. When you take out a debt consolidation loan with a particular bank, the bank will proceed to pay off your multiple debtors. This helps to consolidate all your debts such that you owe money to just that one bank, making it easier to manage your repayment as you only have just one repayment loan to worry about. Concurrently, this also means that you do not have to deal with varying interest rates slapped on by the different banks and financial institutions that you owe money to.
Do note that debt consolidation loans are very strictly regulated in Singapore. In order to qualify, you will need to have at least 12 times your monthly salary.
When is a “good time” for me to take out a personal loan?
Before taking out a personal loan, always consider the interest rates charges and processing fees. It may be tempting to borrow money to go on a shopping spree or luxury holiday. However, when the interest rates kick in, you may end up struggling to repay these loans and eventually find yourself heavily in debt.
As such, personal loans are usually the best option if there is a financial emergency and you need a large sum of money urgently.
Understanding personal loans interest rates in Singapore
When taking out a personal loan, it is crucial to do your due research as various banks or licensed moneylenders offer varying interest rates and repayment schemes.
Here are some commonly used terms when advertising personal loans and what they mean:
Advertised interest rate
As its name suggests, the advertised interest rate is simply the interest rate that is shown for advertisement purposes. It is usually marketed as a low figure to attract potential customers who want to apply for a personal loan.
However, this figure does not give you the full picture as it excludes other fees such as admin fees or processing fees.
Effective interest rate
In Singapore, banks must indicate the effective interest rate (EIR) next to the advertised interest rate. This figure takes into account other fees such as processing fees as well as the tenure of your repaying schedule.
Essentially, the EIR shows you the actual interest rate of taking out a personal loan with a particular bank.
0% interest personal loans
Some banks may offer a promotional 0% interest rate on short-term personal loans. However, do not be fooled by the 0% figure. These types of loans tend to come with extremely high processing fees.
This means that while you may “enjoy” zero interest rates on your loan, the bank collects your money upfront rather than in interest payments over time.
Where can I take out a personal loan in Singapore?
After considering all your monetary options and you have decided to go ahead with taking out a personal loan, here are some banks and companies that offer personal loans in Singapore:
Personal Loan Provider |
Standard Chartered Bank |
| Speciality |
|
| Pricing | Check the website for prevailing interest rates |
| Website | https://www.sc.com/sg/ |
| Address | View branch locations here |
| Telephone | 65 6747 7000 |
| Operating Hours | Varies by branch |
Standard Chartered Bank has been serving clients in Singapore for 163. Since it opened its first branch in 1859, the Bank has grown to become one of the country’s leading banks, with a network of 13 branches, including 4 Priority Banking centres, 1 International Banking and Priority Private Centre and 23 ATMs.
About CashOne Personal Loan
- Get up to S$3,100 cashback upon approval (terms and conditions apply)
- Competitive interest rates (EIR from 6.95% p.a.)
- Get cash disbursed to any existing bank account in 15 minutes
- Loan tenure of up to 5 years
Personal Loan Provider |
OCBC Bank |
| Speciality |
|
| Pricing | Check the website for prevailing interest rates |
| Website | https://www.ocbc.com/personal-banking/loans/personal-loans.page |
| Address | View branch locations here |
| Telephone | 65 6363 3333 |
| Operating Hours | Mon-Fri: 9.00am to 4.30pm Sat: 9.00am to 11.30am |
OCBC Bank has been hailed as the Best Managed Bank in Singapore by the Asian Banker. The Bank has consistently been included in the list of the Top 50 Safest Banks in the world by Global Finance.
Serving the Singapore, Malaysia, Indonesia, and Greater China markets, it has more than 470 branches and representative offices in 19 countries and regions.
Available Personal Loans
- EasiCredit – line of credit for standby cash
- Cash-on-Instalments
- ExtraCash Loan
- Balance Transfer
- Debt Consolidation Plan
- Secured Overdraft
Personal Loan Provider |
DBS Bank |
| Speciality |
|
| Pricing | Check the website for prevailing interest rates |
| Website | https://www.dbs.com.sg/personal/default.page# |
| Address | View branch locations here |
| Telephone | 1800 111 1111 |
| Operating Hours | Mon – Fri: 8.30am to 4.00pm Sat 8.30am to 12.30pm |
Established in 1968, DBS is one of the world’s leading banks for institutions, corporations, and individuals. In 2018, DBS was recognized as the Global Bank of the Year by The Banker, a leading publication of the Financial Times.
Key Offerings
- DBS Debt Consolidation Plan
- DBS Personal Loan
- DBS Cash Line
Personal Loan Provider |
UOB Bank |
| Speciality |
|
| Pricing | https://www.uob.com.sg/personal/borrow/personal-loan.page |
| Website | https://www.uob.com.sg/personal/index.page |
| Address | View branch locations here |
| Telephone | 1800 222 2121 |
| Operating Hours | View branch opening hours here |
With banks in 19 markets across three continents, UOB is considered one of the world’s top banks, with a rating of ‘Aa1’ by Moody’s and ‘AA-‘ by both S&P Global and Fitch Ratings.
The UOB Personal Loan offers low-interest rates of 3.4% p.a (EIR from 6.36% p.a.). Some of its benefits include:
- Instant approval and cash disbursement for applications submitted online from 8 am to 9 pm
- Get attractive cash rebates (subject to terms and conditions)
- Flexible repayment loan tenor from minimum 1 to maximum 5 years
Eligibility
- Existing UOB Credit Card/CashPlus customer
- Singapore citizen or Permanent Resident
- Must be 21-65 years old
- A minimum annual income of S$30,000
Personal Loan Provider |
HSBC Bank |
| Speciality |
|
| Pricing | https://www.hsbc.com.sg/loans/products/personal-line-of-credit/instalment-plan/ |
| Website | https://www.hsbc.com.sg/ |
| Address | View branch locations here |
| Telephone | Contact via the form here |
| Operating Hours | Varies by branch locations |
HSBC is one of the world’s most renowned organisations offering banking and financial services. With more than 40 million customers across 63 countries, it is among the largest banks in the world. In Singapore, HSBC has been operating since 1877.
Personal Loan Benefits
- Approval in principle within 1 minute
- Credit limit of up to SGD200,000
- Enjoy flexibility on your monthly repayment: pay interest only on what you use
- Easy access to cash from your debit card, internet banking, or mobile app
Personal Loan Provider |
Bank of China |
| Speciality |
|
| Pricing | https://www.bankofchina.com/sg/pbservice/pb2/ |
| Website | https://www.bankofchina.com/ |
| Address | View branch locations here |
| Telephone |
View contact details here
|
| Operating Hours | View branch operation hours here |
The Singapore branch of the Bank of China has been operating since 1936. For almost a century, it has been providing a full suite of banking and financial services in Singapore and the Asia-Pacific region. In 2020, Bank of China Singapore Branch became a founding partner of Singapore Green Finance Center.
Key Offerings
- BOC $martLoan
- BOC Debt Consolidation Plan
- MoneyPlus Fund Transfer
- MoneyPlus Line of Credit
- MoneyPlus Term Loan
Personal Loan Provider |
Citibank |
| Speciality |
|
| Pricing | Check the website for prevailing interest rates |
| Website | https://www.citibank.com.sg/loans/quick-cash.htm |
| Address | View branch locations here |
| Telephone | View contact details here |
| Operating Hours | View branch operating hours here |
Operating in Singapore since 1902, Citi is one of the largest foreign banks in the country. Citibank Singapore Limited, its legal entity in Singapore, is a wholly-owned subsidiary of Citigroup incorporated on January 1, 2005.
Citibank Singapore has three key lines of business:
- Wealth management products and services,
- Unsecured products such as credit cards and personal line of credit, and
- Secured products covering housing loans and share financing.
Personal Loans
- Citi Quick Cash
- Citibank Ready Credit
- Citi Balance Transfer
Personal Loan Provider |
POSB |
| Speciality |
|
| Pricing | https://www.posb.com.sg/personal/loans/personal-loans/posb-personalloan |
| Website | https://www.posb.com.sg/personal/default.page |
| Address | View branch locations here |
| Telephone | 1800 339 6666 |
| Operating Hours | View branch opening hours here |
POSB (Post Office Savings Bank) Singapore offers personal banking products such as insurance, savings accounts, investments, personal loans, and online banking services.
The Bank was established by the British colonial government in 1877 as a means to provide banking services for low-income groups. It officially became a part of DBS in 1998 with the passing of the Post Office Savings Bank of Singapore (Transfer of Undertakings and Dissolution) Bill in the Parliament.
Personal Loans
- POSB Personal Loan – Up to 2% cashback with lower interest rates from 2.88% p.a. (EIR 5.79% p.a.)
- POSB Cashline – Get instant cash in your account whenever you are low in funds
- POSB Balance Transfer – With flexible repayments at 0%^ interest
- Cashline Credit Limit Review
- POSB Debt Consolidation Plan – Apply now to enjoy 3.58% p.a. (EIR 6.56% p.a.) plus 1% cashback (subject to terms and conditions)
Personal Loan Provider |
CIMB Bank |
| Speciality |
|
| Pricing | https://www.cimb.com.sg/en/personal/banking-with-us/loans-financing/personal-loans-financing.html |
| Website | https://www.cimb.com.sg/en/personal/home.html |
| Address | 50 Raffles Place, Singapore Land Tower, #09-01, Singapore 048623 |
| Telephone | 65 6333 7777 |
| Operating Hours | 9.00 am – 7.00 pm, daily |
CIMB Singapore is a part of CIMB Group, a leading universal bank in the ASEAN region. With headquarters in Kuala Lumpur, Malaysia, the Group offers innovative services in asset management, consumer banking, commercial banking, investment banking, and Islamic finance.
Personal Loans Available
For Singaporean and Singapore Permanent Residents only
- CIMB CashLite – As low as 3%* p.a. (EIR 5.64% p.a.)
- CIMB Balance Transfer
- CIMB Renovation-i Financing – As low as 3.88%* p.a.
- CIMB Education Loan – 4.78% p.a.
- CIMB Debt Consolidation Plan
Personal Loan Provider |
Maybank Singapore |
| Speciality | Personal loans for various purposes including Education, Private Property or personal use |
| Pricing | Check on the website for prevailing interest rates |
| Website | https://www.maybank2u.com.sg/en/personal/loans/personal-credit/index.page? |
| Address | View branch locations here |
| Telephone | 1800-629 2265 |
| Operating Hours | Monday – Friday: 10 am to 6.30 pm |
Maybank is a major financial services provider in Asia and the fourth largest bank by assets in Southeast Asia. Maybank Group has more than 42,000 employees serving its clients in its wide international network of over 2,600 branches in 18 nations.
The Bank provides an array of services for individuals, businesses, and corporations. Their products and services include consumer and corporate banking, investment banking, Islamic banking, stock broking, insurance, and asset management.
Personal Loans
- Maybank Debt Consolidation Plan
- CreditAble Fund Transfer
- CreditAble Term Loan
- CreditAble (Personal Line of Credit)
- Education Loans
- Renovation Loans
Personal Loan Provider |
ICBC Bank |
| Speciality |
|
| Pricing | Check the website for prevailing interest rates |
| Website | https://singapore.icbc.com.cn/ |
| Address | View branch locations here |
| Telephone | View branch contact details here |
| Operating Hours | View branch operating hours here |
Established in 1993 as ICBC’s first overseas institution, ICBC Singapore Branch has become one of the leading banks in Singapore. ICBC Singapore Branch provides a wide array of financial products and services, which include retail banking, private banking, corporate banking, and institutional banking.
Its personal loan product, Personal Pledged Loan, are available to anyone who:
- is at least 18 years and above
- has a valid IC or passport (ID of the third party is required if the security is from the third party)
- has a current account with ICBC Singapore
- is able to provide the following documents:
- Declaration of purpose of loan
- Certificate of ownership for security
- Written consent from 3rd party security provider
- Duly signed agreement
Terms and conditions apply.
Personal Loan Provider |
State Bank of India |
| Speciality | Minimum loan amount of SGD5,000 to a maximum loan amount of SGD100,000 applicable |
| Pricing | Check on website for prevailing interest rates |
| Website | https://sg.statebank/personal-loans |
| Address | View branch locations here |
| Telephone | 1800-724 7464 |
| Operating Hours | Monday to Friday: 09:30 AM – 05:45 PM |
State Bank of India (SBI) Singapore has been present in the Singaporean market for more than four decades. Since they set up office in 1977, they have been providing commercial and wholesale banking services to their clients in the country.
Aside from personal loans, the Bank offers mortgage loans comprising Compounded SORA linked and fixed rate products.
Personal Loan Products
- Term Loan – Monthly Repayment is fixed (Principal + Interest)
- Overdraft – Monthly Repayment may vary depending on the amount utilized (Fixed Principal repayment + Interest on the amount utilised)
Personal Loan Provider |
CreditMaster |
| Speciality |
|
| Pricing | Check the website for prevailing interest rates |
| Website | https://www.creditmaster.sg/ |
| Address | #01-50 Park Rd, People’s Park Complex, Singapore 059108 |
| Contact |
|
| Operating Hours | Monday – Sunday, 11:00 AM – 8:00 PM |
CreditMaster Pte Ltd is a money lending company licensed by the Ministry of Law.
CreditMaster has helped thousands of homeowners access fast, affordable loans without going through traditional banks. Their goal is to make it easy for foreigners and residents (both permanent and non-permanent) in Singapore to get access to loans.
Some of the loan products that they offer include:
- Bad Credit Personal Loans
- Personal Loans for Expats and Foreigners
- Small Business Loans
- Home Renovation Loans
- Plastic/ Cosmetic Surgery Loans
- Wedding Loans
- GrabTaxi Driver Loans
Personal Loan Provider |
Swift Credit |
| Speciality |
|
| Pricing | Check the website for prevailing interest rates |
| Website | https://www.swiftcredit.sg/personal-loan/ |
| Address | 1 Sophia Road, #01-37 Peace Centre, Singapore 228149 |
| Contact |
|
| Operating Hours | Monday – Saturday : 11am – 7pm
Sundays & Public Holidays by Appointment Only |
Swift Credit is a licensed money lending company established in 2009 in Singapore. As a trusted licensed money lender, they are committed to providing customers with fast approval loans and very competitive rates.
When you submit the correct documents, your loan can be approved in as fast as five minutes. Have the following documents ready when you apply:
- NRIC
- Latest original payslip
- CPF statements
- Income tax statement
- Original PUB bill or hand phone bill that reflects your current residential address
Personal Loan Provider |
I-Credit |
| Speciality |
|
| Pricing | Check the website for prevailing interest rates |
| Website | https://www.icredit.com.sg/ |
| Address | 82 Lorong 23 Geylang #05-02, Atrix Singapore 388 409 |
| Telephone | 65 6222 5222 |
| Operating Hours | Monday to Friday: 11:00 am – 8:00 pm Saturday & Sunday: 11:00 am – 4:00 pm |
I-Credit is a licensed money lending company based in Aljunied, Singapore. They offer quick assistance to address their customer’s needs, whether they’re looking for short-term business loans or a long-term home mortgage.
Benefits of Choosing I-Credit
- One-Hour Loan Approval Process
- Competitive Interest Rates (4% Monthly)
- Easy Repayment Methods
Personal Loan Provider |
Credit Culture |
| Speciality |
|
| Pricing | Check the website for prevailing interest rates |
| Website | https://www.creditculture.sg/ |
| Address | 31A Keong Saik Road, Singapore 089138 |
| inf[email protected] | |
| Operating Hours | Weekdays 9 am – 6 pm |
CreditCulture is a fintech company that provides a great customer experience by making the loan application process faster, cheaper, and better.
Founded by veterans of the banking industry, the management team has a collective experience of more than 30 years in the financial industry and consumer credit space.
Benefits of Choosing CreditCulture
- Apply for a loan anytime, anywhere
- Paperless transaction generates your personalised loan rates automatically
- Affordable – get lower interest rates
- Transparent and upfront – no early repayment fees or hidden charges
- Safe, secure, and convenient
Personal Loan Provider |
Capital Funds Investment |
| Speciality |
|
| Pricing | Check the website for prevailing interest rates |
| Website | https://www.loancfi.com.sg/services/personal-loan-singapore/ |
| Address | 65 Ubi Crescent #06-07, Hola Centre, Singapore 408559 |
| Telephone | 65 6281 7736 |
| Operating Hours | Mon to Fri – 12 pm to 8 pm Sat – 11am to 3pm |
Capital Funds Investments is a licensed money lender based in Singapore. They offer a variety of loan products that can be flexibly customised to fit your needs.
They offer personal loans for those who are looking for:
- An unsecured loan – No requirement for any collateral
- A cash loan to deal with unexpected expenses such as traffic summons, car repairs, medical bills, etc.
- A loan with a quicker approval process and turnaround time compared to traditional banks
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.
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.
