Top Personal Loan Providers in Singapore

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 on 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 of your monthly salary. 

Currently in Singapore, there is a cap on the amount of unsecured loans you can have, which is at 12 times of 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?

There are several types of loans in Singapore that can be classified under the broad category of personal loan.

Personal term loan

Under a personal term loan, you are allowed to borrow a specific sum of money from a bank or license moneylender. You will then need to pay back an agreed amount, which is your loan repayment amount together with interest, on a monthly basis.

Most of the time, you will have the flexibility to choose whether you want to pay it over a specific period of time or a one-time lump sum. The duration for personal loan repayment ranges anywhere between one to seven years.

Line of credit

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 The interest will only be applied on the amount that you have withdrawn.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 roll over, 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 of 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 kicks 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 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 so as 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 fee or processing fee.

Effective interest rate

In Singapore, it is mandatory for banks to 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 tenure of your repaying schedule. 

Essentially, the EIR shows you the true interest rate of taking out a personal loan with the particular bank.

0% interest personal loans

Some banks may also 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 actually 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	Competitive interest rates as low as 3.48% Get cash disbursed to any existing bank account of choice within 15 minutes Receive 50% off first month’s instalment amount in the form of a cashback Annual fee perpetually waived for Platinum Visa Credit Card with an income of S$30,000 & above
Pricing	Check on 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

 

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Personal Loan Provider	OCBC Bank
Speciality	Affordable installment loan Interest is charged only on amount used Consolidate outstanding credit card charges and personal loan into single repayment statement
Pricing	Check on website for prevailing interest rates
Website	https://www.ocbc.com/group/gateway
Address	View branch locations here
Telephone	65 6363 3333
Operating Hours	Mon-Fri: 9.00am to 4.30pm Sat: 9.00am to 11.30am

 

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Personal Loan Provider	DBS Bank
Speciality	Availability to borrow up to 10 times of monthly salary Instant cash when applied online Affordable fixed repayment with fixed interest rate from as low as 3.88%p.a
Pricing	Check on 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

 

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Personal Loan Provider	UOB Bank
Speciality	Loans starting from S$1,000 Enjoy 3.68% interest per annum Affordable repayments as low as S$0.66 a day
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

 

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Personal Loan Provider	HSBC Bank
Speciality	Offers promotional interest rates from as low as 3.7% p.er annum No processing fee
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 form here
Operating Hours	Varies by branch locations

 

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Personal Loan Provider	Bank of China
Speciality	One of the lowest interest rate One of the longest repayment period Fixed monthly repayment amount Interest saving with reducing balance method Complimentary MoneyPlus Line of Credit with lowest interest rate for your daily necessities
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

 

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Personal Loan Provider	Citibank
Speciality	Convert your unutilised credit limit to cash in your Citi Deposit Account in 60 seconds Get it anytime on your mobile phone and repay with plans up to 60 months No documents required and no hidden fees
Pricing	Check on 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

 

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Personal Loan Provider	POSB
Speciality	Interest rate as low as 3.88% p.a. & 1% processing fee Instant cash in your account when applied online Up to 10 times of monthly salary
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

 

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Personal Loan Provider	HL Bank
Speciality	An interest rate from 3.88% p.a Borrow up to 4 times monthly salary An iSavings account will be opened so for easy repayments Choose from a loan tenure of between 1 year and 5 years to repay your loan
Pricing	https://www.hlbank.com.sg/en/personal-banking/loans/personal-loan/installment-loan.html
Website	https://www.hlbank.com.sg/en/personal-banking.html
Address	7 Wallich St, #B1 – 25 and #B1- 26, Singapore 078884
Telephone	65 6818 0503
Operating Hours	Monday to Friday – 9:00am to 4:00pm

 

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Personal Loan Provider	CIMB Bank
Speciality	Low interest rates Offers various personal loans for multiple purposes including Education and Home Renovation
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	9.00am – 7.00pm, daily

 

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Personal Loan Provider	Maybank Singapore
Speciality	Personal loan for various purposes including Education, Private Property or personal use
Pricing	Check on 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

 

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Personal Loan Provider	ICBC Bank
Speciality	No application fee Finance up to 90% of the value of the security. Low interest rate Loan period up to 3 years Simple procedure Efficient approval
Pricing	Check on 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

 

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Personal Loan Provider	State Bank of India
Speciality	Minimum loan amount of SGD5,000 to a Maximum loan amount of SGD100,000 applicable Choose between Term Loan or Overdraft Term Loan – Monthly Repayment is fixed (Principal +Interest) Overdraft – Monthly Repayment may vary on amount utilized (Fixed Principal repayment + Interest on amount utilized)
Pricing	Check on website for prevailing interest rates
Website	https://www.sbising.com/personal-loans-scheme
Address	View branch locations here
Telephone	1800-724 7464
Operating Hours	Monday to Friday: 09:30 AM – 05:45 PM

 

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Personal Loan Provider	Lendela
Speciality	Personalised offers Multiple Lenders Full Customer Support Easy Online Comparison
Pricing	Check on website for prevailing interest rates
Website	https://sg.lendela.com/application?utm_source=best_in_singapore&utm_medium=referral&utm_campaign=best_in_sg_test
Address	Found8 Prinsep, 128 Prinsep St, #01-01, Singapore 188655
Contact	Telepone: 65 8201 0158 / 65 9670 1595 Email: [email protected]
Operating Hours	NA

 

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Personal Loan Provider	CreditMaster
Speciality	Licensed money lender Fast disbursement Flexible repayment methods Easy approval
Pricing	Check on website for prevailing interest rates
Website	https://www.creditmaster.sg/
Address	#01-50 Park Rd, People’s Park Complex, Singapore 059108
Contact	Telephone: 65 6748 1338 Email: [email protected]
Operating Hours	Monday – Sunday, 11:00 AM – 8:00 PM

 

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Personal Loan Provider	Swift Credit
Speciality	Easy approval Fast processing Affordable rates
Pricing	Check on website for prevailing interest rates
Website	https://www.swiftcredit.sg/personal-loan/
Address	1 Sophia Road, #01-37 Peace Centre, Singapore 228149
Contact	Telephone: 65 6684 4129 Email: [email protected]
Operating Hours	Monday – Saturday : 11am – 7pm Sundays & Public Holidays by Appointment Only

 

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Personal Loan Provider	I-Credit
Speciality	Competitive interest rates Fast loan approval decision Easy repayment methods Transparent services
Pricing	Check on 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

 

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Personal Loan Provider	Credit Culture
Speciality	Monthly interest rate capped at 1% Upon face-to-face verification and approval, funds will be credited instantly to bank account Low interest rates and transparent fees Do not charge late interest or early repayment fees
Pricing	Check on website for prevailing interest rates
Website	https://www.creditculture.sg/
Address	31A Keong Saik Road, Singapore 089138
Email	[email protected]
Operating Hours	Weekdays 9am – 6pm

 

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Personal Loan Provider	Capital Funds Investment
Speciality	Licensed lender that provides urgent cash resources Good track record and many satisfied customers Quick and seamless application process
Pricing	Check on 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 – 12pm to 8pm Sat – 11am to 3pm

 

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Personal Loan Provider	Dash Credit
Speciality	Work with customers to come up with personalised repayment plans Legal money lender in Singapore, registered with the Ministry of Law
Pricing	Check on website for prevailing interest rates
Website	https://www.dashcreditsg.com/types-of-available-loans
Address	335 Pioneer Rd North, Singapore 628475
Telephone	65 9082 1065
Operating Hours	Contact for operating hours

 

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Editor’s Note:

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