Top Personal Loan Providers in Singapore

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 The interest will only be applied on the amount that you have withdrawn.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.

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Top Personal Loan Providers in Singapore

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

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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:

Standard Chartered Top Personal Loan Providers 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

 


OCBC Top Personal Loan Providers in Singapore

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

 


DBS Top Personal Loan Providers in Singapore

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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

 


UOB Top Personal Loan Providers in Singapore

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

 


HSBC Top Personal Loan Providers in Singapore

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

 


Bank of China Top Personal Loan Providers in Singapore

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

 


Citi Bank Top Personal Loan Providers in Singapore

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

 


POSB Top Personal Loan Providers in Singapore

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

 


HL Bank Top Personal Loan Providers in Singapore

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

 


CIMB Top Personal Loan Providers in Singapore

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

 


May Bank Top Personal Loan Providers in Singapore

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

 


ICBC Top Personal Loan Providers in Singapore

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

 


State Bank of India Top Personal Loan Providers in Singapore

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

 


Lendela Top Personal Loan Providers in Singapore

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

Operating Hours

NA

 


Credit Master Top Personal Loan Providers in Singapore

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

Operating Hours

Monday – Sunday, 11:00 AM – 8:00 PM

 


Swift Credit Top Personal Loan Providers in Singapore

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

Operating Hours

Monday – Saturday : 11am – 7pm

Sundays & Public Holidays by Appointment Only

 


I-credit Top Personal Loan Providers in Singapore

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

 


Credit Culture Top Personal Loan Providers in Singapore

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

 


Capital Funds Top Personal Loan Providers in Singapore

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

 


Dash Credit Top Personal Loan Providers in Singapore

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

 


Editor’s Note:

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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.

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