365 Credit Solutions Pte Ltd is a licensed moneylender (License No. 17/2024) listed in the Registry of Moneylenders, under the Ministry of Law in Singapore.​

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Best Personal Loans in Singapore (2024)

best personal loan

Recent trends in Singapore indicate a shift towards more cautious spending and borrowing, with many prioritizing essential expenses. This conservative approach is evident in the decrease of unsecured debts like credit cards and education loans, emphasizing the need for prudent financial choices amid rising interest rates and mortgage costs. 

Choosing the right personal loan is crucial—factors such as interest rates, loan amounts, and terms must be carefully considered to align with one’s financial goals and repayment capacity.

This article will guide you through the critical aspects of selecting a personal loan in Singapore to enhance your financial stability and support long-term financial health.

Factors to Consider When Choosing a Personal Loan

Interest Rate

Interest rates vary by bank and type of loan, with licensed moneylenders capped at 4% per month and banks ranging from 2.68% to 5.43% p.a. Interest payments are influenced by credit scores, and can be represented as annual interest rate (AIR) or effective interest rate (EIR), the latter incorporating additional fees like administrative charges.

Loan Amount

Banks may offer up to S$250,000 or 10x monthly income, while legal moneylenders offer up to 6x monthly income. It’s vital to borrow according to your actual needs to avoid over-indebtedness or insufficient funding.

Loan Tenure

Loan tenure affects monthly repayments; longer terms mean lower monthly payments but higher total interest. Bank tenures cap at 5 years, whereas moneylenders limit to 12 months.

Additional Fees And Charges

Loans include various fees such as application and processing fees. Unlike banks, moneylenders do not charge early repayment penalties. Late fees for banks range from 1% to 3%, while for moneylenders, they can be up to 4%.

Payment Flexibility and Ease of Application

Personal loans offer flexible repayment options, and with a strong credit history, approvals can be quick, sometimes within 30 minutes for legal lenders. Proper documentation is essential for a smooth application process.

Best Personal Loan Options in Singapore

At a glance

BankInterest Rate (p.a.)Effective Interest Rate (EIR)Loan AmountLoan TenureSpecial Offers
Citi Quick CashFrom 3.45%6.5%Up to 8x monthly income1 to 5 yearsNo processing fees
DBS Personal LoanFrom 2.68%, Typical 3.88%5.43% to 7.56%Up to 10x monthly salary6 months to 5 years2% cash rebate, S$300 eCapitaVouchers (min. S$10,000)
OCBC ExtraCashStarts at 5.42%13.92%Up to 6x monthly income12 to 60 monthsLate fee $80, Early repayment fee 3%
Standard Chartered CashOneFrom 2.88%From 5.84%Substantial borrowing capacity (unspecified)Up to 5 years3X cashback on first month’s interest, 1% in vouchers
CIMB Personal LoanFrom 2.80%5.28%Substantial flexibility in borrowing limitsUp to 5 yearsUp to S$2,000 cashback
UOB Personal LoanFrom 2.88%5.43%S$15,000 and aboveUp to 5 yearsSamsung Galaxy Tab A9, up to 2% cash rebate
365 Credit SolutionsUp to 4% monthlyUp to 6x monthly incomeUp to 12 months

Each of these personal loan options offer unique features and benefits, making them suitable for different types of borrowers based on their specific financial needs, income levels, and repayment preferences. It’s crucial to consider these factors along with the terms and conditions of each loan option to choose the most appropriate one.

For those needing quick cash for short-term financial needs

  • CIMB Personal Loan might be attractive due to its low interest rate starting from 2.80% and the opportunity for significant cashback. This is ideal for borrowers who can repay the loan quickly within the flexible tenure options up to 5 years.
  • Standard Chartered CashOne Personal Loan provides instant cash disbursement and flexibility in repayment terms with the option to pay as low as S$50 monthly. This makes it a good choice for those who need immediate funding and prefer minimal initial repayment burden.

For borrowers needing substantial loan amounts

  • DBS Personal Loan allows for borrowing up to 10 times the monthly salary if the annual income is S$120,000 or more. This is suitable for high earners who need larger sums for significant expenses like home renovations or major life events.
  • UOB Personal Loan also caters to those who need larger loan amounts particularly for sums S$15,000 and above, and offers the perk of a Samsung Galaxy Tab and cash rebates, adding extra value for larger loans.

For individuals needing fast approvals and quick disbursements

  • 365 Credit Solutions offers loans with up to 4% monthly interest rate, suitable for those who may not have access to traditional banking loans and need a clear, straightforward loan repayment plan.
citi

1. Citi Quick Cash 

Citibank offers a range of personal loans that are designed to be flexible and accessible, catering to the diverse financial needs of its clientele in Singapore. These loans are tailored for both local residents and foreigners, ensuring a broad accessibility. With competitive interest rates and a straightforward application process, Citibank positions itself as a practical choice for those seeking financial support.

Key Features:

  • Interest Rate: New customers can enjoy a promotional interest rate as low as 3.45% p.a. (EIR 6.5% p.a.), making it an attractive option for first-time applicants.
  • Loan Amount: Up to 4x your monthly income, which can increase to up to 8x for individuals earning S$120,000 or more annually.
  • Loan Tenure: Ranges from 1 to 5 years, offering flexibility to match different repayment capabilities.
  • No processing fees are charged, enhancing the affordability of the loan.
dbs logo

2. DBS Personal Loan

DBS offers personal loans with competitive interest rates and flexible repayment options, tailored to support the financial needs of Singaporeans and permanent residents. Eligible customers benefit from easy online application processes and quick disbursement of funds, making it a convenient option for immediate financial requirements.

Key Features:

  • Interest Rate: Offers a fixed interest rate starting as low as 2.68% p.a., with a typical rate at 3.88% p.a., plus a 1% processing fee. The effective interest rate (EIR) starts from 5.43% p.a., reaching up to 7.56% p.a.
  • Loan Amount: Borrowers can access up to four times their monthly salary, or ten times if the annual income is S$120,000 or more.
  • Loan Tenure: Flexible repayment options range from a minimum of six months to a maximum of five years.

Promo: Unlock 2% unlimited cashback and get up to S$300 in eCapitaVouchers when you take out a DBS Personal Loan! This offer is applicable on loans of S$10,000 or more with a minimum duration of 24 months.

OCBC Logo

3. OCBC ExtraCash Loan

OCBC ExtraCash Loan is designed to provide substantial financial flexibility with manageable repayment terms. This loan is suitable for those looking to consolidate debts or fund large expenses, offering a straightforward and transparent process for borrowers.

Key Features:

  • Interest Rate: Competitive rates, starts at 5.42% p.a. (13.92% p.a. EIR), allowing for affordable repayments over the term of the loan.
  • Loan Amount: Customers can borrow up to 6x their monthly income, accommodating substantial financial needs.
  • Loan Tenure: Fixed repayments are structured over a period ranging from 12 to 60 months, providing predictability in financial planning.
  • Late Fee: $80 for missed payments.
  • Early Repayment Fee: 3% of the amount repaid early (minimum $1,000), plus one month’s interest in lieu if the loan is settled immediately.
standard chartered

4. Standard Chartered CashOne Personal Loan

Standard Chartered’s CashOne Personal Loan stands out with its low-interest rates and unique benefits, designed to offer flexibility and quick financial relief. This loan is an excellent option for those who need immediate cash access with the advantage of customer-friendly features.

Key Features:

  • Interest Rate: Competitive starting at 2.88% p.a., with an Effective Interest Rate (EIR) from 5.84% p.a., ensuring cost-effectiveness over the loan period.
  • Loan Amount: Details unspecified; typically, Standard Chartered allows significant borrowing capacity.
  • Loan Tenures: Up to 5 years
  • With an option to pay as low as S$50 monthly without late penalty charges, enhancing repayment flexibility.

Promo:

  • Cashback: Receive 3X the cashback on the first month’s interest, reducing initial repayment costs.
  • Welcome Gift: New clients receive an extra 1% of the approved loan amount back in FairPrice E-Vouchers, adding value to the borrowing experience.
cimb

5. CIMB Personal Loan

CIMB Personal Loan provides one of the most competitive financial offerings in Singapore, designed to empower borrowers with low interest rates and attractive cashback incentives. This loan is ideal for those seeking to optimize their personal financing with straightforward and beneficial terms.

Key Features:

  • Interest Rate: Enjoy a low interest rate starting from 2.80% p.a., with an Effective Interest Rate (EIR) from 5.28%, making it one of the most cost-effective options available.
  • Loan Amount: Specific amounts are not detailed, but the terms include substantial flexibility in borrowing limits.
  • Loan Tenure: Flexible repayment options with terms up to 5 years, allowing borrowers to manage their finances without pressure.

Promo:

  • Cashback Offer: Benefit from up to S$2,000 cashback upon loan approval, enhancing the overall value of your loan.
  • Limited Time Promotion: A special offer that provides significant cashback, maximizing the benefits of securing a loan during the promotional period.
uob logo

6. UOB Personal Loan

UOB Personal Loan offers an attractive package for those seeking immediate financial support with competitive interest rates and unique promotional benefits. It’s designed to cater to various financial needs, making it an excellent choice for borrowers looking for both flexibility and value.

Key Features:

  • Interest Rate: Competitive rates starting from 2.88% p.a., with an Effective Interest Rate (EIR) from 5.43%, providing affordability over the loan duration.
  • Loan Amount: Terms apply particularly for amounts S$15,000 and above with a tenure of 36 months or longer.
  • Loan Tenure: up to 5 years
  • Complete waiver of processing fees for all tenors, enhancing the cost-effectiveness of the loan.

Promo

  • Friday Flash Deal: Chance to snag a Samsung Galaxy Tab A9 (worth S$251) and up to 2% cash rebate on approved loans, available every Friday for the first 30 approved applicants starting at 9am.
365 credit solutions

7. 365 Credit Solutions Personal Loan

The 365 Credit Solutions personal loans let you decide on the amount you want to borrow. You can get their application process done in under one hour. It is fast, easy, and they have very low interest rates, too up to 4% only monthly.

They are also very transparent. A detailed repayment plan is presented to you straight away. In this method, you can be sure that there would be no hidden charges. It is also convenient because you have multiple payment options via cash, GIRO, or bank transfer. You would only need a minimum annual salary of S$2,000 for permanent residents and S$3,000 for foreigners. 

The processing fee permitted by the Ministry of Law is up to a maximum of 10%. For further information about money lenders rule on taking out a loan, please refer to the MinLaw FAQ.

Key Features:

  • Interest Rate: Up to 4% per month
  • Loan Amount: Up to 6x your monthly income

Loan Tenure: Flexible repayment options with terms up to 12 months

Personal Loan Calculator: Hypothetical Situations

Traditional Bank Personal Loan

Imagine Sally, who lives in Singapore, wants to renovate her kitchen to increase her home’s value and improve its functionality. After researching different financing options, she decides to take a personal loan because she prefers not to use her savings.

She uses an online personal loan calculator to determine her potential monthly costs if she’s borrowing from a bank.

traditional bank personal loan

If she borrows S$15,000 with a term of 3 years, her monthly repayment amount is approximately S$452.67. If there’s no processing fee, the total repayment amount comes out to S$16,296.00. 

Licensed Moneylender Personal Loan

In this scenario, consider Lee, who needs a quick financial solution to cover unexpected medical expenses due to an emergency surgery. Given the urgency, he opts to seek a short-term loan from a legal money lender instead of traditional bank options due to faster processing times.

Lee uses an online calculator provided by the money lender to assess his options. If he borrows a loan amount of S$15,000 with a repayment period of 6 months, his monthly installment would be S$2853.98. The total interest paid over the six months amounts to S$2123.88, bringing the total repayment amount to S$17,123.88.

licensed moneylender personal loan

The straightforward and rapid availability of funds makes this option appealing for Lee, who needs the funds urgently to manage his medical bills. 

FAQs

1. Which bank is best for taking a personal loan?

The best bank for a personal loan depends on your specific needs such as loan amount, interest rates, repayment terms, and any additional benefits. Banks like DBS and UOB offer attractive packages for larger loan amounts and long-term financing, while CIMB and Standard Chartered are great for their low interest rates and special offers.

2. Who gives the best personal loan?

The best personal loan provider offers a balance of low interest rates, flexible loan amounts, and favorable repayment terms. Standard Chartered and CIMB are notable for their competitive rates and additional benefits like cashback and promotional gifts, making them strong contenders.

3. Who is offering the lowest interest rate on personal loan?

Based on the list of personal loan options above, CIMB offers one of the lowest starting interest rates at 2.80% p.a., closely followed by Standard Chartered and UOB, both starting from 2.88% p.a. These rates are competitive and appealing for those looking to minimize the cost of borrowing.

4. What is the personal loan interest rate in Singapore?

Personal loan interest rates in Singapore vary widely depending on the lender and the borrower’s financial profile. Rates can start as low as 2.80% p.a. and can go higher depending on various factors including loan amount, tenure, and the borrower’s credit score. Effective Interest Rates (EIR) also provide a more comprehensive picture by including additional fees and the frequency of repayments.

Conclusion

Selecting the right personal loan in Singapore depends on matching the loan’s features with your financial needs. CIMB’s low rates are ideal for cost-conscious borrowers, while DBS caters to those requiring substantial amounts and extended repayment terms. 

Key Takeaways:

  • Personal loan interest rates in Singapore start as low as 2.80% p.a., but Effective Interest Rates (EIR) can be significantly higher once fees are included, affecting the total cost of borrowing.
  • Loan amounts can range up to 10 times your monthly salary, depending on your annual income, with some banks offering as much as S$250,000 for substantial financial needs.
  • Those who need quick financing may want to consider taking out a personal loan with a licensed moneylender.

Ready to secure the best personal loan that fits your needs? 365 Credit Solutions is a trusted legal moneylender that offers fast, reliable, and affordable financing. Request a quote today!

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