Lowest Interest Personal Loan in Singapore
When you need a personal loan, definitely you would get one with the lowest possible interest rate. We all need personal loans at some point but finding a lower interest rate can take forever, mostly it depends on lenders. So, we’ve done our research in Singapore on all personal loans offered by banks. Here is the detail of top banks who offered lower interest personal loan in Singapore, with their eligibility criteria, interest rate, and processing fees, etc.
HSBC Singapore
If you need to borrow a loan in a large amount but can’t afford big monthly repayment, HSBC Bank is for you. It offers the longest loan tenure. Further details are as follow:
Bank Loan Type | HSBC Personal Loan |
Eligibility Criteria | Age: 21 to 65 years old (Singaporean/ foreigner)
Minimum Annual Income: S$30,000 (Singaporean) or S$42,000(foreigner/self-employed) Employment Pass (with the validity of 1 year) |
Interest Rate | 4% p.a. (if your annual income is $80,000 or above you can enjoy lower interest rate at 3.7% p.a) |
Processing Fees | $0 |
Maximum Loan Amount | 4X your monthly salary (8X if your annual salary is S$120,000 or above |
Monthly Installments | S$617.22 |
Tenure | 1-7 year |
Standard Chartered Singapore
Apply for CashOne Personal Loan in Standard Chartered Singapore bank and get cash disbursed instantly to your designated bank account. It has the current lowest interest rate; further details are as follow:
Bank Loan Type | CashOne Personal loan |
Eligibility criteria | Age: 21 to 65 years old (Singaporean/foreigner)
Minimum Annual Income: S$20,000 (Singaporean) or S$60,000 (foreigner) Employment Pass (with the validity of 12 months) |
Interest Rate | 3.88% p.a. through money smart |
Processing Fees | S$199 (currently waived) |
Maximum Loan Amount | 4X your monthly salary |
Monthly Installments | S$620.22 |
Tenure | 1-5 years |
DBS Singapore – DBS Bank
DBS Personal loans are given either on your personal line of the card or your DBS credit card. But if you don’t have any of them still you can apply for the personal loan.
Bank Loan Type | DBS Personal Loan |
Eligibility Criteria | Age: Singaporean or PR.21 to 65 years old
Minimum Annual income: S$20,000 |
Interest Rate | Starting from 3.88% p.a. depending on your risk profile |
Processing Fees | 1% |
Maximum loan amount | 4X your monthly salary /10x if your annual income is S$120,000 and above |
Monthly installment | S$619.07 |
Tenure | 1-5 years |
Citibank Singapore
Citibank personal loan is called Quick Cash. People who need money fast, Citibank promise to approve their application in 1 hour depending upon their eligibility. Further details are as follow:
Bank loan type | Citibank Personal Loan (Quick Cash) |
Eligibility criteria | Age: Singaporean, PR or 21 to 65 years old
Minimum Annual income: S$30,000 (Singaporean, PR) or S$42,000 (foreigner) |
Interest rate | 4.55% p.a. |
Processing fees | $0 |
Maximum loan amount | 4X your monthly income |
Monthly installment | S$622.06 |
Tenure | 1-5 year |
There are many other banks in Singapore which offers personal loans under flexible conditions and low-interest rate depending on your need. Like: CIMB CashLite it has no processing fees, the interest rate is 4.5% p.a. , and the monthly installment is S$315.UOB Personal Loan offers 4.99% p.a. interest rate, 1% processing fees, and monthly installment of S$319, and many other banks.