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Lowest Interest Personal Loan in Singapore

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Lowest Interest Personal Loan in Singapore

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.

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