Best Personal Loans In Singapore With The Lowest Interest Rates (2021), Money News

CIMB, OCBC and HSBC offer the cheapest personal loans in Singapore. Find out more about these loans that you can find on SingSaver.

Whether it’s an emergency or simple cash flow management, most of us will need a personal loan at some point.

Personal loans get a bad rap sometimes, but if you know how to manage cash flow and how to take advantage of advertising rates, it can be used to your advantage.

The most important factor in deciding on a personal loan is the interest rate on the personal loan. The lower the interest rate, the better.

This is especially true when you need to get a large loan. The interest rates offered through SingSaver are often lower than those offered by the bank, but also be aware that the final loan interest rate ultimately also takes into account your creditworthiness, salary, and repayment history.

Also pay attention to any administration or processing fees (sometimes they are reimbursable), annual fees, how quickly you can get your money and the monthly repayable payments.

Here’s a quick guide to the dos and don’ts when applying for a personal loan. We have compared the lowest interest rate personal loans currently available on the market and listed them below.

Best Low Interest Personal Loan ($ 20,000 3 Year Loan)
Bank loan Flat annual interest rate Effective interest rate (pa) Handling fees Monthly payment
CIMB CashLite personal loan 3.5 percent 6.6 percent $ 0 $ 614
HSBC personal loan 3.7 percent * 7.00 percent $ 0 $ 617
OCBC personal loan 3.5 percent * 7.27 percent $ 200 $ 614
Citi Quick Cash Loans 3.99 percent * 7.50 percent $ 0 $ 622
DBS / POSB personal loan 3.88 percent 7.90 percent $ 200 $ 620
SCB CashOne personal loan 3.48 percent * 7.99 percent $ 199 $ 614

Flat annual interest rate: The advertised interest rate.
Effective Interest Rate (EIR): The actual interest rate you will accrue each year, taking into account factors such as processing fees.
Processing Fee: Fee charged by the bank for processing your loan.
Monthly payment: how much you have to pay to the bank every month.

1. CIMB CashLite personal loan

At the top is the CIMB CashLite personal loan, which currently offers the lowest interest rate in Singapore at 3.50 percent pa (EIR 6.6 percent pa with a term of 3 years).

To be able to use this low tariff, you have to be a new customer at CIMB. You will also be given a CIMB Platinum MasterCard to facilitate this loan. To apply for the loan, enter the promo code CASHLITE in the online application form.

If you are currently a CIMB customer, you benefit from an interest rate of 4.50 percent pa and you can immediately convert your available credit into cash.

Eligibility for CIMB CashLite personal loans
nationality Singaporean or Permanent Resident (PR)
Age At least 21 years old
Annual minimum income $ 30,000
Other requirements Latest computerized payroll when annual income exceeds $ 72,000

2. HSBC personal loans

With a credit period of two to four years, the HSBC personal loan offers the best annual interest rate of 3.7 percent pa (EIR 7 percent pa) for all income levels above 30,000 USD per year. This rate is only available on SingSaver and cannot be found on HSBC’s own website.

The HSBC personal loan also offers the longest repayment period on the market – you can spread your payments over up to 7 years. There are no processing fees.

The loan amounts range from a minimum of $ 5,000 to a maximum of 4 times your monthly salary. If your annual income exceeds $ 120,000, you can borrow up to 8 times your monthly salary or a maximum of $ 200,000.

Foreigners residing in Singapore must have a minimum annual income of $ 40,000 and can borrow up to twice their monthly income or a maximum of $ 100,000.

Eligibility for HSBC Personal Loans
nationality Singaporean or Permanent Resident (PR) Foreigners (residing in Singapore)
Age 21-65 years old 21-65 years old
Annual minimum income $ 30,000 and more $ 40,000 and more
Other requirements N / A Employment card valid for at least 12 months

Apply Now and Receive $ 88 Cashback on Approved Loans and Receive $ 0 Processing Fees.

ALSO READ: Personal loan promotions in Singapore 2021

3. OCBC personal loans

Enjoy the low interest rate of 3.5 percent pa (EIR 7.27 percent pa) – currently the lowest on the market – when you apply for an OCBC personal loan.

This tariff applies exclusively to new OCBC loan customers who apply via SingSaver. (Note: existing OCBC credit customers are offered an interest rate of 4.7 percent pa)

The disadvantage of this loan is that there is a one-time processing fee of 1 percent of the loan amount. So if you are looking at a loan amount of $ 20,000, the processing fee is $ 200. A minimum loan amount of $ 1,000 is required to apply for the OCBC Personal Loan.

Note that you will need to open an OCBC credit card or an OCBC EasiCredit account in order to service your loan. Your maximum credit limit is 6 times your monthly salary if you’re making $ 120,000 a year and more (if not, it’s 4 times your monthly salary).

Eligibility for OCBC Personal Loans
nationality Singaporean or Permanent Resident (PR) Foreigners (residing in Singapore)
Age 21-65 years old 21-65 years old
Annual minimum income $ 30,000 and more $ 42,000 and more

4. Citi Quick Cash Loans

The Citi Quick Cash Loan offers an interest rate of 3.99 percent pa (EIR 7.5 percent pa) with a minimum loan amount of USD 20,000. This tariff applies exclusively to new Citibank credit customers who submit an application via SingSaver.

There is no processing fee for the Citi Quick Cash Loan. You can also borrow up to four times your monthly salary, with a minimum loan amount of $ 100 for a credit period of 24 to 60 months.

You must have a Citibank Ready Credit or Citi credit card account to be eligible for a Citi Quick Cash loan. More terms and conditions found here.

Eligibility for Citi Quick Cash Loans
nationality Singaporean or Permanent Resident (PR) Foreigners (residing in Singapore)
Age 21-65 years old 21-65 years old
Annual minimum income $ 30,000 and more $ 42,000 and more

ALSO READ: Top 6 Myths About Personal Loans, Broken

5. DBS/POSB personal loan

DBS / POSB offers a relatively inexpensive personal loan at 3.88 percent pa with a processing fee of 1 percent of the approved loan amount.

For those looking for a small loan amount, you can go for the DBS / POSB personal loan as the minimum loan amount is S $ 500. Existing DBS / POSB users can apply through SingSaver and receive instant approval and loan disbursement.

A personal loan with DBS / POSB is also a good option for low-income earners. While most banks require a minimum income of $ 30,000 annually, those who earn $ 20,000 to $ 30,000 annually may be eligible for DBS / POSB loans at a higher annual interest rate and processing fee.

DBS / POSB personal loan eligibility
nationality Singaporean or Permanent Resident (PR) Foreigners (residing in Singapore)
Age 21-65 years old 21-65 years old
Annual minimum income $ 20,000 and more $ 40,000 and more
Other requirements N / A Employment card valid for at least 12 months

6. Standard Chartered CashOne Personal Loans

With a flat rate of 3.48 percent pa (EIR from 6.95 percent pa), the Standard Chartered CashOne personal loan is one of the best options on the market. There are no processing fees for this loan, but Standard Chartered does charge an annual fee of $ 199.

Receive $ 20 cashback when you apply through MyInfo. You will also receive 50 percent cashback on your first monthly installment. What’s more, you now get instant loan approval and disbursement – no more waiting three to five working days to receive your money!

Eligibility for Standard Chartered CashOne Personal Loans
nationality Singaporean or Permanent Resident (PR)
Age 21-65 years old
Annual minimum income $ 20,000 and more
Other requirements N / A

This article was first published in SingSaver.com.sg.

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