3 Best Personal Loans in Singapore with the Lowest Interest Rates

SingSaver team


3 Best Personal Loans in Singapore with the Lowest Interest Rates 2019 | SingSaver

Need cash? HSBC, Standard Chartered, and Citibank offer the lowest interest personal loans in Singapore, available exclusively on SingSaver.


Editor’s note: Personal loan and bank rates are subject to change. The information reflected here is accurate as of 5 August 2019.

Whether it’s an emergency or simple cash flow management, most of us will need a personal loan at some point. Comparing and applying for the best personal instalment loan can take forever.

So we’ve done our research to compare all the personal loans being offered by banks for you and the following are the three personal loans with the lowest interest rates:

S$20,000 LOAN WITH 3-YEAR TENOR
Bank Loan Flat Annual Interest Rate Effective Interest Rate (p.a.) from Processing Fees Monthly Payment
HSBC Personal Loan 3.7%* 7.00% S$88 (waived) S$617
Standard Chartered CashOne Personal Loan 3.88%* 7.97% S$199 (waived)
S$50 annual fee from second year
S$620
Citibank Quick Cash 3.99%* 7.5% S$0 S$622

* Rate is exclusive to SingSaver and not available on the bank’s website

When it comes to interest rates for personal loans, the lower they are, the better. This is especially true if you need to borrow a large amount. Most loan rates come with many different conditions, but you will definitely find one that fits your bill.

1. HSBC Personal Loan

If you’re looking at a loan tenor of 2 to 4 years, the HSBC Personal Loan offers the best annual interest rate of 3.7% p.a. (EIR 7% p.a.) for all income levels above S$30,000 per annum. This interest rate is only available on SingSaver and cannot be found on HSBC’s own website. 

The HSBC Personal Loan also offers the longest loan tenor on the market — you can spread out your payments over up to 7 years. Enjoy a waiver of the S$88 processing fee as part of your welcome offer.

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

Foreigners residing in Singapore will need a minimum annual income of S$40,000, and may borrow up to 2x their monthly income, or a maximum of S$100,000.

Eligibility

Nationality Singaporean or Permanent Resident (PR) Foreigners (residing in Singapore)
Age 21 – 65 years old 21 – 65 years old
Minimum Annual Income S$30,000 and above S$40,000 and above
Other requirements N.A. Employment Pass with at least 12 months’ validity

Read a more in-depth review of HSBC Personal Loan

HSBC Personal Loan

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2. Standard Chartered CashOne Personal Loan

With a guaranteed flat interest rate of 3.88% p.a. (EIR from 7.63% p.a.), regardless of loan amount or tenure, the Standard Chartered CashOne Personal Loan is one of the best options in the market.

There are no processing fees for this loan but Standard Chartered charges an annual fee of S$199 (waivable for the first year). Subsequently, a S$50 fee waiver will also be awarded (in the form of a cashback) from the second year onwards if all payment is received by the due date for the past 12 months.

What’s more, you can now get instant approval and loan disbursement – no more waiting 3-5 working days to receive your cash!

Eligibility

Nationality Singaporean or Permanent Resident (PR) Foreigners (residing in Singapore)
Age 21 – 65 years old 21 – 65 years old
Minimum Annual Income S$30,000 and above S$60,000 and above
Other requirements N.A. • Foreigners must be holders of P1, P2 or Q type Singapore Employment Passes
• Q Pass holders must have minimum 1-year validity remaining on their passes

Read our in-depth review of Standard Chartered CashOne Personal Loan.

Standard Chartered Bank CashOne Personal Loan

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3. Citibank Quick Cash

Enjoy a low interest rate of 3.99% p.a. (EIR 7.5% p.a.) when you apply for a Citi Quick Cash loan as a new customer! There are no processing fees, and you can borrow up to 4x your monthly salary.

Do take note that you will need to open a Citibank Ready Credit or Credit Card account to service your Citi Quick Cash loan. Clicking on the “Apply Now” button below will help you apply for both the credit account and cash loan at the once.

To find out more about the Citibank Ready Credit account and its related fees and charges.

SingSaver Exclusive Rate

This low rate of 3.99% p.a. (EIR 7.5% p.a.) for your Citi Quick Cash loan is exclusive to customers who apply through SingSaver and is not available on the bank’s own website!

Eligibility

Nationality Singaporean or Permanent Resident (PR) Foreigners (residing in Singapore)
Age 21 – 65 years old 21 – 65 years old
Minimum Annual Income S$30,000 and above S$42,000 and above

Read our in-depth review of Citibank Quick Cash Loan.

citi logo

Citibank Quick Cash

Apply Now

If you’re still undecided, we’ve compared all the personal loans being offered by banks and put them on one single page so you can easily compare the various terms and conditions. Compare and apply through SingSaver now and save more with exclusive welcome gifts and better interest rates.

Alternatively, check out our summary of the Best Personal Loans in Singapore 2019 for our recommendations of the best loans based on different needs.

Compare Best Personal Loan Offers

Read these next:

5 Ways to Get the Highest Credit Score in Singapore
4 Times In Life You Should Consider Getting a Personal Loan
How to Get a Cash Loan From Your Card’s Credit Limit
Top 6 Myths About Personal Loans Busted
This is How Much You Can Borrow From Different Loans in Singapore



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