Personal Loan

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Let our loan matching system find the best personal loan offers in less than a minute. Get started by completing the form below.

Thank you for your interest! As much as we want to extend our help, the loan offers are NOT available for foreigners in Singapore for the time being.

Please come back and check it out again in the future.

Terms and Conditions

Only 21 years old and above is eligible for loan application.

To preserve the confidentiality of all information you provide to us we maintain the following Privacy Principles.

By clicking "Submit" and providing your personal data, you consent to our loan providers contacting you via the telephone and email and permitting to do a search on the Credit Association Singapore (CAS) web portal for the loan application purpose.

We only collect personal information that we believe to be relevant and required to understand your financial needs.

We will only use any information collected as minimally as possible, mainly to assist us in customising and delivering loan packages that are of interest to our customers.

We will not make unsolicited requests for customer information through email or the telephone, unless customers initiate contact with us.

We have established strict confidentiality standards for safeguarding information on our customers.

Our loan providers will not use or disclose information collected from you other than for the purpose made known to you, authorised by you or required by the Law.

No need to spend a day shopping around for personal loans. We’re making it easier and faster to find the right offers with the low-interest rates.

The Ultimate Guide in Finding Personal Loan with the Best Interest Rates in Singapore (2021)!

You might be searching online for the best personal loan with the low-interest rate and still, you haven’t find the ideal one. The best thing to start your research is to understand how interest rates work in personal loans. Banks and other lenders may have varying interest rates. At EasyFind, we make all information handy to you. No need to look for other sources. We help you in finding personal loans with low-interest rates in Singapore. This information will help you compare personal loan offers against different types of interest rates.

In the event that you are not qualified for a personal loan from banks, you don’t have to worry. EasyFind is here to help you. We supply additional information on how you can qualify for a fast cash loan. You may also start your journey by applying through our online form.

How Do Personal Loan Interest Rates Work?

While looking for and comparing personal loans in Singapore, you may have come across different interest rates and probably wondered what they meant. Let’s look at these interest rates in-depth to help you understand better and make a wise choice.

Best Personal Loans from Singapore Banks (2021)

Personal LoanInterest Rates (p.a.)Effective Interest Rates (EIR) (p.a.)Minimum Annual Salary RequirementKey Advantage
CIMB Personal Loan
3.5%6.4%**$30,000Lowest Promotional Rate for New Customers
HSBC Personal Loan
3.7%7%$30,000Received cashback and no processing fee
POSB/DBS Personal Loan
3.88%7.56%$20,000Instant Cash Approval and Disbursement
Citibank Quick Cash
3.99%*7.55%*$30,000Short Term Loan (0% Annual Nominal Interest Rate for 1 Year Loan Tenure)
Standard Chartered CashOne Personal Loan
3.48%6.95%$20,000Cash Back (50% on first month’s instalment 
UOB Personal Loan
3.68%**7.83%**$30,000Instant Cash and Cash Back Offer

OCBC Extra Cash Personal Loan
5.43%**11.47%**$20,000High Loan Approval for income earners of at least $120,000 annually
Maybank CreditAble Term Personal Loan
5.86%**12.0%**$30,000Repayment plan is up to 60 months

*Based on Citibank’s new customers taking a minimum loan amount of $20,000 in 3-year loan tenure.

**Based 3-year tenure.

Last updated as of 8 July 2021.

If You Are Not Eligible for a Personal Loan – What’s Next?

If You Are Not Eligible for a Personal Loan – What’s Next?

Generally, banks are not strict to Singapore residents and PRs when it comes to the minimum requirements for obtaining a personal loan. But if you’re a foreigner, it may be quite challenging for you especially if your income per month is less than $3,000. Some banks may even demand that you have a higher monthly income so that you can get the loan.

If you’ve tried to apply for a loan from a bank and haven’t been successful, you can try getting a private personal loan from a licensed moneylender in Singapore. The Ministry of Law has a list of all the licensed moneylenders – only borrow from these to prevent problems in the future. They have undergone strict scrutiny to ensure they’re legitimate and they follow all the required guidelines.

Singapore moneylenders are required by the law to explain a loan’s terms and conditions in a language you understand. Therefore, be keen, listen, and read carefully to ensure you’re comfortable with the terms and conditions indicated. If there is something you don’t understand, ask the lender to explain it to you. Don’t take the loan is something is unclear, no matter how desperate you need it. If you’re not comfortable with one lender’s terms, there are others available. Shop around and compare their terms until you find a licensed moneylender who completely satisfies your needs.

Interest rates charged by moneylenders can be as high as 4% per month. Therefore, borrow the smallest amount depending on your needs and for the shortest repayment period that you can manage.

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In Need of Quick Cash Today? Let’s help you find for ideal loan offers in less than a minute!


How to Choose the Best Personal Loan in Singapore?

How to Choose the Best Personal Loan in Singapore?

FAQs About Personal Loan

A personal loan is a common type of legal loan that allows a borrower to access cash funding for flexible use. This is offered by authorised financial institutions such as banks and licensed money lenders. The latter allows for a quick cash loan. With a personal loan, consumers can borrow a certain amount of money based on their repayment ability. They will be required to repay back the principal loan amount together with a specified interest rate at a fixed repayment due date. Among the most common type of personal loan is an unsecured loan. This type of loan does not require you to have guarantors or any collaterals from the borrower.
Banks and licensed moneylenders may offer either secured or unsecured. With a secured personal loan, there is a need to pledge for collateral or an asset such as in the form of a home or car. Lenders tend to offer a higher loanable amount and lower interest compared to an unsecured one. Take in mind that failure to repay allows the lending institution to seize your assets as repayment.

An unsecured personal loan is known as the most common type of personal loan. There is no collateral or guarantors involved. The higher risk involved is on the lender that is why this comes in a much higher interest rate compared to a secured loan.

There are various types of personal loan available to borrowers in Singapore and here are the following:

  • Personal Instalment Loan – Providing a sum of money that is expected to repay on a monthly basis. This is vital in paying big expenses or a one-time expense.
  • Personal Line of Credit – Another type of personal loan wherein lender allows borrowers to withdraw funds with a certain credit limit. Then, the interest is only charged based on the amount withdrawn. This is ideal to finance sudden expenses or emergencies.
  • Balance Transfer – This type of loan allows a borrower to transfer existing loans to a new one. It’s a short-term loan with 0% interest. Most lenders offer a grace period of about 3 months to a year. This is best to use in debt consolidation such as existing credit card debts.
  • Debt Consolidation – An instalment loan that offers a lump sum of cash used to pay off any type of debt. This is ideal to use if you are struggling to pay off multiple debts.

If you’re having trouble right now on where to get extra cash to pay off your sudden expenses, opting for a personal loans is ideal. It is also a good idea if you have a good credit score and repayment ability. But, before taking a personal loan, it is best that you must understand all the fees and interest rates. Take in mind also that it is a good credit option if you’ve got the habit of paying advance or on time since you can avoid late repayment fees and interest.

You can apply for a personal loan from banks and licensed moneylenders. As these lending institutions take advantage of technology, they offer this loan online. With an online loan application form, applying for a personal loan is now much easier. You just need to fill in the form they provided and submit the required documents. You can also personally visit them and apply to their offices.

Here at Easyfind, we can help you find getting an ideal personal loan option. By filling in our application form above, we can help you find the right fast cash loan offer.

The amount of money you can borrow depends on lending institutions and your income. Banks offer a much higher loan amount but have higher income requirements. It can allow you to borrow up to 10 times your monthly income if your annual salary is at least $120,000. Take in mind to qualify for a bank loan you must have a minimum annual income of at least $20,000.

Licensed moneylenders allow you to access quick cash loan even your monthly income is less than $10,000. The minimum loan amount a Singaporean or PR can borrow is up to $3,000. If you’re having a monthly income of at least $20,000, you can borrow up to 6 times your monthly income. If you are a Foreigner and your annual income is less than $10,000 you can borrow up to $1,500. You can borrow up to $3,000 if you’re monthly income is at least $10,000 and less than $20,000. If you have at least $20,000 monthly income, you can borrow up to 6 times your monthly income.

Different banks have varying income requirements. Some banks may need an annual income of at least $20,000, while others need at least $30,000. The minimum salary requirement may also vary depending on the maximum loanable amount. Some banks may need you to earn at least $120,000 annually to borrow up to 10 times your monthly salary.

If banks require you to earn at least $20,000 annually to apply for a loan, private money lenders have a lower minimum salary requirement. They can allow you to borrow up to $3,000 even if your annual salary is less than $10,000.

When applying for a personal loan either on banks or licensed moneylenders it is essential that you have thought it carefully. Consider these essential factors before taking out a personal loan.

  • First, you must define your needs. Proceed only with the application if it is necessary to address your need with a personal loan.
  • Second, try to find first for other options. There might be other loan types that offer a much lower interest rate or seek other financial help.
  • Third, you need to check the interest rates and loan terms. You must ask yourself if you can able to repay it on a specified period with the computed amount.
  • Fourth, consider the risks, late or delayed repayment incur additional costs. You need to pay for late fees and added interest, thus making your repayment expensive.

Therefore, in taking a personal loan you must analyse your current financial situation. Do you really have the capacity to repay if you apply for a loan now?

Different types of financial institutions have varying eligibility requirements. Among the common eligibility requirements for banks is that you need to be a Singaporean or PR with at least 21 years old up to a maximum of 65 years old. Some banks may require at least $30,000 as a minimum annual income requirement. Some may only need at least $20,000. During the application, you must also prepare for NRIC or recent computerised payslip or within 12 months’ CPF Contribution History Statement.

For Foreigners, an annual income of at least $40,000 is needed and this may vary on some banks. You need to prepare for Singapore work pass, copy of your passport and utility bills.

When applying for a personal loan in Singapore you prepare for the following documents:

  • Proof of Your Identity – this may include your Singapore Identification Card if you’re a Singaporean or PR and an Employment Pass with Passport for Foreigners.
  • Proof of your Address – you may use any documents which show your residential address and name such as your utility bills
  • Proof of your Income – these documents may include current Central Provident Fund (CPF) contribution history statement, Income Tax Notice of Assessment or computerised payslips or bank statements

Approval time may vary on banks, the average is about 3 working days. But there are some banks offering instants loans.

Licensed moneylenders are best known for instant loans. They can approve your personal loan within minutes; thus, you can get your money within the same day.

A foreigner can also apply for a personal loan in Singapore. There are some banks that offer loans to foreigners. They will require for work pass and have an annual income requirement like at least $40,000.

Licensed moneylenders offer a fast cash loan to foreigners with no minimum income requirements. They can offer a personal loan even the annual salary is at least $10,000. Additional documents are needed such as work pass, passport, payslips, tenancy agreement for rented property, bank statement showing salary credit, and an employment contract.

The loanable amount may vary depending on the annual income. Some banks may allow a foreigner to borrow from $1,000 up to $250,000. They will require a minimum annual income of at least $40,000.

Sometimes, getting a personal loan on banks can be a tough one for foreigners. This is the reason why there are moneylenders who offer personal loans with minimal requirements. They can borrow from $1500 up to 6 times their monthly income.

When taking a personal loan in banks, you must take in mind that there are other fees involved aside from processing fees. You will need to pay the following:

  • A late payment fee in each month of late repayment
  • A cancellation or termination fee when you cancel your loan
  • An early repayment fee when you decided to repay early
  • A change of tenor for changing your loan tenure
  • An annual fee which is paid yearly and this may vary from the first year to succeeding years

If you’re taking a fast cash loan from licensed moneylenders, you have to consider the following:

  • An administrative fee which is not more than 10% of the principal loan
  • A late repayment fee not exceeding $60 for each month of late repayment

Determining your loan amount may vary in different types of lenders. For instance, licensed moneylenders look at your annual income while banks check on numerous factors which include: your annual income, credit score, total debt servicing ratio, and your existing debt.

Getting a personal loan even you have a bad credit score is still possible. You may seek financial help from licensed moneylenders. You can also opt for a secured loan wherein you need to apply using your asset as collateral.

Due to the standard lending guidelines provided by banks, it may be tougher for individuals with poor credit to obtain a loan. Licensed lenders, on the other hand, offer more lenient rules for those who wish to borrow money.

The amount you may borrow depends on the type of loan (secured or unsecured) and your existing credit score. If you take out a secured loan, you should pay off your loan to avoid having the collateral seized by the institution.

An unsecured personal loan can be used to consolidate your credit card debts. There are banks and licensed moneylenders that offer this type of personal loan. You can opt for a balance transfer or debt consolidation. The latter can also be used in any type of debts. With its fixed interest rate and monthly repayment schedule, you will assure that you can pay off your debt on time.

Whenever financial issues come along, you can always have the assurance that borrowing money is among the options available. As with any decision you make, it is important that you do your homework and weigh your options before taking a plunge. Moreover, personal loans come with fees, charges, and repayment terms that you need to know prior to affixing your signature on the dotted line.

Once you have come to the conclusion that a personal loan works for your needs, make it a point to consider the repayment scheme provided by the money lender or financial institution. It’s always possible to visit websites of lenders and use the online loan calculator to check the potential fees involved. Think things through and never take out a loan on impulse.

As long as you have a consistently good credit rating, you can go directly to a bank or a licensed money lender for your personal loan application. Keep in mind that banks have a higher standard for borrowers in terms of their annual income. On the other hand, licensed lending institutions have a more relaxed rule with the income brackets they provide. The most important thing is that you qualify for their requirements.

Before you apply for a loan, be sure to check the reputation and legality of the company’s operations. You should only trust money lenders that are registered with the Ministry of Law (MINLAW) or the Monetary Authority of Singapore (MAS).

Some clients have their loan application denied because of a poor credit history. The same applies to those do not have any credit history since banks do not have the means to determine clients’ capability to repay the loan. Other factors that can cause banks to deny your application include a lower salary (does not meet the income bracket) and the existence of several unpaid loans.

It is also worth noting that banks make sure that your repayments do not go beyond 60 percent of your net income. However, the good news is that banks have several ways of determining a client’s creditworthiness. If one bank has denied your application, this does not mean that you will experience the same fate with other banks.

In case a bank refuses to grant you a loan, you have another chance to borrow money from a licensed moneylender. Remember that your application remains subject to the institution’s approval, and your ability to repay the loan will be evaluated based on your credit rating.

Usually during the loan application, licensed moneylenders will do a search on the Credit Association Singapore (CAS) web portal to check borrower credit report provided by Moneylenders Credit Bureau.

Some people consider refinancing their personal loan, and this allows them to save more money by choosing the right institution. Therefore, you need to do research on what it takes to have your loan refinanced. In most instances, it is a smart move to refinance if there is an institution that offers a lower fee or minimal interest rates.

Once you have taken out a new loan, make it a point to review the repayment fees and ongoing charges involved. A repayment calculator can help you make the best decision when comparing your loan options.

It may be practical to refinance your loan if you are certain that you can save more money over time or once the interest rates have dropped. A loan repayment calculator can give you an estimate of the potential savings you can get but be sure to provide important details such as the refinancing option and loan information. Then, you can determine each loan’s total cost, as well as your potential savings.

Online loan application may be possible for new loans that you wish to take out from an institution. In the case of refinancing your loan using the same institution, your funds available from the new contract may be used to close the previous loan. However, if you choose a different institution, they will have to wire the funds for closing the loan to the original lender. Do not forget to request for the account documents from the original loan and keep this paperwork as proof of the full payment of your loan.

There are various financial institutions that can help you in getting quick personal loan. Both banks and licensed moneylenders offer it. The latter is among the most notable for providing it. To apply for an instant personal loan, you may visit their website and start the application via their online form. At EasyFind, we can help you get faster. Start by using our online form.

It is not all the time that our cash on hand or our savings are enough to provide for all our needs, and sometimes, even for our little luxuries. As sad as it may seem, this is the truth that we’re trying to deny. To save us from our misery, there are people who are willing to lend us some money to make both ends meet. Thanks to them, and we get to survive for the day. But this simple reality is now becoming an industry. Different institutions, private and public alike, have come up with solutions to our momentary difficulties, which we call loans.

Getting the lowest interest rate personal loan in Singapore has never been easier, more affordable, and more flexible! With the number of banks and licensed money lenders offering varied loan choices, money lenders that offer competitive payment schemes and public sectors that are now offering good personal loan packages, Singaporeans can now get loans that are appropriate for their needs. The industry of loan in Singapore has been addressing not only personal needs, but also those of businesses, housing, and education. Although there are other types of loans being offered, we are going to focus on personal loans here.

Notes to Borrowers in Singapore

When it comes to borrowing for a fast cash loan it is essential to determine first the interest rates offered by the licensed moneylender. Thus, it helps if you begin by comparing rates and guidelines that can help you determine if the terms offered will meet your current financial situation.

Prior to signing the agreement, check if there are hidden fees, clauses, or other details you need to know. Choose money lenders that offer affordable interest rates and reasonable repayment schedules. If there is anything unclear in the contract, simply clarify these details with your lender before signing up for your loan application form.

Most importantly, be sure that you understand completely the details presented in the contract before you sign anything with money lenders. The draft given to you by the moneylender should be written in a language that you can understand. If you need assistance, you may also want to consult a lawyer who can help explain the details to you. Blindly signing any contract will only put you in deep trouble eventually. So, if there are doubtful items stipulated in the contract, you can always walk away and look for a better lender. After all, it is ultimately your choice whether to take out a loan from a particular lender or find another one that meets your concerns.