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Allow our loan matching technology to easily find the best personal loan offers. Complete the form below to get started.

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.

How to Find The Best Personal Loans In Singapore With Lowest Interest Rates?

You may have searched online for the best personal loan with the lowest interest rate and have run out of options. The best place to begin your search is by understanding how personal loan interest rates work. Banks and lenders may charge interest at different rates. At EasyFind, we make information easily accessible. There is no need to seek other sources. We assist you in getting low-interest personal loans in Singapore. This information will help you in comparing personal loan offers against various interest rates.

You should not be concerned if you are not eligible for a personal loan from a bank. EasyFind is here to help. We also provide further details on how to qualify for a quick cash loan. You may also begin your adventure by completing our online application form. 

What You Need to Know About Personal Loan Interest Rates in Singapore?

While searching for and comparing personal loans in Singapore, you’ve probably seen varying interest rates and wondered what they meant. Let’s take a closer look at these interest rates to help you understand them better and make an informed decision.

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 31 August 2021.

What to Do If You Don’t Qualify for a Personal Loan from Banks in Singapore?

What to Do If You Don’t Qualify for a Personal Loan from Banks in Singapore?

Banks often have a minimum annual income requirement when it comes to obtaining a personal loan. In addition, if you are a foreigner, it may be very difficult, particularly if your monthly income is less than $3,000. Certain banks may even need you to have a greater monthly income to qualify for a personal loan.

If you’ve attempted but been denied a loan from a bank, you may apply for a private personal loan from a licensed moneylender in Singapore. The Ministry of Law maintains a list of all licensed moneylenders; borrow only from them to avoid future complications. They have been subjected to rigorous examination to guarantee they are genuine and adhere to all applicable regulations.

Singapore Moneylenders are obliged by law to explain the terms and conditions of a personal loan in a language you understand. As a result, pay close attention, listen attentively, and read carefully to verify that you are satisfied with the terms and conditions stated. If there is anything you do not understand, get clarification from the lender. Avoid taking a personal loan if anything is uncertain, regardless of how much you need it. If you’re not satisfied with the conditions offered by one lender, there are alternatives. Shop around and compare conditions until you locate a licensed moneylender that meets all your requirements.

Moneylenders may charge interest rates of up to 4% per month. As a result, borrow the lowest amount possible concerning your requirements and for the shortest payback term possible.

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Are You In Need Of Quick Personal Loan Today? Let us assist you in getting the most suitable loan offers in less than a minute!

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How to Know Which Personal Loan is Right for You?

How to Know Which Personal Loan is Right for You?

FAQs About Personal Loan in Singapore

Personal loans are a popular kind of legal loan that enables borrowers to get financial financing for a variety of purposes. This service is provided by regulated financial institutions, such as banks and money lenders. The latter facilitates the acquisition of a short-term cash loan. Consumers may borrow a specific amount of money depending on their repayment capacity with a personal loan. They will be expected to return the original loan amount plus interest at a certain payback date. Unsecured loans are the most frequently used kind of personal loan. This kind of loan does not need the borrower to provide any guarantors or collateral.

Banks and regulated money lenders may provide secured or unsecured loans. A secured personal loan requires the borrower to pledge security or an asset, such as a house or vehicle. In comparison to an unsecured loan, lenders often provide a larger loanable amount and a lower interest rate. Bear in mind that if you default on your loan, the lending institution may take your assets to satisfy the debt. 

The most popular kind of personal loan is an unsecured personal loan. There is no need for collateral or guarantors. Because the lender is taking on greater risk, this results in a considerably higher interest rate than a secured loan. 

There are many kinds of personal loans accessible to Singapore residents, including the following:

  • Personal Instalment Loan – Amount of money borrowed with the expectation of repayment on a monthly basis. This is critical when it comes to paying large expenditures or one-time charges.
  • Personal Line of Credit – Another kind of personal loan in which the lender allows the borrower to withdraw money up to a certain credit limit. The interest is then calculated only on the amount withdrawn. This is an excellent way to fund unexpected expenditures or crises.
  • Balance Transfer – This kind of loan enables borrowers to consolidate their debts. It’s a zero-interest short-term loan. The majority of lenders provide a grace period of around three months to a year. This is the ideal method for consolidating debts, such as current credit card bills.
  • Debt Consolidation – An instalment loan that provides a large amount of cash for the purpose of repaying any kind of debt. This is an excellent option if you are having difficulty repaying numerous loans.

If you’re having difficulty finding additional funds to cover unexpected expenditures, a personal loan is a good option. Additionally, it is a good idea if you have a high credit score and the capacity to repay. However, before applying for a personal loan, it is ideal to familiarise yourself with all applicable fees and interest rates. Additionally, note that it is a favorable credit choice if you have a history of paying in advance or on time, as you may avoid late payment penalties and interest.

Banks and licensed moneylenders may assist you in obtaining a personal loan. Due to the advancement of technology, these financial institutions may now provide this loan online. Applying for a personal loan has never been simpler with an online loan application form. You just need to complete the given form and submit the necessary documentation. Additionally, you may visit their offices and apply in person.

We can assist you in finding an appropriate personal loan solution here at EasyFind. By completing the form above, we can assist you in locating the most suitable quick cash loan offer.

The maximum amount you may borrow may depend on a financial institution or lender’s requirement. Banks provide much larger loan amounts but demand a greater level of income. If your annual salary is at least $120,000, it allows you to borrow up to ten times your monthly income. Bear in mind that you must earn a minimum of $20,000 per year to qualify for a bank loan.
Even if your monthly income is less than $10,000, licensed moneylenders may provide you with a fast cash loan. A Singaporean or Permanent Resident may borrow a maximum of $3,000 in loan proceeds. You may borrow up to six times your monthly salary if you earn at least $20,000 each month. If you are a foreign national with less than $10,000 in yearly income, you may borrow up to $1,500. If your monthly salary is at least $10,000 but less than $20,000, you may borrow up to $3,000 from the credit union. You may borrow up to six times your monthly salary if you earn at least $20,000 each month.

Different banks have different criteria for minimum income. Certain banks need a minimum yearly income of $20,000, while others require at least $30,000. The required minimum income may also change according to the maximum loanable amount. Certain banks may need you to earn a minimum of $120,000 per year to borrow up to ten times your monthly income.

While banks need applicants to earn a minimum of $20,000 per year to qualify for a loan, private money lenders have a lower minimum income threshold. They may approve you for a loan of up to $3,000 if your yearly income is less than $10,000.

When applying for a personal loan via a bank or a registered moneylender, you must do it with caution. Before you take out a personal loan, consider the following critical considerations.  

  • To begin, specify your requirements. Proceed with the application only if a personal loan is required to meet your needs.  
  • Second, look for other alternatives first. There are alternative loan options available that provide a much cheaper interest rate or seek more financial assistance.  
  • Thirdly, you should review interest rates and loan conditions. You must determine if you can repay it within the given period using the calculated amount.  
  • Fourth, evaluate the dangers; late or postponed repayment incurs extra charges. You must pay late penalties and interest, which increases the cost of your repayment.  

As a result, before applying for a personal loan, you should evaluate your present financial position. Are you capable of repaying if you ask for a loan now? 

The qualifying criteria for various kinds of financial institutions vary considerably. Among the typical eligibility criteria for banks is that you must be a Singaporean or Permanent Resident aged at least 21 and no older than 65. Certain banks may demand a minimum yearly income requirement of at least $30,000. Some may need as little as $20,000 to begin. Additionally, you must prepare an NRIC or a recent computerized payslip, or a statement of CPF contributions made within the last 12 months, throughout the application process.

Generally, an annual income of at least $40,000 is required for foreigners, but this amount may vary depending on the bank. You must prepare a Singapore work permit, a copy of your passport, and copies of your utility bills.

When applying for a personal loan in Singapore, the following documentation is required: 

  • Proof of Identity – This may include your Singapore Identification Card or Permanent Resident Card if you are a Singaporean or PR, as well as an Employment Pass with Passport for Foreigners. 
  • Proof of Address — You may use any document that displays your home address and name, such as utility bills. 
  • Income documentation – This can be a recent Central Provident Fund (CPF) contribution history record, an income tax notice of assessment, or computerised payslips or bank statements. 

While approval times vary by bank, the average is about three business days. However, some banks provide quick loans.  

Instant loans are the most well-known service offered by licensed moneylenders. They may approve your personal loan in minutes, allowing you to get your funds the same day. 

In Singapore, a foreigner may also apply for a personal loan. Certain banks provide loans to foreigners. They will need a work permit and a minimum yearly income of at least $40,000.

Licensed moneylenders provide foreign nationals with a quick cash loan with no minimum income restrictions. They may provide a personal loan even if your yearly income is less than $10,000. Additionally, a work permit, passport, payslips, tenancy agreement for leased property, a bank statement indicating salary credit, and an employment contract are required.

The amount that may be borrowed varies according on the borrower’s yearly income. Certain banks will lend a foreigner between $1,000 and $250,000. They will need an annual income of at least $40,000 to be eligible. 

At times, foreigners may have difficulty obtaining a personal loan from banks. This is why some moneylenders provide personal loans with lesser requirements. They may borrow up to six times their monthly salary, up to a maximum of $1500. 

When applying for a personal loan with a bank, you should keep in mind that there are other costs in addition to the processing charge. You must pay the following fees:  

  • Each month of late repayment incurs a late payment charge
  • When you terminate your loan, you may be charged a cancellation or termination fee
  • When you choose to repay early, you will incur an early repayment charge
  • A change of tenor is used to modify the term of a loan. 
  • An annual fee is payable every year and may change from the first year to subsequent years

If you’re considering a quick cash loan from a licensed moneylender, keep the following points in mind:  

  • An administrative fee which is no more than 10% of the outstanding loan  
  • A late repayment charge of no more than $60 each month of late repayment 

Calculating the amount of your loan varies according to the kind of lender. For example, whereas licensed moneylenders consider your yearly income, banks consider a variety of criteria, including your annual income, credit score, total debt servicing ratio, and current debt.

Even if you have a low credit score, it is still feasible to get a personal loan. You may be able to get financial assistance from regulated moneylenders. You may also apply for a secured loan, which requires you to pledge an asset as security. 

Due to banks’ normal lending criteria, it may be more difficult for people with bad credit to get a loan. On the other hand, licensed lenders have more liberal lending standards for individuals seeking to borrow money.  

The maximum loan amount is determined by the kind of loan (secured or unsecured) and your current credit score. If you take out a secured loan, you should repay it promptly to prevent the institution from seizing your collateral. 

Consolidate your credit card bills with an unsecured personal loan. This kind of personal loan is available from banks and registered moneylenders. You have the option of transferring your balance or consolidating your debt. Additionally, the latter may be used for any kind of debt. With a set interest rate and monthly payment plan, you may be certain that you will return your loan on time.

When financial difficulties arise, you can always count on borrowing money to be one of the accessible alternatives. As with any other choice, it is important to do research and evaluate your alternatives before making a commitment. Additionally, personal loans are subject to fees, penalties, and repayment conditions that you should be aware of before signing on the signed line. 

Once you have determined that a personal loan is the best option for your circumstances, make a point of considering the repayment plan offered by the lender or financial institution. It is always feasible to visit lenders’ websites and use the online loan calculator to determine the potential costs associated with the loan. Consider your options and never borrow money impulsively. 

As long as your credit rating has remained stable, you may apply for a personal loan straight to a bank or a registered money lender. Bear in mind that banks have a stricter income requirement for borrowers. Licensed lending institutions, on the other hand, have a more flexible policy regarding the income categories they provide. What’s critical is that you meet their qualifications. 

Prior to applying for a loan, do a background check on the company’s reputation and legal status. You should only deal with licensed money lenders who are registered with the Ministry of Law (MINLAW) or the Monetary Authority of Singapore (MAS). 

Certain customers’ loan applications are rejected due to bad credit history. The same is true for individuals with no credit history since banks lack the capacity to assess a client’s ability to repay a loan. Additionally, banks may reject your application if your salary is insufficient (does not fall inside the income band) or if you have any outstanding debts.  

Additionally, banks ensure that your repayments do not exceed 60% of your net income. The good news is that banks have a variety of methods for assessing a customer’s creditworthiness. If one bank denies your application, it does not always imply that you will face the same fate with subsequent institutions.  

If a bank declines to give you money, you have another option: a licensed moneylender. Bear in mind that your application is still subject to acceptance by the institution, and your capacity to repay the loan will be determined by your credit rating.  

Typically, licensed moneylenders would do a search on the Credit Association Singapore (CAS) online site throughout the loan application process to verify the borrower’s credit report supplied by the Moneylenders Credit Bureau. 

Some people consider refinancing their personal loans, and this allows them to save more money by choosing the right institution. Therefore, you need to research 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 applications 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 the account documents from the original loan and keep this paperwork as proof of the full payment of your loan.

Numerous financial institutions can assist you in obtaining a fast personal loan. It is available from both banks and licensed moneylenders. The latter is particularly noteworthy for giving it. To apply for a quick personal loan, visit their website and fill out their online application form. At EasyFind, we can assist you in being more efficient. Begin by completing 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 loans 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 Singapore’s Personal Loan Borrowers

When applying for a quick cash loan, it is essential to know the interest rates charged by the licensed moneylender. Thus, it is advisable to begin by comparing rates and guidelines to see if the conditions provided are compatible with your present financial position.

Check the agreement before signing. See if there are any hidden costs, conditions, or other information. Select lenders that provide competitive interest rates and payback plans. If there are any items in the contract that you are uncertain about, clarify them with your lender before submitting your loan application form.

Most essential, before you sign anything with money lenders, ensure that you fully grasp the contract. You must understand it in a language that you comprehend. If you need assistance, you may also choose to contact a lawyer. Signing any contract rashly can only land you in serious problems in the long run. Therefore, if the contract has any questionable terms, you may easily walk away and seek a better lender. After all, it is ultimately up to you whether to borrow money from a specific lender or seek out another that fits your needs.