Best Personal Loan in Singapore (Fast Approval and Low Interest Rates)

What Is the Best Personal Loan in Singapore?

No matter how much you try to budget your paycheck, life can throw unexpected things at you. Whether it’s a sudden job loss, a medical emergency, or a home improvement project, personal loans are the best answer.

By now, you may be thinking “the last thing I want to be is to drown in debt!” However, a personal loan is the fastest and most convenient solution to any financial worry.

You’ll be surprised at how having a healthy amount of debt can be beneficial to you in the future. If you’re on the lookout for the best personal loan Singapore, you’re on the right page. We’ll let you in on the top choices for you below.

Here at OMY, you will discover the following:

What Is a Personal Loan?

Before we get into the list of the best personal loan in Singapore, let’s first understand what a personal loan is. A personal loan is a type of loan that is taken out for a consumer’s private needs or wants. This is in contrast to a business loan, which is used for business operations.

Personal loans have a lower interest rate than other types of loans. For personal loans that have high interests, this is only because the borrower has a high chance of defaulting, so it is the responsibility of the lender to take precautions.

Best Personal Loan Singapore: Our Top Picks

Take a look at our list of the best personal loan Singapore options. If you don’t have time to examine each loan, simply use the table below to compare personal loan rates cost side by side.

Note: The table above is based on a S$10,000 loan amount (one year tenor), and the lowest EIR by banks (except for Crawfort). This rate may not be applicable to you.

Best Personal Loan Singapore

Best Moneylender Loan in Singapore (Fast approval and for low-income borrowers):

Crawfort

If you need cash fast, then Crawfort is the best personal loan in Singapore that should top your list. This company is a licensed moneylender that offers loan products that cater to the needs of every Singaporean.

For their personal loan, you can apply with Myinfo. Just log in with your SingPass and your loan application will automatically be populated with data from multiple government agencies.

In as fast as 8 minutes, you can receive your loan application result via SMS. Then, you can head to Crawfort outlet for a face-to-face verification. Finally, you can get your money.

For foreigners whose annual income is less than S$10,000, they can borrow up to S$500. For foreigners whose annual income is between S$10,000 to S$20,000, they can borrow up to S$3,000.

Meanwhile, Singaporeans whose annual income is less than S$20,000 can borrow up to S$3,000. Those whose annual income is at least S$20,000 can borrow up to 6x of their monthly income.

For this loan, nominal interest rates start from 1.8% per annum.

Apply for a fast cash loan today!

Best Personal Loan (Lowest Interest Rate):

DBS/POSB Personal Loan

Loan Duration EIR Monthly Instalment Total Cost
1 year 5.79% SS$881 S$579

(The table is based on a S$10,000 loan amount, plus the minimum EIR. Please note that this rate may not be applicable to your unique loan offer)

With as low as 2.88% interest per annum (EIR 5.79%), it’s no surprise why this is our top choice when it comes to the best personal loan Singapore for individuals looking for savings. The processing fee for this lowest personal loan rates option is also affordable at only 1% of your approved loan amount.

All existing DBS and POSB users can apply for this loan using their SingSaver and get approval instantly. This loan is also a top choice for low income earners since it only requires a S$20,000 minimum annual income for Singaporeans. But if you earn over S$120,000 annually, you can apply for up to 10x your monthly income.

More From OMY: Best Personal Loan for Low Income Earners in Singapore

Best Bank Personal Loan Singapore (Based on Promotions):

Standard Chartered CashOne Personal Loan

Loan Duration EIR Monthly Instalment Total Cost
1 year 6.95% SS$891 S$695

(The table is based on a S$10,000 loan amount, plus the minimum EIR. Please note that this rate may not be applicable to your unique loan offer)

Another best personal loan Singapore you should consider is the Standard Chartered CashOne Personal Loan. This loan is a stand out because of its low income requirement, and competitive interest rate.

With its 3.48% interest per annum (EIR 6.95% per annum) for borrowers, it’s one of the cheapest you can get in the country. For low income individuals, interest rates start at 9.8% and can go as high as 10.8% per annum (flat rate). Considering this, this particular product does not have the best personal loan rates you can find for this specific category.

This loan is also an incredible choice for those who only need a small amount since you can borrow as low as S$1,000. Loan tenure can be up to 5 years.

With this best personal loan Singapore, you can enjoy up to a whopping S$3,288 cashback upon approval, and get your loan amount in just 15 minutes.

Want to apply for this loan? Click here.

Best Short-Term Personal Loan:

HSBC Personal Loan

Loan Duration EIR Monthly Instalment Total Cost
1 year 6% S$883.33 S$600

(table is based on a S$10,000 loan amount, plus the minimum EIR. Please note that this rate may not be applicable to your unique loan offer)

When it comes to the cheapest short-term best personal loan Singapore, this is the ultimate choice. With this loan, you can enjoy interest for as low as 3.2% per annum (EIR 6%). If you are an existing customer, you can enjoy a preferential interest rate of only 2.6% per annum (EIR 5% per annum)

You don’t even have to worry about processing fees because they are totally free.

Not only that, but this loan by HSBC has tons of promotions to help you save money. With this best personal loan Singapore, you can get cashback up to S$2,100.

Want to apply for this loan? Check out this page.

Best Personal Loan for Foreigners in Singapore:

Citibank Quick Cash

Loan Duration EIR Monthly Instalment Total Cost
1 year 6.5% S$887.5 S$650

(table is based on a S$10,000 loan amount, plus the minimum EIR. Please note that this rate may not be applicable to your unique loan offer)

Many foreigners find it quite challenging to apply for a personal loan in Singapore since the requirements are very stringent, especially when it comes to their minimum annual income.

With the Citi Quick Cash Loan, foreigners with an income of over S$42,000 can apply in just a few clicks.

This loan allows you to convert your credit card/ready credit into cash that is payable for up to 60 months. With this loan, foreigners can borrow up to 4x their monthly income to settle their bills or spend for big-ticket purchases. The processing fee is also free.

For this loan, interest rates start at 3.45% per annum (EIR 6.5% per annum).

If you want to apply for this loan, visit this page.

DBS/POSB Personal Loan

Loan Duration EIR Monthly Instalment Total Cost
1 year 5.79% S$881 S$579

(table is based on a S$10,000 loan amount, plus the minimum EIR. Please note that this rate may not be applicable to your unique loan offer)

Another loan that is great for foreigners is the DBS/POSB Personal Loan. Foreigners who earn at least S$20,000 annually can easily qualify for this loan. Its personalised interest rate can start from 2.88% per annum (EIR 5.79% per annum), although the final rate will be computed based on your personal credit history, as well as loan tenor and amount.

Apply for this loan here.

Best Personal Loan In Singapore (High Loan Quantum – Loanable Amount)

CIMB Cash Lite

Loan Duration EIR Monthly Instalment Total Cost
1 year 5.64% S$880.33 S$564

(The table is based on a S$10,000 loan amount, plus the minimum EIR. Please note that this rate may not be applicable to your unique loan offer)

If your goal is to borrow the highest amount possible, the CIMB Cash Lite is worth considering since it lets you borrow up to 12 times your monthly salary.

This best personal loan Singapore also has a low interest of only 3% per annum (EIR 5.64%), and no processing fee for a limited time. However, this promotion is only geared towards new customers.

Existing customers can enjoy a 4.5% interest rate per annum (EIR 8.21% to 8.41%). Loan tenure for this loan can be between one to five years.

Apply for the CIMB Cash Lite Loan here.

Best Personal Loan (Fast Disbursement):

UOB Personal Loan

Loan Duration EIR Monthly Instalment Total Cost
1 year 6.36% S$886.33 S$636

(The table is based on a S$10,000 loan amount, plus the minimum EIR. Please note that this rate may not be applicable to your unique loan offer)

If what you’re after is to get cash urgently, then look no further. The UOB Personal Loan is meant for individuals who want to fill their financial gaps immediately. Keep in mind that instant approval and cash disbursement is only limited to online applications submitted between 8:00 a.m. to 9:00 p.m.

With its low interest rates starting at 3.4% interest per annum (EIR 6.36% valid until 31 December 2022), and rebates up to S$3,288 or 2.5% of your approved loan amount (valid until the same date as well), you can enjoy maximum savings.

For loan tenors between 24 to 60 months, the processing fees will be waived. Meanwhile, the standard processing fee for the best personal loans that have a tenor of 12 months is 1%.

Apply for this loan on this page.

DBS/POSB Personal Loan

Loan Duration EIR Monthly Instalment Total Cost
1 year 5.79% SS$881 S$579

(The table is based on a S$10,000 loan amount, plus the minimum EIR. Please note that this rate may not be applicable to your unique loan offer)

Another personal loan we love when it comes to fast disbursement is the DBS/POSB Personal Loan. With this low interest personal loans option, you can get your cash in as fast as 15 minutes when you apply online. Not only that, but you can also get up to 2% cashback when you use promo code “POSBPL.” This promo is only valid for loans amounts of S$10,000 and above. Valid until 31 December 2022.

Want to apply for this loan? Click here.

Best Bank Personal Loan For Annual Income Below S$30,000:

Standard Chartered Cashone

Loan Duration EIR Monthly Instalment Total Cost
1 year 6.95% SS$891 S$695

(table is based on a S$10,000 loan amount, plus the minimum EIR. Please note that this rate may not be applicable to your unique loan offer)

This bank is the best place to take a personal loan. It is a top option of low income earners in Singapore because it only has a minimum income requirement of S$20,000. Unfortunately, it’s not the best option for low income foreigners since it has a minimum annual income of S$60,000 for the said category.

Click here to apply for this loan.

DBS/POSB Personal Loan

Loan Duration EIR Monthly Instalment Total Cost
1 year 5.79% SS$881 S$579

(The table is based on a S$10,000 loan amount. Please note that this rate may not be applicable to your unique loan offer)

If you’re thinking “I need personal loan in Singapore,” this loan should be on top of your list, especially if you earn less than S$30,000 annually. The minimum income requirement for this lowest rate personal loan Singapore is only S$20,000. You may also select a loan tenure up to 5 years.

Apply for this loan here.

A Word from OMY

Now that you know the best personal loan Singapore options you can apply for, you’re finally one step closer to having additional funds. Thanks to the versatility of best low interest personal loans, you can use it for a wide array of expenses.

Whatever option you pick, make sure to not borrow more than what you can afford to pay, and ensure that you pay your monthly dues on time. This way, your credit history will not be adversely affected.

More From OMY: Personal Loan Vs Line Of Credit In Singapore: Which Works Better?

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