- Interest Rate
- Total Amount Payable
- Processing Fee
- Per Month
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|Best for||Personal Loan||Minimum Loan Amount|
|Foreigners in Singapore||Standard Chartered CashOne||S$30,000|
|Low Income Earners||DBS Personal Loan||S$20,000|
|Fast Approval time||HSBC's Personal Loan||S$30,000|
|Short Term Loans||OCBC Cash-on-Instalments||S$20,000|
|Low Interest Rate||POSB Personal Loan||S$20,000|
|Low EIR||Citibank Quick Cash||S$30,000|
While comparing the personal loans available in Singapore, you might have noticed at least two distinct interest rates attached to each loan. Here’s how they differ:
Banks are generally laxer on Singaporeans and PRs in terms of the minimum requirements for them to get a loan. If you’re a foreigner, on the other hand, it can be quite difficult to get a personal loan from a bank if your income is less than $3,000 a month. (Some banks impose even higher minimum monthly incomes.)
If you’re unsuccessful in applying for a personal loan through a bank, you may turn to a licensed moneylender. The Ministry of Law publishes a list of licensed moneylenders so be sure to only borrow from them.
Singapore law requires moneylenders to explain the terms and conditions of a loan to you in a language that you understand, so listen and read carefully, and make sure you are comfortable with the loan terms. Feel free to shop around until you find a licensed moneylender you are satisfied with. Moneylender interest rates can be sky-high - as high as 4% a month - so be sure to borrow the absolute minimum you need, and for the shortest loan tenure you can manage.