Rohith Murthy shows you how you can save hundreds of dollars just by comparing personal loans on this podcast episode of Money Mantra.
What is Money Mantra about?
Our team at SingSaver.com.sg aims not only to equip every Singaporean with sufficient personal finance knowledge but to save in every aspect of their lives. Money Mantra is a mini podcast series with each episode addressing different ways to get savvy with saving money.
Our last two episodes were on credit cards. You can listen to both of them here.
About Rohith Murthy
Rohith Murthy takes his lessons as Managing Director of SingSaver.com.sg outside of the workplace too. He regularly applies money saving advice and tips in his life, especially as a new father and sole breadwinner of his family.
Rohith often writes his experiences on SingSaver.com.sg's blog and has been featured on Channel NewsAsia.
Money Mantra 3: Always Compare Personal Loans
In this episode, Rohith Murthy talks about how taking a few minutes of your time to compare personal loans can save you S$1,104. Here are some issues he covers:
- Why people take out personal loans and when it's a better option than credit cards
- Always look out for exclusive offers that SingSaver.com.sg has on our comparison tool
- Never apply for the first personal loan you see; by shopping around you can save a lot
*Disclaimer: OCBC personal loan has an even lower exclusive interest rate of 3.53% for a 3-year loan on SingSaver.com.sg.
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See also: Your Go-To Personal Loan Guide in Singapore
Here's a breakdown of personal loans interest rates:
S$10,000 Loan Over 3 Years | |||||
| Bank Name | Annual Flat Interest Rate | EIR (Effective Interest Rate) | Processing Fees/ Annual Fees | Interest (3 Years) | Principal + Interest (3 Years) |
Foreign Banks | |||||
| HSBC* | 4.70% p.a. | 8.50% p.a. | Waived | $1,410 | $11,410 |
| Citibank | 4.83% p.a. | 9.00% p.a. | Waived | $1,449 | $11,449 |
| Standard Chartered Bank | 8.38% p.a. | 16.63% p.a. | $299 | $2,514 | $12,514 |
Local Banks | |||||
| OCBC* | 3.53% p.a. | 8.33% p.a. | $200 | $1,059 | $11,059 |
| DBS | 6.80% p.a. | 13.63% p.a. | $200 | $2,040 | $12,040 |
| UOB | 8.00% p.a. | 15.84% p.a. | $180 | $2,400 | $12,400 |
* Exclusive interest rates for applicants who apply through SingSaver.com.sg *Always read and understand the terms and conditions before applying.
""So always shop around when you pick a personal loan and you save thousands in interest and fees.""
Read This Next:
Limited Offer: Exclusive Low Rates from OCBC and HSBC
6 Personal Loans Myths in Singapore Debunked
By Rohith Murthy
Rohith leads Singapore’s SingSaver.com.sg, a financial comparison site aimed at helping consumers in Singapore save money and time by finding the right financial products.
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