Best Personal Loans in Singapore with Low Interest Rates 2025
updated: Jan 16, 2025
Seeking the best personal loan deals in Singapore for 2024? Enjoy lower rates and flexible terms—ideal for debt consolidation or major expenses.
Best Personal Loan Lenders With Low Interest Rates
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Trust Bank Instant Loan
UOB Personal Loan
CIMB Personal Loan
Standard Chartered CashOne Personal Loan
HSBC Personal Loan
Credible Personal Loan (Best for those looking for alternatives to banks)
DBS Personal Loan
GXS FlexiLoan
GXS FlexiLoan (Balance Transfer)
OCBC Personal Loan - Existing OCBC loan customers
POSB Personal Loan
Our Picks for Personal Loan Lenders With Low Interest Rates
Best Personal Loans in Singapore: Top Offers for 2024
Finding the most affordable personal loan in Singapore can be a daunting task. We've curated the best personal loan rates from top banks for 2024 to simplify your search.
Comparing Interest Rates Across Banks
Interest rates vary significantly between lenders. DBS Bank starts at 5.43% p.a., while OCBC Bank begins at 7.49% p.a. Standard Chartered Bank offers rates from 5.84% p.a. for their CashOne Personal Loan.
Bank | EIR (p.a.) | Loan Tenure |
|---|---|---|
DBS | 5.43% | 6 months-5 years |
OCBC | 7.49% | 1-5 years |
Standard Chartered | 5.84% | 1-5 years |
Features and Benefits of Top Personal Loans
The top personal loans in Singapore come with attractive features. Some offer flexible repayment plans, while others waive certain fees.
Eligibility Criteria for the Best Rates
To secure the best personal loan rates, you must meet specific criteria. Most banks require:
Minimum annual income of S$20,000
Age between 21-65 years
Singaporean citizenship or Permanent Residency
A good credit score can also help you secure lower interest rates and more favourable terms.
Frequently asked questions
What factors affect personal loan interest rates in Singapore?
Several factors influence personal loan interest rates in Singapore. These include your credit score, income level, employment status, loan amount, loan tenure, and the lender's policies. Generally, a higher credit score and stable income can lead to more favourable interest rates.
What are the eligibility criteria for the best personal loan rates in Singapore?
To qualify for the best loan rates, you must meet the lender's specific criteria. This often includes a minimum income requirement, a good credit score, a stable employment history, and other financial assessments. Each bank has its own set of eligibility requirements.
How can I improve my chances of getting approved for a personal loan with a low interest rate?
To improve your chances of approval and secure a low interest rate, focus on maintaining a good credit score, ensuring a stable income, reducing existing debts, and choosing a loan amount and tenure that aligns with your financial capacity. Building a good relationship with your bank can also be beneficial.
Can foreigners apply for personal loans in Singapore?
Yes, foreigners working in Singapore can apply for personal loans. However, they may face stricter eligibility criteria and potentially higher interest rates compared to Singaporean citizens and permanent residents.