Personal Loans

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early repayment or hidden fees

UOB Personal Loan

4.25%

Annual Interest Rate

EIR 7.96% p.a.

S$0%

Processing Fees

S$313

Monthly Repayment

  • Enjoy a low-interest rate of 4.25% p.a. (EIR from 7.96% p.a.)
  • Get instant approval and cash disbursed into your UOB accounts for applications submitted between 8 am and 9 pm.
  • Min. loan amount of S$1,000
  • Min. income for Singaporeans/PRs: S$30,000 p.a.
  • Please read our full review of the UOB Personal Loan.
  • Foreigners are not eligible for UOB Personal Loan.
  • Cancellation fee: S$150 or 3% of the outstanding approved loan amount, whichever is higher

The information displayed above is for reference only. The actual rates offered to you will be based on your credit score and is subject to the provider’s approval.

HSBC Personal Loan

4.4%

Annual Interest Rate

EIR 7.96% p.a.

S$0%

Processing Fees

S$306

Monthly Repayment

  • One of the lowest interest rates from 3.4% p.a (EIR 6.5% p.a) for those earning min. S$30,000 annually. Rates provided are customised and might differ from what’s displayed here.
  • No processing fees
  • Get a 1-minute in-principle approval on your HSBC Personal Loan
  • Max. loan amount up to 4x monthly salary for those earning S$30,000 – S$120,000 annually.
    Above S$120,000 earners qualify for up to 8x.
  • Min. loan amount of S$5,000
  • Option to borrow at a slightly longer loan tenure of 7 years
  • Min. income for salaried Singaporeans/PRs: S$30,000 p.a.
    Min. income for foreigners residing in Singapore and self-employed/commissioned-based earner Singaporeans: S$40,000 p.a.
  • Read our full review of the HSBC Personal Loan
  • Early repayment fee: 2.5% of the repayment amount
  • Overdue interest: 2.5% + prevailing interest on overdue amount
  • Late payment fee: S$75 for each monthly repayment that is not received in full by the monthly due date

The information displayed above is for reference only. The actual rates offered to you will be based on your credit score and is subject to the provider’s approval.

  • Lowest Income Requirement for Foreigners: S$40,000
  • Most Competitive Interest Rates: 7% EIR
  • Longest Loan Tenor: 1 – 7 years
  • Loan Amount: S$5,000 – S$200,000
  • Approval Time: 1-minute approval, receive cash in one business day

In general, HSBC loans charge the lowest effective market interest rates (from 6.5 % EIR). In addition, HSBC is the only creditor to offer 7-year loans that can reduce the monthly reimbursement burden by extending it for a longer-term. HSBC also has a fast one minute approval time and, on successful loan applications of under S$ 100 000, you can receive cash by the next day. The bank’s revenue requirement for foreigners (S$40,000) is the lowest of any banks in our review and is a good choice for foreigners living in Singapore.

Loan Duration Flat Rate Processing Fee EIR Monthly Instalment Total Cost
1 year loan 3.7% S$0 7% S$865.27 S$383
2 year loan 3.7% S$0 7% S$447.73 S$745
3 year loan 3.7% S$0 7% S$308.77 S$1,116
4 year loan 3.7% S$0 7% S$239.46 S$1,494
5 year loan 3.7% S$0 7% S$198.01 S$1,881
6 year loan 3.7% S$0 7% S$170.49 S$2,275
7 year loan 3.7% S$0 7% S$150.93 S$2,678

Standard Chartered CashOne Personal Loan

3.48%

Annual Interest Rate

EIR 7.99% p.a.

S$0%

Processing Fees

S$307

Monthly Repayment

  • For longer tenures, flat interest rates from 3,48% p.a. (RPI: 6,95% p.a.). Get your designated bank account’s immediate approval and cash disbursement.
  • Enjoy a 5-year annual fee waiver on your Standard Chartered Platinum Visa credit card.
  • Min. loan amount of S$1,000
  • The maximum loan amount is four times your monthly salary, with a maximum loan amount of S$250,000.
  • Where all payments are made on or before the year’s due date, the annual S$50 fee is being waived (from the second year until the loan expires).
  • Please read our full review of the Standard Chartered CashOne Personal Loan.
  • 1st-year annual fee: S$199
  • Fee for early repayment: S$150 or 3% of outstanding principal, whichever is greater.
  • Changes in tenor cost S$50 each.
  • Late payment fee: S$100

The above data is provided for informational purposes only. The actual rates you’ll be offered are determined by your credit score and are subject to provider approval.

CIMB CashLite Personal Instalment Loan

3.5%

Annual Interest Rate

EIR 6.6% p.a.

S$0%

Processing Fees

S$307

Monthly Repayment

  • Receive approval and cash instantly
  • For new CIMB customers: Enjoy a low-interest rate of 3.5% p.a. (EIR from 6.4% p.a.)
  • For existing CIMB clients: receive a 4.5% p.a. interest rate (EIR from 8.21% p.a.)
  • Existing CIMB credit card-members can draw down to 90% of the available credit limit for the loan. New-to-bank customers enjoy a preferential interest rate.
  • Enjoy annual fee waiver on credit card for life.
  • Min. loan amount of S$1,000
  • Min. income for Singaporeans/PRs: S$30,000 p.a.
  • Please read our full review of the CIMB CashLite Personal Instalment Loan.
  • Early termination fee: 3% of the outstanding loan amount or S$250, whichever is higher
  • Late payment fee: S$100

The above knowledge is for evidence purposes only. The actual rates offered to you will be based on your credit score and is subject to the provider’s approval.

DBS Personal Loan

3.88%

Annual Interest Rate

EIR 7.9% p.a.

S$100%

Processing Fees

S$310

Monthly Repayment

  • Apply via SingSaver and get your loan approved and disbursed instantly into your DBS/POSB account
  • A DBS/POSB credit card and/or Cashline account must be existing eligible, and an existing DBS/POSB, credit card account must be available to you for the loan application.
  • Enjoy personalized rates from as low as 3.88% p.a.
  • Borrow up to 4x your monthly salary if you earn less than S$120,000 annually, or up to 10x if you earn more than S$120,000 annually
  • Min. loan amount of S$500
  • Min. income for Singaporeans/PRs: S$30,000 p.a.
  • Those earning S$20,000 to S$30,000 annually may be eligible for DBS/POSB loan at a higher annual interest rate and processing fee.
  • Processing fee: 1% of the approved loan amount
  • Early repayment fee: S$250
  • Late payment fee: S$100 for a personal loan on DBS/POSB credit card, S$120 for a personal loan on DBS/POSB Cashline
The above data is provided for informational purposes only. The actual rates offered to you will be based on your credit score and is subject to the provider’s approval.

POSB Personal Loan

3.88%

Annual Interest Rate

EIR 7.9% p.a.

S$100%

Processing Fees

S$310

Monthly Repayment

  • Apply via SingSaver and get your loan approved and disbursed instantly into your DBS/POSB account
  • An existing I eligible credit card for DBS/POSB and Cashline accounts, and (ii) an existing eligible DBS/POSB loan application deposit account.
  • Enjoy personalized rates from as low as 3.88% p.a.
  • Borrow up to 4x your monthly salary if you earn less than S$120,000 annually, or up to 10x if you earn more than S$120,000 annually
  • Min. loan amount of S$500
  • Min. income for Singaporeans/PRs: S$30,000 p.a.
  • Eligible DBS/POSB credit at the higher annual interest and processing fee may be paid in S$20,000 to S$30,000 annually.
  • Processing fee: 1% of the approved loan amount
  • Early repayment fee: S$250
  • Late payment fee: S$100 for a personal loan on DBS/POSB credit card, S$120 for a personal loan on DBS/POSB Cashline
The above data is provided for informational purposes only. The actual rates offered to you will be based on your credit score and is subject to the provider’s approval.

Citibank Quick Cash Loan

4.55%

Annual Interest Rate

EIR 8.5% p.a.

S$0%

Processing Fees

S$316

Monthly Repayment

  • Apply via SingSaver and get your loan approved and disbursed instantly into your DBS/POSB account
  • You must have an existing eligible I DBS/POSB credit card and/or Cashline account and (ii) an existing eligible DBS/POSB deposit account for the loan application.
  • Enjoy personalized rates from as low as 3.88% p.a.
  • Borrow up to 4x your monthly salary if you earn less than S$120,000 annually, or up to 10x if you earn more than S$120,000 annually
  • Min. loan amount of S$500
  • Min. income for Singaporeans/PRs: S$30,000 p.a.
  • Those with an annual income of S$20,000 to S$30,000 may be eligible for a DBS/POSB loan with a higher annual interest rate and processing fee.
  • Processing fee: 1% of the approved loan amount
  • Early repayment fee: S$250
  • Late payment fee: S$100 for a personal loan on DBS/POSB credit card, S$120 for a personal loan on DBS/POSB Cashline
The above data is provided for informational purposes only. The actual rates offered to you will be based on your credit score and is subject to the provider’s approval.

Citibank Quick Cash Loan – Existing OCBC loan customers

4.55%

Annual Interest Rate

EIR 8.5% p.a.

S$0%

Processing Fees

S$316

Monthly Repayment

OCBC Personal Loan – Existing OCBC loan customers

4.7%

Annual Interest Rate

EIR 9.46% p.a.

S$100%

Processing Fees

S$317

Monthly Repayment

Maybank CreditAble Term Loan

5.86%

Annual Interest Rate

EIR 12% p.a.

S$200%

Processing Fees

S$327

Monthly Repayment

BOC $martLoan

6.52%

Annual Interest Rate

EIR 14.69% p.a.

S$300%

Processing Fees

S$332

Monthly Repayment

How to Pick the Best Personal Loan in Singapore

Always consider all of your options before applying for a personal loan. Although personal loans are more affordable than credit card debt, they still come relatively high. Interest rates and other terms can vary a lot depending on your annual income and other factors. Hence, here is some parting tip for those who want to take out a personal loan.

  • Total Cost: this is the dollar cost you end up paying in interest & fees. You can reduce it by choosing a low effective interest rate and short duration.
  • Monthly Payment: you need to afford the monthly repayment during the loan’s tenure comfortably. Unless you will end up paying significant amounts in penalty fees & interest, to figure out your monthly payment, first multiply your yearly flat rate by the principal amount. Then, multiply this amount by the span of your loan in years. Next, add this amount to the principal you rented. Dividing this by the span of your loan in months will result in the monthly payment (also called monthly repayment or monthly installment) that you need to make to the bank.
  • Balance: You must strike a balance between the two. (2) numbers as much as possible. Try to reduce your personal loan’s total cost while ensuring that the monthly payment required to repay the loan is within your financial means

Personal Instalment Loan Comparison Table

Refer to our summary table below for the most suitable personal loan offerings in Singapore.

Personal Loans Best For… min. Annual Income
HSBC Personal Loan Best Personal Loan S$30,000
Standard Chartered CashOne Best Promotions S$20,000
POSB/DBS Personal Loan Fast Cash Disbursement S$20,000
Citibank Quick Cash Small, Short Term Loans S$30,000
Citibank Quick Cash 0% Interest Small, 1-Year Loans S$30,000
OCBC Cash-On-Instalment Short-Term Alternative S$30,000
Standard Chartered CashOne Annual Income Below S$30,000 S$20,000
HSBC Personal Loan Foreigners in Singapore S$40,000

Effective Interest Rate (EIR) vs. Flat Interest Rate

You must be at least 21 to 65 years old to qualify for a personal loan in Singapore. Also, most banks will need a minimum yearly income of S$30,000, though some banks lend to a client with as little as S$20,000 of annual revenue. For foreigners, this limit rises to $40,000-S$60,000 depending on the lender.

To be accepted, you will most likely need to present the following records to the lender:

  • Proof of Identity: Passport + Singapore Identification Card (IC) or Employment Pass (EP)
  • Proof of Address: Documents containing your home address (i.e., utility bills with your name and address)
  • Proof of Income: Your Latest 12 months’ Latest Income Tax Notice of Assessment or Central Provident Fund (CPF) contribution history statement or Salary Crediting or Latest Computerised Payslip into the lender’s bank account

To study more about how special loans work in Singapore, read our guides on the basics of personal loans and how much they cost.

What You Need to Apply for A Personal Loan

To be eligible for a personal loan in Singapore, you must be between 21 and 65 years old. In addition, most banks will require a minimum annual income of S$30,000, though some banks will lend to people with annual incomes as low as S$20,000. This limit rises to $40,000-S$60,000 for foreigners, depending on the lender.

You will almost certainly need to provide the following documents to the lender in order to be approved:

  • Proof of Identity: Passport + Singapore Identification Card (IC) or Employment Pass (EP)
  • Proof of Address: Documents containing your home address (i.e., utility bills with your name and address)
  • Proof of Income: Your Latest 12 months’ Latest Income Tax Notice of Assessment or Central Provident Fund (CPF) contribution history statement or Salary Crediting or Latest Computerised Payslip into the lender’s bank account

To study more about how special loans work in Singapore, read our guides on the basics of personal loans and how much they cost.

Borrowers in Singapore have several different types of personal loans. First, personal installment loans are available. These are personal loans of the most common type. The borrowers receive personal installment loans, which are expected to reimburse the tenor of the loan on a monthly basis. These loans help lenders who require funding for a high once-in-a-lifetime cost. Another common type of personal funding is called a credit line or a credit line. These loans permit borrowers to “take” funds up to a limits set by the lender, as required. The interest charged to borrowers is based only on the amount of money and time they borrowed, making such financing cheaper following their borrowing requirements. Such kinds of lending are helpful for people who plan on continuously borrowing more small amounts.

Borrowers with substantial personal debt may consider equity or debt consolidation loans. Balance transfer credits enable borrowers to transfer remaining credits into a new credit balance. Many lenders offer a grace period of between three and 12 months for which lenders are not charged interest, making these loans an excellent option to consolidate and pay down your debt. Debt consolidation credit is similar because it allows borrowers to pay off different personal debts. However, debt consolidation credit is installment loan that provides a lump sum of cash to pay off various debts. Debt consolidation loans are typically helpful for lenders who need a long-term option for personal debt consolidation.

It is important to ensure that you apply for the cheapest possible loan when applying for a personal loan. In addition to comparing charges and rates, it is important that you take account of the most suitable type of loan. For example, if a specific use loan fits your borrowing needs, it is often far cheaper to apply. Home, car, and education loans for example tend to charge significantly lower interest rates than personal loans, which makes them cheaper for borrowers who require financing for such purposes. While personal credit can be a great tool for financing large or unforeseen expenditures, prospective borrowers should know other borrowing options too.

Want to learn more about personal loans? Here are some answers to commonly asked questions.

Personal loans are not taxed and do not count on income. You won’t, therefore, have to report on your income tax return the amount you borrow. This is because personal loans should be fully repaid and not regarded as part of your yearly income.

Yes. Outsiders in Singapore may apply for personal loans. You only have to present a copy (at least) for the next 12 months and three months of bank statements, the proof of identification, and a job pass. For foreigners to receive a personal credit, the lowest annual income requirement is HSBC S$40.000.
Yes. Even though you have a personal loan already, you can take a home loan. Undertaking both loans will occur as long as you fulfill the requirements and prove that you can pay back the original loan.

You may want to calculate your monthly debt obligations or TDSR if you decide to get a home loan or another loan (total debt servicing ratio for property loans). This is helpful for multi-month expenditure budgeting. The formula is as follows:

Poor credit doesn’t mean you can’t get personal credit. While in most cases, you’ll have to meet a minimum credit score requirement to get a loan at a bank, there may be some banks that have more lenient requirements. It is worth comparing some bank’s eligibility requirements, but be wary that they might charge higher interest rates. Alternatively, you might be able to get a cash advance on your next paycheck or look to obtain a

How many loans you can receive is not limited. However, you cannot exceed your total loan amount twelve times your monthly revenue. You will have to have a credit check if you decide to apply for a secondary personal loan. If you have any current outstanding loans, this will impede your prospective borrower from getting another loan.

The policies on eligibility for subsequent loans also differ from lenders to lenders. Some providers, for example, will have you pay six months in a row before you give you a loan.

You can earn your monthly income 4-8 times per personal loan, depending on your choice. If you have a high monthly payment, for example,

It is recommended that if you want to receive a loan for a specific use, like purchasing a home or car, you get a loan to that effect.

Es. While you do not have to disclose your personal loan and thus can use a personal loan, the higher rates and short tenors could discourage you. Instead, you could choose a home loan that puts your house on a down payment. This is because of the lower charges and the length of the credit.

Suppose you are looking to finance the purchase of a vehicle, renovate your home, attend university or even buy a home. In that situation, you can better use a personal loan for almost all purchases. At the same time, you can buy a private loan for virtually any purchase. The majority of banks offer such credit (e.g. car loans) with interest rates much lower than personal loans.

It depends. If you can repay your credit card balance within your monthly billing cycle, A credit card could be a great choice, as they often offer great rewards that can offset the total cost of your wedding. On the other hand, if you can’t repay your balance in full, you’re better off choosing a personal loan, as private loans tend to charge much lower interest rates than credit cards.

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About FR Capital

FR Capital is a Singapore consultancy firm that helps SMEs to secure business loans from banks and financial institutions. We concentrate on SME finance, and through our expertise and network, we help clients secure funding with low-interest rates efficiently and hassle-free.