Ronald
Looking for the best personal loans with low interest rates in Singapore for 2024? You’re in the right place! Personal loans can be a valuable financial tool, providing access to funds for various purposes like debt consolidation, home renovations, or unexpected expenses. If you’re considering options, a personal loan Singapore can offer tailored solutions, ensuring you have access to competitive rates and flexible repayment terms. However, finding a loan with favorable terms, especially low-interest rates, is crucial for managing your finances effectively.
In this guide, we’ll explore some of the top personal loan options available in Singapore for 2024, highlighting their key features, benefits, and eligibility criteria. Whether you’re looking to save money on interest or secure a flexible repayment plan, understanding your loan options is essential for making informed financial decisions.
Best Personal Loans with Low Interest Rates in Singapore for 2024
UOB Personal Loan
| Interest Rate* EIR: From 5.43% | From 2.88% |
| Total Amount Payable | S$10,864 |
| Processing Fee | 0% |
| Per Month | S$302 |
Get attractive gifts like an Apple Mac Mini, 512GB (worth S$1,156.85) or an Apple iPad Air, 64GB (worth S$895.40) or a Apple Watch Series 9 (GPS), 45mm (worth S$655) or a Samsung 32-inch Smart Monitor M5 (worth S$493) or a ErgoTune Classic Ergonomic Chair (worth S$399) or up to S$1,200 Cash via PayNow when you apply for UOB Loan through MoneySmart!
Highlights:
- Loans starting from S$1000
- Loan tenure period of minimum 1 year to a maximum of 5 years
- Rates from 2.88% p.a. (EIR from 5.43%) + 0% Processing Fee
- No documents required for existing Credit Card members
- Instant approval for applications submitted between 8am to 9pm for new UOB customers. Terms and conditions apply.
- UOB Bank is regulated by the Monetary Authority of Singapore.
- At MoneySmart, we strive to keep our information accurate and up to date. This information may be different from what you see when you visit a financial institution, service provider, or specific product site. MoneySmart shall not be liable to compensate the Customer should the information is not as updated as our Partner.
Standard Chartered CashOne
| Interest Rate* EIR: From 5.84% | From 2.88% |
| Total Amount Payable | S$10,864 |
| Processing Fee | S$0 |
| Per Month | S$302 |
Get up to S$1,200 Cash via PayNow or attractive gifts like an Apple iPhone 15, 128GB (worth S$1,311) or an Apple iPad Air, 64GB (worth S$895.40) or a Sony PS5 (SLIM) Digital Edition (worth S$669)!
Additionally, get up to S$4,100 Cashback from SCB, now that’s up to S$5,300 worth of cash rewards*!
Highlights:
- Interest Rate of 2.88% is not guaranteed and it’s based on the applicants’ credit risk
- *Note that the rates provided to you are customised and might differ from what is displayed here. Standard Chartered Bank is regulated by the Monetary Authority of Singapore.
- Subject to a max loan amount of S$250,000
- Note: No processing fees, but first year annual fee of $199 applies. $50 annual fee for subsequent years (waived if all payment is received by due date for the past 12 months).
- Learn more about the key features and details of Standard Chartered CashOne Loan.
- If you are looking for an emergency loan, learn more about the different personal loans with fast approval.
CIMB Personal Loan
| Interest Rate EIR: 6.38% | 3.38% |
| Total Amount Payable | S$11,014 |
| Processing Fee | S$0 |
| Per Month | S$306 |
Get attractive gifts like an Apple iPad Pro 11-inch 128GB (worth S$1,272.30) or a Sony PlayStation®5 (SLIM) Disc Edition (worth S$799) or an Apple Watch Series 9 GPS 45mm (worth S$655) or a Hinomi Q1 Ergonomic Chair (worth S$499) or up to S$1,200 Cash via PayNow when you apply for a loan through MoneySmart!
PLUS from now till 30th April, enjoy the lowest flat interest rate from 2.80%p.a. (EIR from 5.28% p.a.) when you get approved for a min. loan amount of S$30,000 and above!
Highlights:
- No processing fee for approved loan amount of S$5,000 and above.
- Loan tenure of 1-5 years
- Max loan amount of S$200,000
- Get up to 8x* of your monthly income
- No prerequisite to have a CIMB Bank Account or CIMB Credit Card before you apply
Trust Instant Loan
| Interest Rate* EIR: From 5.41% | From 2.87% |
| Total Amount Payable | S$10,861 |
| Processing Fee | S$0 |
| Per Month | S$302 |
Get up to S$900 Cash via PayNow when you apply for a Trust Instant Loan.
Highlights:
- Low rates, no processing fees
- Flexible repayment
- Fast approval
- Interest Rate of 2.87% is not guaranteed and it’s based on applicants’ credit risk.
- *Note that the rates provided to you are customised and might differ from what is displayed here.
HSBC Personal Loan
| Interest Rate* EIR: From 6.5% | From 3.6% |
| Total Amount Payable | S$11,080 |
| Processing Fee | S$0 |
| Per Month | S$308 |
Highlights:
- You will need a Personal Line of Credit account to apply for Instalment Plan (Personal Loan)
- The current promotional interest rate for HSBC Instalment Plan (Personal Loan) is from 3.6% p.a. (EIR 6.5% p.a.) with no processing fee
- The maximum period for repayment of HSBC personal loan (instalment plan with fixed monthly payment) is 7 years – Unique feature is most banks in Singapore are offering up to 5 years only
- The HSBC Personal Line of Credit Instalment Plan (Personal Loan) has a tenure of 1-7 years.
- A minimum loan size of SGD 10,000 and a tenor of at least 2 years get rewarded with a total cash back of SGD 3,000
- No supporting documents are required for existing HSBC Personal Line of Credit customers
- The minimum annual income for employed Singaporeans/PR to qualify for HSBC Personal Line of Credit is S$30K. For foreigners, the minimum annual income amount is S$10K higher than Singaporeans/PRs – S$40K
- The maximum amount a Singaporean/PR with an annual income of S$30K can obtain with the HSBC personal loan is 4X your monthly income. Individuals earning an annual income of S$120K are able to obtain up to 8X their monthly income
- Foreigners with annual income of at least S$40K can get a credit limit of up to 1X their monthly salary
- The minimum monthly payment for the HSBC Personal Loan is 3% or SGD 15, whichever is higher
- The late payment fee for HSBC Personal Loan is S$75
- There is an annual fee of S$60 every year (first year waived)
- Note that the rates provided to you are customised and might differ from what is displayed here. HSBC is regulated by the Monetary Authority of Singapore.
DBS Eco-aware Renovation Loan
| Interest Rate | From 5.68% |
| Total Amount Payable | S$11,704 |
| Processing Fee (Approved Loan) | S$200 |
| Per Month | S$325 |
Enjoy a preferential rate of 5.68% p.a. when you apply for a DBS Eco-aware Renovation Loan!
Highlights:
- Borrow up to S$30,000
- Flexible Repayments: 1 year to 5 year loan tenure
- Issuance of Cashier’s Order: Maximum of 4 Cashiers Orders
DBS Renovation Loan
| Interest Rate | From 5.88% |
| Total Amount Payable | S$11,764 |
| Processing Fee (Approved Loan) | S$200 |
| Per Month | S$327 |
Highlights:
- Borrow up to S$30,000
- Flexible Repayments: 1 year to 5 year loan tenure
- Issuance of Cashier’s Order: Maximum of 4 Cashiers Orders
GXS FlexiLoan
| Interest Rates* EIR: From 5.65% | From 2.99% |
| Total Amount Payable | S$10,897 |
| Processing Fee | S$0 |
| Per Month | S$303 |
Highlights:
- Apply and get approved in minutes
- No hidden fees (no annual, processing, early repayment or late fees), but late interest is chargeable upon late repayment
- A standby revolving credit line which you can draw multiple loans from, from as low as $200*
- Customisable loan tenure from 2 to 60 months depending on loan amount selected
- Repayment is done in equal monthly instalments
- Ability to choose your preferred repayment date
- Save on interest when you repay early
- Interest is computed on a daily non-compounding basis
- In-app reminders to repay on time and avoid late interest charges
- *Interest rates from 2.99% p.a. (5.65% p.a.). GXS Bank is regulated by the Monetary Authority of Singapore
DBS Personal Loan
| Interest Rate* EIR: From 5.79% | From 2.88% |
| Total Amount Payable | S$10,864 |
| Processing Fee | From 1% of Approved Loan Amount |
| Per Month | S$302 |
Enjoy 2% unlimited cashback plus get up to S$300 eCapitaVouchers when you apply for a loan today!
Highlights:
- Secured application via DBS ibanking account
POSB Personal Loan
| Interest Rate* EIR: From 5.79% | From 2.88% |
| Total Amount Payable | S$10,864 |
| Processing Fee | From 1% of Approved Loan Amount |
| Per Month | S$302 |
Enjoy 2% unlimited cashback plus get up to S$300 eCapitaVouchers when you apply for a loan today!
Highlights:
- Existing POSB/DBS users can apply directly to receive instant cash disbursement to your POSB/DBS account!
- Secure application via DBS ibanking account
In conclusion, finding the best personal loan with low interest rates in Singapore for 2024 requires careful consideration of various factors such as interest rates, loan amounts, repayment terms, and eligibility criteria. By comparing different loan options and understanding your financial needs, you can make a well-informed decision that suits your budget and goals.
Remember to prioritize reputable lenders, transparent terms, and favorable interest rates to ensure a smooth borrowing experience. With the right personal loan, you can achieve your financial objectives while managing your repayments responsibly. Explore the diverse loan offerings available and choose the one that best fits your requirements for a successful borrowing journey in 2024.
Do check out our list of Credit Cards in Singapore and have time to check their services.
Frequently Asked Questions
FAQs
What are personal loans with low interest rates?
How can I qualify for a personal loan with a low interest rate?
What are the benefits of getting a personal loan with a low interest rate?
Are there any drawbacks to consider with low-interest personal loans?
How can I compare different personal loan options with low interest rates?
You might be interested in
Related Lists
The Finest Dental Clinics in Tampines Singapore
We curated the top Dental Clinics in Tampines Singapore. Check out their services and let us know if they serve you the best way possible.
Product Currency: SGD
Product In-Stock: InStock
4.89
