Best Personal Loans with Low Interest Rates in Singapore for 2024

Best Personal Loans with Low Interest Rates in Singapore for 2024

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. 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

Best Personal Loans with Low Interest Rates in Singapore for 2024

1

UOB Personal Loan

Interest Rate*
EIR: From 5.43%
From 2.88%
Total Amount PayableS$10,864
Processing Fee0%
Per MonthS$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.
2

Standard Chartered CashOne

Interest Rate*
EIR: From 5.84%
From 2.88%
Total Amount PayableS$10,864
Processing FeeS$0
Per MonthS$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.
3

CIMB Personal Loan

Interest Rate
EIR: 6.38%
3.38%
Total Amount PayableS$11,014
Processing FeeS$0
Per MonthS$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
4

Trust Instant Loan

Moneysmart Exclusive
Interest Rate*
EIR: From 5.41%
From 2.87%
Total Amount PayableS$10,861
Processing FeeS$0
Per MonthS$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.
5

HSBC Personal Loan

Interest Rate*
EIR: From 6.5%
From 3.6%
Total Amount PayableS$11,080
Processing FeeS$0
Per MonthS$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.
Best Personal Loans with Low Interest Rates in Singapore for 2024
6

DBS Eco-aware Renovation Loan

Interest RateFrom 5.68%
Total Amount PayableS$11,704
Processing Fee (Approved Loan)S$200
Per MonthS$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
7

DBS Renovation Loan

Interest RateFrom 5.88%
Total Amount PayableS$11,764
Processing Fee (Approved Loan)S$200
Per MonthS$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
8

GXS FlexiLoan

Interest Rates*
EIR: From 5.65%
From 2.99%
Total Amount PayableS$10,897
Processing FeeS$0
Per MonthS$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
9

DBS Personal Loan

Interest Rate*
EIR: From 5.79%
From 2.88%
Total Amount PayableS$10,864
Processing FeeFrom 1% of Approved Loan Amount
Per MonthS$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
10

POSB Personal Loan

Interest Rate*
EIR: From 5.79%
From 2.88%
Total Amount PayableS$10,864
Processing FeeFrom 1% of Approved Loan Amount
Per MonthS$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?

Personal loans with low interest rates are financial products offered by banks and financial institutions in Singapore that allow individuals to borrow money at a lower cost compared to other types of loans. These loans typically come with competitive interest rates and flexible repayment terms.

How can I qualify for a personal loan with a low interest rate?

To qualify for a personal loan with a low interest rate, you generally need to have a good credit score, stable income, and a low debt-to-income ratio. Lenders assess your creditworthiness based on these factors before determining the interest rate you qualify for.

What are the benefits of getting a personal loan with a low interest rate?

The main benefits of getting a personal loan with a low interest rate include lower overall borrowing costs, affordable monthly payments, and the ability to save money on interest charges over the loan term. It can also be a cost-effective way to finance major expenses or consolidate high-interest debts.

Are there any drawbacks to consider with low-interest personal loans?

While low-interest personal loans offer advantages, there are also potential drawbacks to consider. These may include stricter eligibility criteria, limited loan amounts, and shorter repayment periods. It’s important to carefully review the terms and conditions of the loan before applying.

How can I compare different personal loan options with low interest rates?

To compare different personal loan options with low interest rates, consider factors such as the interest rate offered, loan amount, repayment terms, fees and charges, eligibility requirements, and customer reviews. Use online loan comparison tools and consult with financial experts for guidance.

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