We have hand-picked the best personal loans based on interest rates, loan amounts, and other features. Here are the 5 best personal loans in Singapore. But first, what is a personal loan?
What is a Personal Loan?
A personal loan is a type of loan that is unsecured. This means that you do not need to provide any collateral, such as your home or car, to secure the loan.
How Can Personal Loan Help?
A personal loan is a great way to make your big purchases and consolidate high-interest debts. Because these loans typically have lower rates than credit cards, you can use them in place of multiple payments on different accounts at once!
Personal loans are typically used to finance things such as a home renovation, a wedding, or a holiday. You can also use this to build your credit score.
1. HSBC Personal Loan
HSBC’s personal loans are some of the most competitive and lowest-interest rates around. HSBC is the only lender that offers 7-year loans. The interest rates are lower, so you can afford to pay more every month and still have plenty left over for saving or investing in your future!
HSBC provides a quick and easy approval process, with one minute in-principle approvals for loans under $100K. You can receive your cash as soon as tomorrow!
For eligibility & requirements, and how to apply, check here.
2. Standard Chartered CashOne Personal Loan
Standard Chartered CashOne Personal Loan is giving people up to S$2,400 cashback when they take out a loan. If you’re approved for a loan, the money will be deposited into your bank account within minutes.
For eligibility & requirements, and how to apply, check here.
3. UOB Personal Loan
The UOB Personal Loan is a personal installment loan that is affordable, convenient, and flexible. You can loan anywhere from S$1,000 to 95% of your credit card’s credit limit. Apply using MyInfo on UOB’s website for instant approval. To be approved, your annual income should be at least S$30,000.
For eligibility & requirements, and how to apply, check here.
4. CIMB CashLite Personal Loan
With a rate of 3.5% p.a., CIMB CashLite personal loan has one of the lowest rates on the island. To get approved, you have to be CIMB’s new-to-bank customer. You will also be given a CIMB Visa Signature credit card to help with this loan.
On the other hand, if you already have an existing account, you can loan up to 90% of your credit card limit.
For eligibility & requirements, and how to apply, check here.
5. POSB/DBS Personal Loan
Compared to other banks, POSB/DBS Personal Loan has a processing fee of 1% of the approved loan amount. If you only need around S$500, you can choose between POSB Personal Loan or DBS Personal Loan.
And if you’re an existing user, you can get instant approval with SingSaver. POSB/DBS Personal Loan is great if your annual income is between S$20,000 to S$30,000. On the other hand, if your annual income is S$120,000 and above, you can borrow as much as 10 times your current monthly income!
For eligibility & requirements, and how to apply, check here.
Closing
Personal loan interest rates and packages are very dynamic. It can vary depending on the bank, licensed moneylender, or financial institution that you’re borrowing from. Lastly, your monthly repayments and fees will depend on your loan tenure and loan amount.
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