Personal loans

A personal loan provides an affordable and predictable option to finance anything from a new or used car, home renovations, to a wedding. They can also help get your debt under control by consolidating multiple debts into one. Compare low rate loans with a variety of tenures to suit you.

By   |   Verified by Kwok Zhong Li   |   Updated 26th April 2020

Comparing personal loans for $10,000.00 over 36 months

Standard Chartered CashOne

On Standard Chartered's website

Standard Chartered CashOne

Interest rate

3.88%

Effective interest rate

8.27%

Repayment period

3 years

Application fee

$0.00

Monthly repayment

$294.71

Total repayment

$10,609.56

Highlights

  • Now with lower interest rates from 3.88% p.a.
  • Enjoy 50% off on your first month's monthly instalment (when loan amount is above S$15K to be repaid over 4 to 5 years tenure)
  • Loan up to 4 times your monthly income
  • Repayment period up to 5 years

Bank promo

  • Receive S$20 Cashback upon loan approval when you successfully apply using MyInfo via Finty.
OCBC Cash-on-Instalments

On OCBC's website

OCBC Cash-on-Instalments

Interest rate

4.70%

Effective interest rate

9.46%

Repayment period

3 years

Application fee

$100.00

Monthly repayment

$316.94

Total repayment

$11,409.84

Highlights

  • Enjoy extra cash from interest rates as low as EIR 4.70% p.a. (EIR 9.06% p.a.).
  • Manage your finances with fixed repayment with period ranging from 1 to 5 years.
Personal Loan on Ready Credit

On Citi's website

Personal Loan on Ready Credit

Interest rate

4.55%

Effective interest rate

8.50%

Repayment period

3 years

Application fee

$0.00

Monthly repayment

$297.69

Total repayment

$10,716.84

Highlights

  • 1 hour approval. Get your cash the next day.
  • Choose fixed repayment amount options with periods from 1 year to 5 years.
HSBC Risk Based Pricing Personal Loan

On HSBC's website

HSBC Risk Based Pricing Personal Loan

Interest rate

From 3.70% (personalised)

Effective interest rate

From 7.00% (personalised)

Repayment period

3 years

Application fee

$0.00

Monthly repayment

$293.91

Total repayment

$10,580.76

Highlights

  • 1-minute approval in-principle. Get your cash the next day!
  • Get a customised loan rate that fits your credit score instead of a fixed rate*.
  • A credit limit that replenishes as you pay your debt.
  • Achieve your dream with high maximum loan amount up to 8 times your monthly income or up to SGD200,000.

* Note that the rates provided to you are customized and might differ from what’s displayed here .

Bank promo

  • Receive SGD108 cashback and $0 processing fee (terms and conditions apply).

Learn about personal loans

Find out how to compare personal loans and choose the best one for you.

  • FAQs

Are there any extra benefits attached to taking out a personal loan?

Yes. From time to time both Finty and individual lenders may offer special benefits to successful loan applicants, such as an upfront cash rebate into your bank account, or bonus air miles deposited into your air miles account. Check individual loan offers for details.

Are there any other fees payable on a personal loan account?

In addition to interest charges and possibly an application fee, you also need to be aware of the following possible fees:

  • Late payment fee
  • Additional interest on late payments
  • Fee for paying out the loan earlier than the agreed time
  • Loan restructuring fee (if you need to change any of the agreed terms of your loan).

To find out what fees are applicable, check the Terms and Conditions for the loan you are interested in.

How can I manage my personal loan account, including checking the balance and repayments?

You can view your loan balance and transaction details via the bank’s online banking system and mobile banking app.

How do I make the monthly repayments against my personal loan?

You can usually repayments via the bank’s online banking system or mobile banking app, funds transfer, or a deposit over the counter or at an ATM. Some banks may accept deposits via AXS and GIRO.

How long will it take for my loan application to be approved?

Some lenders offer instant approval to SingPass holders applying with MyInfo. Other banks say they will give conditional approval in up to one hour, and deposit your cash the next day when all required documents have been submitted.

How much can I borrow?

Depending on the lender and your credit history, you may be able to borrow up to four, five, six, seven or even eight times your monthly income.

How often will I have to make repayments against my personal loan?

You will be required to make monthly repayments.

I’m not a citizen of Singapore. Can I still apply for a personal loan?

Yes. Most lenders accept applications from permanent residents and foreigners. Foreigners may have to meet stricter eligibility requirements, such as more forms of identification and a higher annual income.

Is there an application processing fee payable when applying for a personal loan?

Some loans have no application fee, while others have a fee (e.g. $200) payable only if the application is successful and the loan is approved. In the latter case, the fee is usually deducted from the loan amount before the cash is deposited into your nominated bank account. You can find out if there is a fee by checking the Terms and Conditions for the loan you are interested in.

My income is derived from sources other than a monthly salary from an employer. Can I still apply for a personal loan?

Usually, yes. Most lenders will accept applications from self-employed people, or from people whose income is based on commissions, but may require extra supporting documentation.

What are the eligibility requirements for a personal loan?

Eligibility requirements may vary depending on the bank, the type of loan and the amount to be borrowed, but the typical basic requirements are:

  • Be at least 21 years old
  • If a Singaporean, earn an annual income of at least $20,000 or $30,000, depending on the lender
  • If a foreigner, earn a higher annual income (e.g.$45,000 or $60,000)

What is a cash-on-instalments or fixed repayments personal loan?

A cash-on-instalments personal or fixed repayments loan provides you with your loan amount upfront in cash, deposited to your nominated bank account. You then repay the loan amount plus interest in equal fixed monthly instalments over the agreed repayment period (the loan tenure or loan tenor). In some cases the loan balance may be recorded as a balance owing on a credit card, so that when you make loan instalment repayments you free up some of the card’s credit limit so that it is available for making purchases.

What is the loan repayment period?

Some loans may specify a fixed repayment period (e.g. five years) but in other cases you will be able to choose the repayment period (loan tenure or loan tenor), with options from one year to five years or possibly longer.

What kind of personal loans are available via Finty?

Fifty can help you to apply for a personal loan from major banks operating in Singapore, banks like OCBC, Citibank, HSBC and Standard Chartered. There’s a variety of repayment periods (typically between one and five years, but possibly longer), loan amounts (possibly up to eight times your monthly income) and interest rates. Many loans feature fast approval, and other benefits may include cashback or bonus air miles.

What supporting documents will I need when applying for a personal loan?

Typically, you will need:

  • Identification documents — NRIC for Singaporeans and permanent residents, passport plus Employment Pass or Student Pass for foreigners
  • Income documents — latest electronic payslips OR CPF contribution history for last six or 12 months (possibly longer for self-employed or commission-based earners) OR latest income tax statement (possibly last two years for self-employed or commission-based earners)
  • At least one other official document showing your residential address — e.g. utility bill, bank credit card statement, rental agreement, government document such as from IRAS, CPF, ICA

Our partners

Partner - American Express
Partner - Citi
Partner - HSBC
Partner - Maybank
Partner - OCBC
Partner - Standard Chartered