Looking for a Personal Loan? You’ve landed at the right place
Get the best personal loan by talking to our personal loan experts.
HOW MUCH CAN I BORROW?
Borrow Up To
4x
Your Monthly Salary
Credit Of
$199
And Up To
$1,088
Cashback
Are you eligible for a personal loan in Singapore?
Here is what you need
- You must be between 21 and 65 years
- If you’re a Singapore citizen, your minimum annual income should be $20,000. If you’re a foreigner, your minimum annual income should be $40,000
- Foreigners must be holders of P1, P2 or Q type Singapore Employment Passes Q Pass holders must have minimum 1-year validity remaining on their passes
Personal Loan Interest Rate Types
In Singapore, banks often depict interest rate types for personal loans. What does these multiple interest rates mean?
Advertised Interest Rate
Advertised Interest Rate for personal loan is the annual interest rate. For example, if a bank’s personal loan has an advertised interest rate of 3.88% p.a, it doesn’t show you the complete picture like admin fee and processing fee which may cost you significantly.
Effective Interest Rate (EIR)
In Singapore, it’s mandatory to show the effective interest rate, or EIR, next to the advertised rate. This takes into account processing and other fees, as well as the details of your repayment schedule. In short, EIR shows you the “true” interest rate of the personal loan.
0% Interest Personal Loans
Sounds crazy right? However, time-to-time some banks in Singapore offer 0% interest rates on personal loans as promotion offers. But there’s a catch. The processing fee on these loans are extremely high and are charged when the loan is approved.
We have helped over 3,524 Singaporeans choose the best personal loan option
