Best Personal Loan in Singapore 2020

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

8x

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.