Best Personal Loans 2022 | Apply for loans in Singapore

Loans | Personal Loans

Personal loans from HSBC, SCB, and Citi have some of the lowest interest rates in Singapore. Are you in desperate need of money but are hesitant to seek family and friends for assistance for fear of unjustified judgments being passed on you? A personal loan may be the solution to your newfound financial troubles. In this blog, we tell you about the best personal loans 2022 in Singapore. 

In reality, if you know how to take advantage of promotional interest rates and deals that banks run from time to time, you may use personal loans to your advantage.

Best Personal Loans 2022

Personal Loan from HSBC

If you’re searching for a loan with a term of one to seven years, the HSBC Personal Loan has the best annual interest rate starting at 3.4 percent per annum (EIR 6.5 percent per annum) for people earning more than S$30,000 per year. The HSBC Personal Lending also has the longest loan term on the market, with payments stretched out over up to seven years. There is no processing cost for individuals who qualify for the processing fee waiver.

Loan amounts range from S$1,000 to 95 percent (for HSBC Premier customers) or 90 percent of your existing credit limit with HSBC Personal Line of Credit. Singaporeans and PRs can apply as long as they have a minimum annual income of S$30,000. Foreigners resident in Singapore will just require a S$40,000 annual income.

Personal Loan from OCBC

When you apply for an OCBC Personal Loan, you can get interest rates as low as 4.7 percent per annum (EIR as low as 9.06 percent per annum). To service your loan over a period of 12 to 60 months, you will need to open an OCBC Credit Card or an OCBC EasiCredit account. The disadvantage of this loan is that there is a one-time processing fee of 1% of the loan amount. So, if you’re looking at a S$20,000 loan, the processing charge will be S$200. To apply for an OCBC Personal loan, you must have a minimum borrowing amount of S$1,000.

Singaporeans and PRs are eligible to apply if they have a minimum yearly income of S$30,000. Foreign residents in Singapore must have a minimum annual income of S$45,000.

Citi Fast Cash Loan

It is one of the best personal loans 2022 in Singapore. The Citi Quick Cash Loan has an interest rate as low as 3.45 percent per annum (EIR from 6.5 percent p.a.). Keep in mind that this rate is only available to new Citibank loan customers. Customers who take out a Citi Quick Cash Loan will not be charged a processing fee. You can also use your Citi Credit Card or Citibank Ready Credit Account to borrow up to 90% of your available credit limit.

To be eligible for a Citi Quick Cash loan, you must have a Citibank Ready Credit or Citi Credit Card account. More terms and conditions are available here. Singaporeans and PRs are eligible to apply if they have a minimum yearly income of S$30,000. Foreign residents in Singapore must have a minimum annual income of S$42,000.

Personal Loan from Standard Chartered

The Standard Chartered CashOne Personal Loan is one of the better solutions on the market, with an interest rate of 3.48 percent per annum (EIR from 6.95 percent per annum). This loan has no processing fees, but Standard Chartered levies an annual fee of S$199 for the first year and S$0 for the second year until the payment tenor expires. The following terms and conditions apply. Furthermore, you can now get quick loan approval and payout – no more waiting three to five working days to collect your money!

Singaporeans and PRs are eligible to apply if they have a minimum yearly income of S$20,000. Foreigners resident in Singapore must earn a minimum of S$60,000 per year.

Personal Loan CIMB CashLite

The CIMB CashLite personal loan has one of the lowest interest rates in Singapore, currently at 3.5 percent per annum (EIR from 6.4 percent p.a.). To take advantage of this low rate, you must be a CIMB new-to-bank customer. In order to facilitate this loan, you will also be granted a CIMB Visa Signature credit card. Enter the discount code CASHLITE in the online application form to apply. If you are an existing CIMB customer, your interest rate will be 4.5 percent per annum (EIR from 8.21 percent per annum). With the CIMB CashLite personal loan, customers can borrow up to 90% of their credit card limit.

Singaporeans and PRs are eligible to apply if they have a minimum yearly income of S$30,000. These were some of the best personal loans 2022 in Singapore that you can apply for.