Best Personal Loans 2022 | Personal Loans in Singapore 2022

Loans | Personal Loans
by Priyadarshini 25 July 2022

Are you in desperate need of money but are afraid to ask family and friends for assistance? A personal loan may be the solution to your newfound financial difficulties, whether they are the result of an emergency or poor cash flow management. Read this blog to know about the best personal loans 2022 in Singapore.

Best Personal Loans 2022 in Singapore

HSBC Personal Loan

If you’re looking for a loan with a term of one to seven years, the HSBC Personal Loan has the best annual interest rate starting at 3.2 percent per annum (EIR 6.0 percent per annum) for those earning more than S$30,000 per year. The HSBC Personal Loan also has the longest loan term on the market, with payments spread over seven years. There is no processing fee for those 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 with a minimum annual income of S$30,000 are eligible to apply. Foreigners residing in Singapore will only require a S$40,000 annual income.

DBS/POSB Personal Loan

DBS/POSB provides a relatively low personal loan interest rate of 2.88 percent per annum (EIR of 5.79 percent per annum) with a processing fee of 1% of the approved loan amount. For those looking for a small loan, the DBS Personal Loan or POSB Personal Loan has a S$500 minimum loan amount.

Existing DBS/POSB customers can apply through SingSaver and receive instant approval and loan disbursement. A personal loan from DBS/POSB is also an option for those with a lower income. While most banks require a minimum annual income of S$30,000 to apply, those with an annual income of S$20,000 to S$30,000 may be eligible for the DBS/POSB loan, albeit at a higher annual interest rate and processing fee. On the other end of the income spectrum, if your annual income is S$120,000 or higher, you can borrow up to 10 times your monthly income.

Standard Chartered CashOne Personal Loan

The Standard Chartered CashOne Personal Loan is one of the best options 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 charges an annual fee of S$199 for the first year and S$0 for the second year until the installment tenor expires. There are some restrictions.

Furthermore, you can now get instant loan approval and disbursement. Singaporeans and PRs with a minimum annual income of S$20,000 are eligible to apply. Foreign residents in Singapore must earn at least S$60,000 per year.

UOB Personal Loan

The UOB Personal Loan is a convenient, affordable, and flexible personal installment loan with a minimum loan amount of S$1,000 and a maximum loan quantum of up to 95 percent of the available credit limit on your UOB credit card. It is also reasonably priced, with EIR starting at 6.22 percent per annum and a flat interest rate of 3.40 percent per annum regardless of the loan tenure.

If you apply through UOB’s website using MyInfo, you will receive instant approval. However, you must already be a UOB credit card or CashPlus customer. Loan terms range from one to five years. Singaporeans and PRs with a minimum annual income of S$30,000 are eligible to apply.

CIMB CashLite Personal Loan – Best Personal Loans 2022 in Singapore

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 new CIMB customer. To facilitate this loan, you will also be issued a CIMB Visa Signature credit card. Enter the promo 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 with a minimum annual income of S$30,000 are eligible to apply.

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