Personal Loans in 2023 | Best Personal Loan 2023 Singapore

Education Loans | Personal Loans

In this blog, we tell you about the best personal loans in 2023 in Singapore.

Standard Chartered Cash One

The Standard Chartered CashOne Personal Loan is one of the best options on the market, with an interest rate of 3.48% p.a. (EIR from 6.95% p.a.). 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 – no more waiting three to five working days to get your money! 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.

HSBC Personal Loan 2023 in Singapore 

For those earning more than S$30,000 per year and looking for a loan term of one to seven years, the HSBC Personal Loan offers the best annual interest rate of 4% p.a. (EIR 7.5% p.a.). The HSBC Personal Loan also has the longest loan term on the market, with payments spread out over up to seven years. There is no processing fee for those who qualify for the processing fee waiver.

Loan amounts range from S$1,000 to S$95,000 (HSBC Premier customers) or 90% 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

DBS/POSB offers personal loans with interest rates starting at 2.88% per annum (EIR starting at 5.79% per annum) and a processing fee of 1% of the approved loan amount. For those looking for a small loan amount, the DBS Personal Loan or POSB Personal Loan has a S$500 minimum loan amount.

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.

CIMB CashLite Personal Loan 2023 in Singapore 

The CIMB CashLite personal loan currently has one of the lowest rates in Singapore, at 3.5% p.a. (EIR from 6.4% 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% p.a. (EIR from 8.21% p.a.). 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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