Personal Loans in Singapore with Lowest Interest Rates
Loans | Personal Loansby Priyadarshini 3 June 2023
If you need money right away but don’t have the option to borrow from family and friends, a personal loan is probably your best bet. A personal loan allows you to borrow money from a bank or financial institution. And you can repay it in fixed installments over a set period of time. However, you need to meet a minimum income requirement, and the bank will conduct a credit check. In this blog, we tell you about personal loans in Singapore with the lowest interest rates.
Obtaining a personal loan rather than a moneylender is generally much cheaper and safer. Here is a list of the loans in Singapore with the lowest interest rates right now.
Personal Loans Singapore
Citibank Quick Cash
Citibank Quick Cash is available to customers with Citibank Ready Credit or Citi credit cardholders. The idea is that the bank converts your existing credit limit into cash. This eliminates the need for you to submit income documentation or appear in person to sign a contract. You can simply log into the Citi Mobile App, enter the amount of money you require, and the funds will be available immediately.
Singapore citizens and permanent residents aged 21 to 65 years with a minimum annual income of $30,000 are eligible for the loan. However, you do not need to be concerned about these requirements. This is because, as an existing customer, you have already been vetted by Citibank.
Standard Chartered CashOne
Singapore Citizens, PRs, and foreigners with a Singapore Employment Pass aged 21 to 65 are eligible for a Standard Chartered CashOne personal loan. PRs and Singaporeans must have a minimum annual income of $20,000. While foreigners must have a minimum annual income of $60,000. You can apply for this personal loan online and have it disbursed in 15 minutes. This personal loan does not require you to be a current Standard Chartered customer. So, it’s quick, but is it also inexpensive?
The initial fee for Standard Chartered is $199. You will not have to pay any processing fees after the second year unless you miss any installments. And in that case, you will be charged $50 for that year. Because of the $199 fee, CashOne is more appealing if you need a large loan. A $10,000 loan would entail paying a fee equal to 1.99% of the principal amount. The interest rate stands at 3.48% with an EIR of 6.95% or higher. In reality, interest rates vary from individual to individual, so yours may differ from this example.
HSBC Personal Loan
Singaporeans and PRs with an annual income of $30,000 or more are eligible for HSBC’s personal loan. If you qualify, HSBC currently has some of the most competitive interest rates available. The bank is currently advertising promotional interest rates beginning at 3.4%, resulting in an EIR of 6.5% and no processing fees. However, keep in mind that actual interest rates will vary from person to person. In reality, depending on the bank’s assessment of you, you’ll be offered a rate ranging from 3.4% (EIR 6.5%) to 8.2% (EIR 14%). There are loan terms ranging from one to seven years.
Review – HSBC Personal Loan
DBS Personal Loan
DBS’s personal loan is only available to current DBS customers. If you already have a DBS Cashline or a DBS credit card, or if your salary is currently credited to a DBS or POSB account, you can get the cash disbursed immediately. Singaporeans and PRs, as well as foreigners with DBS Cashline or credit card accounts, are eligible for the loan. You must be between the ages of 21 and 75 years and have a minimum annual income of $20,000. This is one of the lowest income requirements among banks. The DBS personal loan has interest rates as low as 3.88%. There is a 1% processing fee, which brings the lowest possible EIR to 7.56%. Loan terms range from one to five years.
Other Personal Loans:
With these choices of personal loans in Singapore you can have financial support in times of need easily. To read more about loans head to the blog section.