Key Takeaways
- Trust Instant Loan is a fully digital personal loan offered by Trust Bank Singapore, featuring fast approvals and competitive interest rates.
- The loan comes with no administrative or hidden fees, flexible repayment terms of 3 to 60 months, and transparent repayment details via the Trust Bank app.
- Both locals and foreigners can apply, provided they meet the minimum income requirements.
- Existing customers must hold a Trust credit card, as the loan is linked to the available credit limit.
Trust Bank Singapore has quickly gained traction as a digital-first bank offering simple, transparent, and customer-friendly financial products. One of its most popular offerings is the Trust Instant Loan, an unsecured personal loan designed for borrowers who need fast access to funds with competitive rates and minimal paperwork.
Backed by Standard Chartered Bank and FairPrice Group, Trust Bank combines the credibility of an established global bank with the convenience of a modern digital platform. The Trust Instant Loan stands out for features such as quick approvals, low interest rates, no processing fees, flexible repayment tenures, and eligibility for foreigners living in Singapore.
In this guide, we’ll walk you through everything you need to know about the Trust Instant Loan’s offerings, including features, eligibility, application steps, and pros and cons.
But first, here’s a brief overview of Trust Bank and its offerings.
What Is Trust Bank?
Trust Bank is a digital bank in Singapore formed as a joint venture between Standard Chartered Bank and FairPrice Group. Launched in 2022 to provide simple, accessible banking services, Trust Bank operates primarily through its mobile app, much like other digital banks such as GXS Bank and MariBank.
Unlike other digital-only banks in Singapore, Trust Bank offers access to Standard Chartered ATMs across Singapore, giving customers the convenience of cash withdrawals while maintaining a digital-first experience. Trust Bank holds a full digital banking licence issued by the Monetary Authority of Singapore (MAS) and is fully regulated by MAS, ensuring customer deposits and data are well protected.
Products and offerings by Trust Bank
Trust Bank offers the following financial products:
- Trust savings account offering interest of up to 2.5% p.a. on your first S$1.2M
- Trust Cashback credit card that offers up to 15% cashback on your preferred category and unlimited 1% cashback on other eligible spend, with no foreign transaction fees and exchange rate markups
- Trust Instant Loan, a personal loan with a competitive interest rate as low as 1.56% p.a. (EIR 3% p.a.), flexible tenures and no processing fees
- Balance transfer service that allows you to transfer your existing credit card debt at 0% interest with a one-time fee
- Insurance products, including travel insurance, home insurance, and domestic helper insurance
- TrustInvest platform for mutual funds, US stocks and ETFs investing
Trust Instant Loan Overview
Below is a summary of the key details for the Trust Instant Loan.
| Feature | Details |
| Interest rate | From 1.56% p.a. (EIR 3% p.a.) |
| Fees |
|
| Tenure | 3 to 60 months |
| Loan amount | S$500 (minimum), maximum up to your available Trust Credit Card limit |
| Eligible age | Between 21 and 65 years old |
| Minimum annual income | S$30,000 (Singaporeans and Singapore PRs), S$60,000 (foreigners) |
| Citizenship | Singaporeans, Singapore PRs, foreigners with a valid work pass |
Looking for a personal loan for your needs? Find and compare personal loans from banks and licensed lenders on Personal Loan Finder to find the most suitable option for you.
Key Features of Trust Instant Loan
#1 Fully digital
Trust Instant Loan is entirely digital, with no physical branch visits or paperwork required. From application to disbursement, everything is completed online through the Trust Bank app. You can access your loan details, check repayment schedules, and view account information anytime via your smartphone.
#2 Flexible loan tenure
Borrowers can choose from flexible repayment tenures ranging from 3 to 60 months, allowing them to tailor monthly instalments according to their cash flow. You can borrow from as low as S$500, making it ideal for short-term financing or emergencies.
The maximum loan amount is your Trust credit card limit, less a buffer amount set by Trust Bank for your Trust Credit Card purchases.
#3 Competitive interest rate
The Trust Instant Loan offers a competitive interest rate starting from 1.56% p.a. (EIR 3% p.a.), making it one of the cheapest personal loans in Singapore. However, note that your interest rate depends on factors such as:
- Loan sum
- Loan tenure
- Your personal credit profile and income
- Trust Instant Loan’s promotion at the time of application
#4 Transparent structure
Through the Trust Bank app, you can clearly view:
- Monthly instalment amounts
- Applicable interest rate and effective interest rate (EIR)
- Outstanding loan balance
This helps you stay informed and manage repayments more effectively via careful budgeting.
#5 Quick approval and loan disbursement
One of the biggest advantages of Trust Instant Loan is speed. Trust credit cardholders may receive approved funds in as fast as 60 seconds via the Trust Bank app. Once approved, the loan amount is disbursed directly into your Trust savings account.
#6 No administrative or hidden fees
Trust Instant Loan comes with no administrative fees or hidden charges, which helps reduce upfront costs. However, as the loan instalment is charged to your Trust credit card, you should note that a S$100 late payment charge will apply for missed payments.
Moreover, an early repayment fee of 3% on the outstanding principal amount will apply for early repayments.
Trust Instant Loan Eligibility
To qualify for a Trust Instant Loan, you must also meet the following criteria:
- Age: 21 to 65 years old
- Minimum annual income: S$30,000 for Singaporeans and PRs, S$60,000 for foreigners
- For existing customers: Must hold a Trust Credit Card with sufficient available credit limit
- For new customers: Must apply for a Trust Credit Card as part of the loan application
Eligibility is assessed based on income, credit profile, and available credit limit.
How to Apply for a Trust Instant Loan?
Applying for a Trust Instant Loan is straightforward and easily done via the Trust Bank app.
Steps to apply:
- Download the Trust Bank App from the Google Play or App Store
- Tap on Instant Loan in the product selection
- Enter your referral code or use the Trust referral code
- Select your borrowing amount and loan tenure to view the monthly repayment, total payable, and interest rate
- Submit your application with Myinfo via Singpass
- If you’re an existing customer, go to Money > Loan to apply
Do I Need to Apply for a Trust Credit Card to Get a Trust Instant Loan?
Yes, as part of your Trust Instant Loan application, you’ll also apply for a Trust Credit Card and a savings account.
Once approved, Trust Bank will convert a portion of your available Trust Credit Card limit into cash, which will be deposited directly into your Trust savings account.
The entire application process is completed online and typically takes less than three minutes, making it supremely convenient for both new and existing customers.
Will I Be Charged for Early Repayment for My Trust Instant Loan?
Yes. While Trust Instant Loan doesn’t charge any hidden or processing fees, there is a 3% early repayment fee on the outstanding principal amount if you choose to repay your loan early.
If avoiding early repayment fees is important to you, you’ll be happy to know that other financial institutions in Singapore offer instant loans with no early repayment penalties. You may compare such loan options for free on PLF, where some lenders do not charge early repayment fees. Our partner lenders’ loans do not carry early repayment charges either. Apply anytime you’re ready or contact us to find out more.
Pros and Cons of Trust Instant Loan
Pros
- Competitive interest rates
- Fast approval and near-instant cash disbursement
- Transparent fee structure
- No administrative or hidden charges
- Reasonable annual income requirement
- Open to foreigners living and working in Singapore
Cons
- 3% early repayment fee applies
- Requires a Trust Credit Card and savings account
- The terms and conditions of your loan package — such as interest rate, monthly instalment, and total repayment amount— will depend on your salary, credit profile, and credit limit. What you see on the loan calculator may not be what you’ll get
Conclusion
The Trust Instant Loan is a noteworthy option for borrowers seeking fast, digital access to funds with competitive rates and transparent terms. Backed by Standard Chartered Bank and FairPrice Group, the loan offers quick approvals, flexible tenures, and no processing fees, making it appealing to both locals and foreigners.
However, the early repayment fee and requirement to hold a Trust Credit Card and savings account may not suit everyone. As with any financial decision, it’s wise to compare multiple loan options before committing. For instance, compare the Trust Instant Loan with the GXS FlexiLoan before deciding on the option that best suits your needs.
Keen to explore non-obligatory loan offers from licensed lenders? Apply now to get your hands on the complimentary loan quotes. Otherwise, personal loans from major banks in Singapore are available for your consideration, too.
