Best Personal Loans in Singapore

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Standard_Chartered

Standard Chartered CashOne Personal Loan

Annual Interest Rate

2.88%

Processing Fees

S$199

Monthly Repayment

S$ 0

  • Get cash disbursed to any existing bank account of your choice within 15 minutes
  • Up to 5 years loan tenure
  • Min. loan amount of S$1,000
  • Max. loan amount of up to 4X monthly salary, capped at S$250,000
Eligibility:
  • Aged 21 – 65 years old
  • Min. annual income of S$20,000 (Singaporeans & PRs)
  • Min. annual income of S60,000 (Foreigners)
Fees:
  • First year annual fee: S$199 (deducted from the approved loan amount)
  • From second year until the expiry of the instalment tenure: S$0 (S$50 will be charged annually if any minimum payment due amounts are not paid on or before the due dates for the preceding 12 consecutive calendar months)
  • Early repayment fee: S$150 or 3% of the outstanding principal, whichever is higher
  • Change of tenure fee: S$50 per change, subject to bank’s approval
  • Late payment fee: S$100

  • Get cash disbursed to any existing bank account of your choice within 15 minutes
  • Up to 5 years loan tenure
  • Min. loan amount of S$1,000
  • Max. loan amount of up to 4X monthly salary, capped at S$250,000

Eligibility:
  • Aged 21 – 65 years old
  • Min. annual income of S$20,000 (Singaporeans & PRs)
  • Min. annual income of S60,000 (Foreigners)
Fees:
  • First year annual fee: S$199 (deducted from the approved loan amount)
  • From second year until the expiry of the instalment tenure: S$0 (S$50 will be charged annually if any minimum payment due amounts are not paid on or before the due dates for the preceding 12 consecutive calendar months)
  • Early repayment fee: S$150 or 3% of the outstanding principal, whichever is higher
  • Change of tenure fee: S$50 per change, subject to bank’s approval
  • Late payment fee: S$100

Standard_Chartered

Standard Chartered CashOne Personal Loan

Annual Interest Rate

2.88%

Processing Fees

S$199

Monthly Repayment

S$ 0

  • Get cash disbursed to any existing bank account of your choice within 15 minutes
  • Up to 5 years loan tenure
  • Min. loan amount of S$1,000
  • Max. loan amount of up to 4X monthly salary, capped at S$250,000
Eligibility:
  • Aged 21 – 65 years old
  • Min. annual income of S$20,000 (Singaporeans & PRs)
  • Min. annual income of S60,000 (Foreigners)
Fees:
  • First year annual fee: S$199 (deducted from the approved loan amount)
  • From second year until the expiry of the instalment tenure: S$0 (S$50 will be charged annually if any minimum payment due amounts are not paid on or before the due dates for the preceding 12 consecutive calendar months)
  • Early repayment fee: S$150 or 3% of the outstanding principal, whichever is higher
  • Change of tenure fee: S$50 per change, subject to bank’s approval
  • Late payment fee: S$100

  • Get cash disbursed to any existing bank account of your choice within 15 minutes
  • Up to 5 years loan tenure
  • Min. loan amount of S$1,000
  • Max. loan amount of up to 4X monthly salary, capped at S$250,000

Eligibility:
  • Aged 21 – 65 years old
  • Min. annual income of S$20,000 (Singaporeans & PRs)
  • Min. annual income of S60,000 (Foreigners)
Fees:
  • First year annual fee: S$199 (deducted from the approved loan amount)
  • From second year until the expiry of the instalment tenure: S$0 (S$50 will be charged annually if any minimum payment due amounts are not paid on or before the due dates for the preceding 12 consecutive calendar months)
  • Early repayment fee: S$150 or 3% of the outstanding principal, whichever is higher
  • Change of tenure fee: S$50 per change, subject to bank’s approval
  • Late payment fee: S$100

hsbc-logo

HSBC Instalment Plan (Personal Loan)

Annual Interest Rate

2.92%

Processing Fees

0

Monthly Repayment

S$ 0

  • You’ll need a Personal Line of Credit account to apply for Instalment Plan (Personal Loan)
  • Reinstatement of available credit limit upon monthly repayment
  • Up to 7 years loan tenure
  • Min. loan amount of S$1,000
  • Max. loan amount is equal to 90/95% of approved credit limit at time of application, capped at S$200,000
Eligibility:
  • Aged 21 – 65 years old
  • Min. annual income of S$30,000 (Singaporeans & PRs)
  • Min. annual income of S40,000 (Foreigners)
Fees:
  • Annual fee for Personal Line of Credit account: S$120 (first year waived)
  • Processing fee: 1% of approved loan amount, subject to a minimum of S$88 (waived with current promotion)
  • Early repayment fee: 2.5% of the redemption amount (partial or full redemption)
  • Late payment fee: S$120

  • You’ll need a Personal Line of Credit account to apply for Instalment Plan (Personal Loan)
  • Reinstatement of available credit limit upon monthly repayment
  • Up to 7 years loan tenure
  • Min. loan amount of S$1,000
  • Max. loan amount is equal to 90/95% of approved credit limit at time of application, capped at S$200,000

Eligibility:
  • Aged 21 – 65 years old
  • Min. annual income of S$30,000 (Singaporeans & PRs)
  • Min. annual income of S40,000 (Foreigners)
Fees:
  • Annual fee for Personal Line of Credit account: S$120 (first year waived)
  • Processing fee: 1% of approved loan amount, subject to a minimum of S$88 (waived with current promotion)
  • Early repayment fee: 2.5% of the redemption amount (partial or full redemption)
  • Late payment fee: S$120

hsbc-logo

HSBC Instalment Plan (Personal Loan)

Annual Interest Rate

2.92%

Processing Fees

0

Monthly Repayment

S$ 0

  • You’ll need a Personal Line of Credit account to apply for Instalment Plan (Personal Loan)
  • Reinstatement of available credit limit upon monthly repayment
  • Up to 7 years loan tenure
  • Min. loan amount of S$1,000
  • Max. loan amount is equal to 90/95% of approved credit limit at time of application, capped at S$200,000
Eligibility:
  • Aged 21 – 65 years old
  • Min. annual income of S$30,000 (Singaporeans & PRs)
  • Min. annual income of S40,000 (Foreigners)
Fees:
  • Annual fee for Personal Line of Credit account: S$120 (first year waived)
  • Processing fee: 1% of approved loan amount, subject to a minimum of S$88 (waived with current promotion)
  • Early repayment fee: 2.5% of the redemption amount (partial or full redemption)
  • Late payment fee: S$120

  • You’ll need a Personal Line of Credit account to apply for Instalment Plan (Personal Loan)
  • Reinstatement of available credit limit upon monthly repayment
  • Up to 7 years loan tenure
  • Min. loan amount of S$1,000
  • Max. loan amount is equal to 90/95% of approved credit limit at time of application, capped at S$200,000

Eligibility:
  • Aged 21 – 65 years old
  • Min. annual income of S$30,000 (Singaporeans & PRs)
  • Min. annual income of S40,000 (Foreigners)
Fees:
  • Annual fee for Personal Line of Credit account: S$120 (first year waived)
  • Processing fee: 1% of approved loan amount, subject to a minimum of S$88 (waived with current promotion)
  • Early repayment fee: 2.5% of the redemption amount (partial or full redemption)
  • Late payment fee: S$120

citi_logo

Citi Quick Cash

Annual Interest Rate

3.45%

Processing Fees

0

Monthly Repayment

S$ 0

  • No processing fees
  • Up to 5 years loan tenure
  • Min. loan amount of S$1,000
  • Max. loan amount of up to 8X monthly salary, subject to bank’s approval
  • You’ll need Citibank Ready Credit or a Citi Credit Card in order to get Citi Quick Cash
Eligibility:
  • Aged 21 and above
  • Min. annual income of S$30,000 (Singaporeans & PRs)
  • Min. annual income of S42,000 (Foreigners)
Fees:
  • Processing fee: S$0
  • Early repayment fee: N/A (Citi Quick Cash cannot be pre-paid partially)
  • Cancellation fee: 3% of unbilled outstanding principal amount or S$100, whichever is higher

  • No processing fees
  • Up to 5 years loan tenure
  • Min. loan amount of S$1,000
  • Max. loan amount of up to 8X monthly salary, subject to bank’s approval
  • You’ll need Citibank Ready Credit or a Citi Credit Card in order to get Citi Quick Cash

Eligibility:
  • Aged 21 and above
  • Min. annual income of S$30,000 (Singaporeans & PRs)
  • Min. annual income of S42,000 (Foreigners)
Fees:
  • Processing fee: S$0
  • Early repayment fee: N/A (Citi Quick Cash cannot be pre-paid partially)
  • Cancellation fee: 3% of unbilled outstanding principal amount or S$100, whichever is higher

citi_logo

Citi Quick Cash

Annual Interest Rate

3.45%

Processing Fees

0

Monthly Repayment

S$ 0

  • No processing fees
  • Up to 5 years loan tenure
  • Min. loan amount of S$1,000
  • Max. loan amount of up to 8X monthly salary, subject to bank’s approval
  • You’ll need Citibank Ready Credit or a Citi Credit Card in order to get Citi Quick Cash
Eligibility:
  • Aged 21 and above
  • Min. annual income of S$30,000 (Singaporeans & PRs)
  • Min. annual income of S42,000 (Foreigners)
Fees:
  • Processing fee: S$0
  • Early repayment fee: N/A (Citi Quick Cash cannot be pre-paid partially)
  • Cancellation fee: 3% of unbilled outstanding principal amount or S$100, whichever is higher

  • No processing fees
  • Up to 5 years loan tenure
  • Min. loan amount of S$1,000
  • Max. loan amount of up to 8X monthly salary, subject to bank’s approval
  • You’ll need Citibank Ready Credit or a Citi Credit Card in order to get Citi Quick Cash

Eligibility:
  • Aged 21 and above
  • Min. annual income of S$30,000 (Singaporeans & PRs)
  • Min. annual income of S42,000 (Foreigners)
Fees:
  • Processing fee: S$0
  • Early repayment fee: N/A (Citi Quick Cash cannot be pre-paid partially)
  • Cancellation fee: 3% of unbilled outstanding principal amount or S$100, whichever is higher

UOB_Logo

UOB Personal Loan

Annual Interest Rate

2.88%

Processing Fees

0

Monthly Repayment

S$ 0

  • Instant approval and cash disbursement for online applications submitted from 8am to 9pm, terms and conditions apply
  • Reinstatement of available credit limit upon monthly repayment
  • No processing fees
  • Up to 5 years loan tenure
  • Only available to Singaporeans & PRs
  • Min. loan amount of S$1,000
  • Max. loan amount of up to 95% of the available credit limit of your UOB Credit Card account
Eligibility:
  • Aged 21 – 65 years old
  • Min. annual income of S$30,000 (Singaporeans & PRs)
  • Existing UOB Credit Card/Cash Plus customer
Fees:
  • Processing fee: S$0
  • Early repayment fee: N/A (partial prepayment of loan is not allowed)
  • Change fee: N/A (restructuring of loan is not allowed)
  • Cancellation fee: 3% of the outstanding approved loan amount or S$150, whichever is higher

  • Instant approval and cash disbursement for online applications submitted from 8am to 9pm, terms and conditions apply
  • Reinstatement of available credit limit upon monthly repayment
  • No processing fees
  • Up to 5 years loan tenure
  • Only available to Singaporeans & PRs
  • Min. loan amount of S$1,000
  • Max. loan amount of up to 95% of the available credit limit of your UOB Credit Card account

Eligibility:
  • Aged 21 – 65 years old
  • Min. annual income of S$30,000 (Singaporeans & PRs)
  • Existing UOB Credit Card/Cash Plus customer
Fees:
  • Processing fee: S$0
  • Early repayment fee: N/A (partial prepayment of loan is not allowed)
  • Change fee: N/A (restructuring of loan is not allowed)
  • Cancellation fee: 3% of the outstanding approved loan amount or S$150, whichever is higher

UOB_Logo

UOB Personal Loan

Annual Interest Rate

2.88%

Processing Fees

0

Monthly Repayment

S$ 0

  • Instant approval and cash disbursement for online applications submitted from 8am to 9pm, terms and conditions apply
  • Reinstatement of available credit limit upon monthly repayment
  • No processing fees
  • Up to 5 years loan tenure
  • Only available to Singaporeans & PRs
  • Min. loan amount of S$1,000
  • Max. loan amount of up to 95% of the available credit limit of your UOB Credit Card account
Eligibility:
  • Aged 21 – 65 years old
  • Min. annual income of S$30,000 (Singaporeans & PRs)
  • Existing UOB Credit Card/Cash Plus customer
Fees:
  • Processing fee: S$0
  • Early repayment fee: N/A (partial prepayment of loan is not allowed)
  • Change fee: N/A (restructuring of loan is not allowed)
  • Cancellation fee: 3% of the outstanding approved loan amount or S$150, whichever is higher

  • Instant approval and cash disbursement for online applications submitted from 8am to 9pm, terms and conditions apply
  • Reinstatement of available credit limit upon monthly repayment
  • No processing fees
  • Up to 5 years loan tenure
  • Only available to Singaporeans & PRs
  • Min. loan amount of S$1,000
  • Max. loan amount of up to 95% of the available credit limit of your UOB Credit Card account

Eligibility:
  • Aged 21 – 65 years old
  • Min. annual income of S$30,000 (Singaporeans & PRs)
  • Existing UOB Credit Card/Cash Plus customer
Fees:
  • Processing fee: S$0
  • Early repayment fee: N/A (partial prepayment of loan is not allowed)
  • Change fee: N/A (restructuring of loan is not allowed)
  • Cancellation fee: 3% of the outstanding approved loan amount or S$150, whichever is higher

cimblogo

CIMB CashLite Personal Loan

Annual Interest Rate

3.80%

Processing Fees

0

Monthly Repayment

S$ 0

  • No processing fee if the approved personal loan amount is at least S$5,000 (otherwise, 1% of approved loan amount)
  • Instant disbursement for existing CIMB Credit Card cardmembers in Singapore
  • Convert your available credit balance to cash instantly when you apply via CIMB Clicks Internet Banking
  • Reinstatement of available credit limit upon monthly repayment
  • Up to 5 years loan tenure
  • Only available to Singaporeans & PRs
  • Min. loan amount of S$2,000
  • Max. loan amount of up to 90% of your approved credit limit
Eligibility:
  • Aged 21 and above
  • Min. annual income of S$30,000 (Singaporeans & PRs)
Fees:
  • Processing fee: S$0
  • Early repayment fee: N/A (partial prepayment of loan is not allowed)
  • Early termination fee: 3% of the outstanding principal loan amount or S$250, whichever is higher
  • Late payment fee: S$100

  • No processing fee if the approved personal loan amount is at least S$5,000 (otherwise, 1% of approved loan amount)
  • Instant disbursement for existing CIMB Credit Card cardmembers in Singapore
  • Convert your available credit balance to cash instantly when you apply via CIMB Clicks Internet Banking
  • Reinstatement of available credit limit upon monthly repayment
  • Up to 5 years loan tenure
  • Only available to Singaporeans & PRs
  • Min. loan amount of S$2,000
  • Max. loan amount of up to 90% of your approved credit limit

Eligibility:
  • Aged 21 and above
  • Min. annual income of S$30,000 (Singaporeans & PRs)
Fees:
  • Processing fee: S$0
  • Early repayment fee: N/A (partial prepayment of loan is not allowed)
  • Early termination fee: 3% of the outstanding principal loan amount or S$250, whichever is higher
  • Late payment fee: S$100

cimblogo

CIMB CashLite Personal Loan

Annual Interest Rate

3.80%

Processing Fees

0

Monthly Repayment

S$ 0

  • No processing fee if the approved personal loan amount is at least S$5,000 (otherwise, 1% of approved loan amount)
  • Instant disbursement for existing CIMB Credit Card cardmembers in Singapore
  • Convert your available credit balance to cash instantly when you apply via CIMB Clicks Internet Banking
  • Reinstatement of available credit limit upon monthly repayment
  • Up to 5 years loan tenure
  • Only available to Singaporeans & PRs
  • Min. loan amount of S$2,000
  • Max. loan amount of up to 90% of your approved credit limit
Eligibility:
  • Aged 21 and above
  • Min. annual income of S$30,000 (Singaporeans & PRs)
Fees:
  • Processing fee: S$0
  • Early repayment fee: N/A (partial prepayment of loan is not allowed)
  • Early termination fee: 3% of the outstanding principal loan amount or S$250, whichever is higher
  • Late payment fee: S$100

  • No processing fee if the approved personal loan amount is at least S$5,000 (otherwise, 1% of approved loan amount)
  • Instant disbursement for existing CIMB Credit Card cardmembers in Singapore
  • Convert your available credit balance to cash instantly when you apply via CIMB Clicks Internet Banking
  • Reinstatement of available credit limit upon monthly repayment
  • Up to 5 years loan tenure
  • Only available to Singaporeans & PRs
  • Min. loan amount of S$2,000
  • Max. loan amount of up to 90% of your approved credit limit

Eligibility:
  • Aged 21 and above
  • Min. annual income of S$30,000 (Singaporeans & PRs)
Fees:
  • Processing fee: S$0
  • Early repayment fee: N/A (partial prepayment of loan is not allowed)
  • Early termination fee: 3% of the outstanding principal loan amount or S$250, whichever is higher
  • Late payment fee: S$100

dbs-Logo

DBS Personal Loan

Annual Interest Rate

2.68%

Processing Fees

1%

Monthly Repayment

S$ 0

  • Instant cash in your account when you apply online for (i) Existing Cashline/ Credit Card customers, (ii) New customers currently credit salary into a DBS/POSB deposit account
  • Up to 5 years loan tenure
  • Available to Singaporeans, PRs, and Foreigners with existing Cashline and/or Credit Card account
  • Min. loan amount of S$500
  • Max. loan amount of up to 4X monthly salary, or up to 10X monthly salary if your annual income is S$120,000 and above
Eligibility:
  • Aged 21 – 75 years old
  • Min. annual income of S$20,000
Fees:
  • Processing fee: 1% of the approved loan amount
  • Early repayment fee: N/A (partial prepayment of loan is not allowed)
  • Early termination fee: S$250
  • Late payment fee: S$100 for personal loan on DBS/POSB credit card, S$120 for personal loan on DBS/POSB Cashline

  • Instant cash in your account when you apply online for (i) Existing Cashline/ Credit Card customers, (ii) New customers currently credit salary into a DBS/POSB deposit account
  • Up to 5 years loan tenure
  • Available to Singaporeans, PRs, and Foreigners with existing Cashline and/or Credit Card account
  • Min. loan amount of S$500
  • Max. loan amount of up to 4X monthly salary, or up to 10X monthly salary if your annual income is S$120,000 and above

Eligibility:
  • Aged 21 – 75 years old
  • Min. annual income of S$20,000
Fees:
  • Processing fee: 1% of the approved loan amount
  • Early repayment fee: N/A (partial prepayment of loan is not allowed)
  • Early termination fee: S$250
  • Late payment fee: S$100 for personal loan on DBS/POSB credit card, S$120 for personal loan on DBS/POSB Cashline

dbs-Logo

DBS Personal Loan

Annual Interest Rate

2.68%

Processing Fees

1%

Monthly Repayment

S$ 0

  • Instant cash in your account when you apply online for (i) Existing Cashline/ Credit Card customers, (ii) New customers currently credit salary into a DBS/POSB deposit account
  • Up to 5 years loan tenure
  • Available to Singaporeans, PRs, and Foreigners with existing Cashline and/or Credit Card account
  • Min. loan amount of S$500
  • Max. loan amount of up to 4X monthly salary, or up to 10X monthly salary if your annual income is S$120,000 and above
Eligibility:
  • Aged 21 – 75 years old
  • Min. annual income of S$20,000
Fees:
  • Processing fee: 1% of the approved loan amount
  • Early repayment fee: N/A (partial prepayment of loan is not allowed)
  • Early termination fee: S$250
  • Late payment fee: S$100 for personal loan on DBS/POSB credit card, S$120 for personal loan on DBS/POSB Cashline

  • Instant cash in your account when you apply online for (i) Existing Cashline/ Credit Card customers, (ii) New customers currently credit salary into a DBS/POSB deposit account
  • Up to 5 years loan tenure
  • Available to Singaporeans, PRs, and Foreigners with existing Cashline and/or Credit Card account
  • Min. loan amount of S$500
  • Max. loan amount of up to 4X monthly salary, or up to 10X monthly salary if your annual income is S$120,000 and above

Eligibility:
  • Aged 21 – 75 years old
  • Min. annual income of S$20,000
Fees:
  • Processing fee: 1% of the approved loan amount
  • Early repayment fee: N/A (partial prepayment of loan is not allowed)
  • Early termination fee: S$250
  • Late payment fee: S$100 for personal loan on DBS/POSB credit card, S$120 for personal loan on DBS/POSB Cashline

posb_logo

POSB Personal Loan

Annual Interest Rate

2.68%

Processing Fees

1%

Monthly Repayment

S$ 0

  • Instant cash in your account when you apply online for (i) Existing Cashline/ Credit Card customers, (ii) New customers currently credit salary into a DBS/POSB deposit account
  • Up to 5 years loan tenure
  • Available to Singaporeans, PRs, and Foreigners with existing Cashline and/or Credit Card account
  • Min. loan amount of S$500
  • Max. loan amount of up to 4X monthly salary, or up to 10X monthly salary if your annual income is S$120,000 and above
Eligibility:
  • Aged 21 – 75 years old
  • Min. annual income of S$20,000
Fees:
  • Processing fee: 1% of the approved loan amount
  • Early repayment fee: N/A (partial prepayment of loan is not allowed)
  • Early termination fee: S$250
  • Late payment fee: S$100 for personal loan on DBS/POSB credit card, S$120 for personal loan on DBS/POSB Cashline

  • Instant cash in your account when you apply online for (i) Existing Cashline/ Credit Card customers, (ii) New customers currently credit salary into a DBS/POSB deposit account
  • Up to 5 years loan tenure
  • Available to Singaporeans, PRs, and Foreigners with existing Cashline and/or Credit Card account
  • Min. loan amount of S$500
  • Max. loan amount of up to 4X monthly salary, or up to 10X monthly salary if your annual income is S$120,000 and above

Eligibility:
  • Aged 21 – 75 years old
  • Min. annual income of S$20,000
Fees:
  • Processing fee: 1% of the approved loan amount
  • Early repayment fee: N/A (partial prepayment of loan is not allowed)
  • Early termination fee: S$250
  • Late payment fee: S$100 for personal loan on DBS/POSB credit card, S$120 for personal loan on DBS/POSB Cashline

posb_logo

POSB Personal Loan

Annual Interest Rate

2.68%

Processing Fees

1%

Monthly Repayment

S$ 0

  • Instant cash in your account when you apply online for (i) Existing Cashline/ Credit Card customers, (ii) New customers currently credit salary into a DBS/POSB deposit account
  • Up to 5 years loan tenure
  • Available to Singaporeans, PRs, and Foreigners with existing Cashline and/or Credit Card account
  • Min. loan amount of S$500
  • Max. loan amount of up to 4X monthly salary, or up to 10X monthly salary if your annual income is S$120,000 and above
Eligibility:
  • Aged 21 – 75 years old
  • Min. annual income of S$20,000
Fees:
  • Processing fee: 1% of the approved loan amount
  • Early repayment fee: N/A (partial prepayment of loan is not allowed)
  • Early termination fee: S$250
  • Late payment fee: S$100 for personal loan on DBS/POSB credit card, S$120 for personal loan on DBS/POSB Cashline

  • Instant cash in your account when you apply online for (i) Existing Cashline/ Credit Card customers, (ii) New customers currently credit salary into a DBS/POSB deposit account
  • Up to 5 years loan tenure
  • Available to Singaporeans, PRs, and Foreigners with existing Cashline and/or Credit Card account
  • Min. loan amount of S$500
  • Max. loan amount of up to 4X monthly salary, or up to 10X monthly salary if your annual income is S$120,000 and above

Eligibility:
  • Aged 21 – 75 years old
  • Min. annual income of S$20,000
Fees:
  • Processing fee: 1% of the approved loan amount
  • Early repayment fee: N/A (partial prepayment of loan is not allowed)
  • Early termination fee: S$250
  • Late payment fee: S$100 for personal loan on DBS/POSB credit card, S$120 for personal loan on DBS/POSB Cashline

OCBC ExtraCash Loan

Annual Interest Rate

5.42%

Processing Fees

S$100*

Monthly Repayment

S$ 0

  • Instant approval and disbursement when you apply via Myinfo
  • Up to 5 years loan tenure
  • Min. loan amount of S$1,000
  • Max. loan amount of up to 6X monthly salary
Eligibility:
  • Aged 21 and above
  • Min. annual income of S$20,000 (Singaporeans & PRs)
  • Min. annual income of S$45,000 (Foreigners)
Fees:
  • Processing fee: *S$100 if your annual income is $20,000 to $29,999; OR S$200 or 2% of the approved loan amount, whichever is higher, if your annual income is S$30,000 and above
  • Early repayment fee: 3% of amount repaid (partial/ full prepayment of loan; minimum prepayment amount allowed is S$1,000)
  • Late payment fee: S$80
  • Loan restructuring fee: 3% of outstanding loan amount

  • Instant approval and disbursement when you apply via Myinfo
  • Up to 5 years loan tenure
  • Min. loan amount of S$1,000
  • Max. loan amount of up to 6X monthly salary

Eligibility:
  • Aged 21 and above
  • Min. annual income of S$20,000 (Singaporeans & PRs)
  • Min. annual income of S$45,000 (Foreigners)
Fees:
  • Processing fee: *S$100 if your annual income is $20,000 to $29,999; OR S$200 or 2% of the approved loan amount, whichever is higher, if your annual income is S$30,000 and above
  • Early repayment fee: 3% of amount repaid (partial/ full prepayment of loan; minimum prepayment amount allowed is S$1,000)
  • Late payment fee: S$80
  • Loan restructuring fee: 3% of outstanding loan amount

OCBC ExtraCash Loan

Annual Interest Rate

5.42%

Processing Fees

S$100*

Monthly Repayment

S$ 0

  • Instant approval and disbursement when you apply via Myinfo
  • Up to 5 years loan tenure
  • Min. loan amount of S$1,000
  • Max. loan amount of up to 6X monthly salary
Eligibility:
  • Aged 21 and above
  • Min. annual income of S$20,000 (Singaporeans & PRs)
  • Min. annual income of S$45,000 (Foreigners)
Fees:
  • Processing fee: *S$100 if your annual income is $20,000 to $29,999; OR S$200 or 2% of the approved loan amount, whichever is higher, if your annual income is S$30,000 and above
  • Early repayment fee: 3% of amount repaid (partial/ full prepayment of loan; minimum prepayment amount allowed is S$1,000)
  • Late payment fee: S$80
  • Loan restructuring fee: 3% of outstanding loan amount

  • Instant approval and disbursement when you apply via Myinfo
  • Up to 5 years loan tenure
  • Min. loan amount of S$1,000
  • Max. loan amount of up to 6X monthly salary

Eligibility:
  • Aged 21 and above
  • Min. annual income of S$20,000 (Singaporeans & PRs)
  • Min. annual income of S$45,000 (Foreigners)
Fees:
  • Processing fee: *S$100 if your annual income is $20,000 to $29,999; OR S$200 or 2% of the approved loan amount, whichever is higher, if your annual income is S$30,000 and above
  • Early repayment fee: 3% of amount repaid (partial/ full prepayment of loan; minimum prepayment amount allowed is S$1,000)
  • Late payment fee: S$80
  • Loan restructuring fee: 3% of outstanding loan amount

maybank-logo

Maybank CreditAble Term Loan

Annual Interest Rate

3.28%

Processing Fees

0

Monthly Repayment

S$ 0

  • Up to 5 years loan tenure
  • Only available to Singaporeans & PRs
  • Min. loan amount of S$1,000
  • Max. loan amount of up to 90% of your available CreditAble Account’s credit limit
  • You’ll need a CreditAble account in order to get the CreditAble Term Loan
  • Reinstatement of available credit limit upon monthly repayment
Eligibility:
  • Aged 21 – 65 years old
  • Min. annual income of S$30,000
  • Existing CreditAble account holder
Fees:
  • Processing fee: 1% of approved loan amount (waived for online application)
  • Early cancellation fee: S$200 or 3% of the outstanding principal, whichever is higher
  • Late repayment fee: N/A (partial prepayment of loan is not allowed)

  • Up to 5 years loan tenure
  • Only available to Singaporeans & PRs
  • Min. loan amount of S$1,000
  • Max. loan amount of up to 90% of your available CreditAble Account’s credit limit
  • You’ll need a CreditAble account in order to get the CreditAble Term Loan
  • Reinstatement of available credit limit upon monthly repayment

Eligibility:
  • Aged 21 – 65 years old
  • Min. annual income of S$30,000
  • Existing CreditAble account holder
Fees:
  • Processing fee: 1% of approved loan amount (waived for online application)
  • Early cancellation fee: S$200 or 3% of the outstanding principal, whichever is higher
  • Late repayment fee: N/A (partial prepayment of loan is not allowed)

maybank-logo

Maybank CreditAble Term Loan

Annual Interest Rate

3.28%

Processing Fees

0

Monthly Repayment

S$ 0

  • Up to 5 years loan tenure
  • Only available to Singaporeans & PRs
  • Min. loan amount of S$1,000
  • Max. loan amount of up to 90% of your available CreditAble Account’s credit limit
  • You’ll need a CreditAble account in order to get the CreditAble Term Loan
  • Reinstatement of available credit limit upon monthly repayment
Eligibility:
  • Aged 21 – 65 years old
  • Min. annual income of S$30,000
  • Existing CreditAble account holder
Fees:
  • Processing fee: 1% of approved loan amount (waived for online application)
  • Early cancellation fee: S$200 or 3% of the outstanding principal, whichever is higher
  • Late repayment fee: N/A (partial prepayment of loan is not allowed)

  • Up to 5 years loan tenure
  • Only available to Singaporeans & PRs
  • Min. loan amount of S$1,000
  • Max. loan amount of up to 90% of your available CreditAble Account’s credit limit
  • You’ll need a CreditAble account in order to get the CreditAble Term Loan
  • Reinstatement of available credit limit upon monthly repayment

Eligibility:
  • Aged 21 – 65 years old
  • Min. annual income of S$30,000
  • Existing CreditAble account holder
Fees:
  • Processing fee: 1% of approved loan amount (waived for online application)
  • Early cancellation fee: S$200 or 3% of the outstanding principal, whichever is higher
  • Late repayment fee: N/A (partial prepayment of loan is not allowed)

Other financial institutions

Annual Interest Rate

12% – 48 %

Processing Fees

up to 10%

Loan Tenure

up to 12 months

  • Fast approval
  • No credit score discrimination
  • Same-day loan disbursement available
  • No min. loan amount
  • Max. loan amount of up to 6x monthly income if you earn at least S$20,000 per year regardless of nationality
  • Max. loan amount of S$3,000 for Singaporeans and PRs earning less than S$20,000 per year
  • Max. loan amount of S$3,000 for foreigners who earn S$10,000 – S$19,999 per year, S$500 for foreigners who earn less than S$10,000 per year
Eligibility:
  • Aged 18 and above
  • Must have a consistent source of income
Fees:
  • Processing fee: Up to 10% of the loan principal when the loan is granted
  • Late repayment fee: Up to S$60 for each month of late repayment
  • Legal costs ordered by the court for a successful claim by the money lender for the recovery of the loan
  • Early repayment fee: N/A

  • Fast approval
  • No credit score discrimination
  • Same-day loan disbursement available
  • No min. loan amount
  • Max. loan amount of up to 6x monthly income if you earn at least S$20,000 per year regardless of nationality
  • Max. loan amount of S$3,000 for Singaporeans and PRs earning less than S$20,000 per year
  • Max. loan amount of S$3,000 for foreigners who earn S$10,000 – S$19,999 per year, S$500 for foreigners who earn less than S$10,000 per year

Eligibility:
  • Aged 18 and above
  • Must have a consistent source of income
Fees:
  • Processing fee: Up to 10% of the loan principal when the loan is granted
  • Late repayment fee: Up to S$60 for each month of late repayment
  • Legal costs ordered by the court for a successful claim by the money lender for the recovery of the loan
  • Early repayment fee: N/A

Other financial institutions

Annual Interest Rate

12% – 48 %

Processing Fees

up to 10%

Loan Tenure

up to 12 months

  • Fast approval
  • No credit score discrimination
  • Same-day loan disbursement available
  • No min. loan amount
  • Max. loan amount of up to 6x monthly income if you earn at least S$20,000 per year regardless of nationality
  • Max. loan amount of S$3,000 for Singaporeans and PRs earning less than S$20,000 per year
  • Max. loan amount of S$3,000 for foreigners who earn S$10,000 – S$19,999 per year, S$500 for foreigners who earn less than S$10,000 per year
Eligibility:
  • Aged 18 and above
  • Must have a consistent source of income
Fees:
  • Processing fee: Up to 10% of the loan principal when the loan is granted
  • Late repayment fee: Up to S$60 for each month of late repayment
  • Legal costs ordered by the court for a successful claim by the money lender for the recovery of the loan
  • Early repayment fee: N/A

  • Fast approval
  • No credit score discrimination
  • Same-day loan disbursement available
  • No min. loan amount
  • Max. loan amount of up to 6x monthly income if you earn at least S$20,000 per year regardless of nationality
  • Max. loan amount of S$3,000 for Singaporeans and PRs earning less than S$20,000 per year
  • Max. loan amount of S$3,000 for foreigners who earn S$10,000 – S$19,999 per year, S$500 for foreigners who earn less than S$10,000 per year

Eligibility:
  • Aged 18 and above
  • Must have a consistent source of income
Fees:
  • Processing fee: Up to 10% of the loan principal when the loan is granted
  • Late repayment fee: Up to S$60 for each month of late repayment
  • Legal costs ordered by the court for a successful claim by the money lender for the recovery of the loan
  • Early repayment fee: N/A

Table of content

Singapore Personal Loans 101

What is a personal loan?

men carrying money borrowed from bank
men carrying money borrowed from bank

A personal loan is a sum of money borrowed from a bank, financial institution, or private legal money lender. This sum of money is to be repaid in equal monthly instalments (EMI), otherwise known as monthly repayments, over the loan tenure. 

Depending on where you get the personal loan from, its loan tenure can vary. Major banks in Singapore offer loan tenures ranging from 1 to 7 years while private money lenders offer loan tenures ranging from 3 to 12 months. 

A personal loan is a form of term loan and is usually an unsecured loan. This means that a borrower does not have to pledge collateral in exchange for the loan. 

How do personal loans work?

men deposit money to piggy bank
men deposit to piggy bank

Personal loans are disbursed to borrowers in one lump sum, often in cash or directly deposited into their bank account. Any applicable processing fee (i.e. administrative fee) would be deducted from the approved loan amount prior to loan disbursement.  

As personal loans come with fixed repayment periods and interest rates, each repayment amount is the same throughout one’s loan tenure. 

Each repayment comprises principal repayment as well as interest charges. As long as you make your monthly repayment in full and punctually according to your repayment schedule, there is absolutely no need to worry about the possibility of chalking up additional charges and fees, such as late interest and late payment fees.

How much can you borrow on a personal loan?

women checking loan requirements
women checking loan requirements
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Most banks allow borrowers to borrow up to 4X – 6X monthly income if they meet the minimum income requirement and earn less than $120,000 per year 

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The majority of banks allow borrowers to borrow up to 10X monthly income if they earn $120,000 or more per year 

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Most banks allow borrowers to borrow up to 4X – 6X monthly income if they meet the minimum income requirement and earn less than $120,000 per year 

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The majority of banks allow borrowers to borrow up to 10X monthly income if they earn $120,000 or more per year 

That being said, your actual loan amount may or may not be the maximum amount derived from your monthly salary — it depends on your credit history, income, and existing credit facilities, subject to the bank’s discretion.

What can you use a personal loan for?

bank loan terms and conditions
bank loan terms and conditions

You can use a personal loan for anything, really. There are no restrictions as to how you are supposed to spend the funds obtained from a personal loan. That being said, only take out a loan if you have a real need for the money, such as a medical emergency or unforeseen vehicle repair cost, etc. 

How can a personal loan help?

man lending money
man lending money

There are many reasons why someone may need a personal loan. A personal loan can be very helpful should you find yourself in an unexpected situation that requires money you don’t have at that particular point in time, such as a family emergency, medical costs, funeral costs, vehicle repair costs, etc.  

Like it or loathe it, a personal loan can come in extremely handy when you’re experiencing a period of cash flow difficulty.  


Apart from providing the cash you require in times of need quickly, personal loans are highly flexible. You can use the funds for anything and everything without having to disclose it to your lender.

Personal loans are also great in that their interest rates are all rather competitive, compared to other types of loans (e.g. payday loan, renovation loan, debt consolidation plan) and credit cards. Banks also often run personal loan promotions —such as processing fees or annual fee waivers— that help borrowers keep their cost of borrowing to a minimum.


Yes, personal loans can be a good option for consolidating debt if the interest and charges on the personal loan are much lower than your existing debts’ interest and charges.

For example, a personal loan typically has a lower interest rate compared to high-interest debts such as credit card debts. By using a personal loan to pay off all your existing debts, you can avoid accruing sky-high interest that compound daily.

Apart from saving on interest charges and possibly even late fees, it’s much easier to manage repaying one personal loan than several different debts.


To consolidate personal loans, you should first find out what your total outstanding debt is, how much the penalty charges would be if you repaid all your loans ahead of your tenures, and how much interest you could possibly save if you consolidate your personal loans.

If debt consolidation is found to be a more advantageous move, then you should get a loan to pay off your existing debts once the loan is disbursed. Then, commit to repaying your new loan punctually according to your repayment schedule to avoid racking up more debt. While you’re at it, try your best to stay out of additional debt.  

A debt consolidation plan from a participating bank is available only if you fulfil the following criteria: 

  • Annual income of $20,000-$120,000
  • Net Personal Assets of less than $2 million
  • Total interest-bearing unsecured debt on credit facilities and credit cards from financial institutions in Singapore of more than 12 times one’s monthly income  

A debt consolidation loan from a private financial institution doesn’t have such stringent criteria. Think of it as a personal loan that lets you consolidate and pay off your existing personal loans.


The processing time varies depending on where you’re getting the loan from. It is usually speedy if you’re already an existing customer of a particular bank. Singpass MyInfo also helps hasten the processing time of your personal loan application.

For example, Standard Chartered CashOne Personal Loan promises that you can get cash disbursed within 15 minutes. UOB Personal Loan offers instant approval and cash disbursement if you submit your online application between 8am and 9pm.


You can easily apply for a personal loan online or through your digibank mobile app. Before you settle on one, be sure to compare your options to determine which one best suits your needs and is the most favourable for you. 

While not everybody is eligible to obtain a personal loan from a bank, all’s not lost. There are licensed money lenders in Singapore that may be able to help.


A personal loan can be good for your credit score if you make it a point to repay your personal loan instalments punctually, according to your debt repayment schedule. Be sure to pay off the full amount during your loan tenure!

Personal Loan Comparison in Singapore

When it comes to determining which personal loan is the best or finding the lowest interest rate personal loan for yourself, consider the following factors:

cash percent icon

Interest rate and interest charges: What’s the total amount you have to pay in interest for the loan?

payday loan

Loan tenure: How long is the loan period? Are you fine with paying it off within a shorter period or do you prefer to have more time? Your repayment amount will vary depending on the loan tenure you choose.

loan approved

Processing fee: Banks usually charge a processing fee of 1% to 3% of the loan amount. They may also run promotions that waive the processing fee.

interest drop

Early repayment fee or loan cancellation fee: Most banks charge a fee of 2.5% to 3% for early repayment or cancellation of the loan.

It is always a good idea to compare your options before choosing one that best suits your needs. 


These are the main considerations of a personal loan: 

  • Choice of loan tenures
  • Fixed monthly repayment and repayment period
  • Effective interest rate (EIR)
  • Minimum loan amount 

Pay attention to your loan eligibility, too. It’s a necessary step to take to avoid being disappointed should the bank reject your personal loan application.

To give you a leg-up, consider questions like “Do you meet the income requirement for the loan?” and “Is your credit history good enough for the bank to extend a loan?”


Banks typically charge a processing fee of 1% to 3% of the loan amount as well as an interest rate of 3% to 7% per annum for personal loans. They run promotions from time to time, too. 


The bank’s advertised annual interest rate isn’t the same as its effective interest rate (EIR). The EIR is a better gauge of your true cost of borrowing, and the actual interest rate you would incur on your loan as it takes into account the administrative fees or transaction fees.


No, personal loans from private money lenders aren’t the same as personal loans from banks

These are the main differences between borrowing from banks and private money lenders: 

 BankLicensed money lender
Minimum loan amount$500-$1,000 (depending on the bank)N/A
Credit checksVery stringentLess stringent
Loan approval periodUp to 2 weeksOn the same day, usually less than 30 minutes
Interest rates3-7% per annum1-4% per month
Loan tenureUp to 7 yearsUp to 12 months
Processing feesTypically 1-3% of the approved loan amountUp to 10% of the approved loan amount

Banks look at factors such as your monthly income, credit score, existing credit facilities, Total Debt Servicing Ratio (TDSR), and more when deciding on your loan amount. 


This depends on your salary as your maximum personal loan amount is typically a multiple of your monthly salary.

Major banks in Singapore such as DBS, OCBC, and HSBC let you borrow up to 4X your monthly income if you earn less than $120,000 annually. For those who earn at least or more than $120,000 annually, depending on the bank you’re borrowing from, the maximum loan amount can go up to 6X or even 10X your monthly income. Some banks have a maximum loan limit of $200,000. 


The loan tenure of a personal loan from the bank ranges anywhere between 1 and 7 years. The majority of the banks in Singapore offer loan tenures of up to 5 years.  

When it comes to choosing a loan, it is important to consider the loan tenure, interest rate, EMI (equated monthly instalment), and total interest charges on the loan. 

It makes sense that the loan you’re potentially taking has got to be an affordable one for you. Everyone’s financial situation is different, a loan that’s best for another individual may not be the best for you. Vice versa. 

What’s a personal loan EMI calculator?

A personal loan EMI calculator is a handy tool that helps borrowers like you and me to figure out quickly and easily whether a certain loan offer is more suitable for us than another. It clearly shows how much you’re required to pay for each instalment throughout your loan tenure. 

It’s easy to use: All you have to do is key in the loan amount, interest rate (per annum), and loan tenure. The personal loan EMI calculator will show you the total interest on the loan and the EMI (i.e. the fixed payment amount you have to pay your lender throughout the loan tenure). 

In short, a personal loan EMI calculator breaks down the loan for you and helps you take charge and plan better for your finances. It is an invaluable tool to use for ascertaining the suitability of a loan, pushing you to consider if you would be able to cope with the loan repayments or if it would be better if you played around with the loan tenure (e.g. opt for a longer loan tenure to bring down your EMI).  

How to reduce your personal loan’s EMI?

There are many things you can do to reduce your personal loan’s EMI:

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Get a smaller loan

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Negotiate for a lower interest rate

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Choose a longer loan tenure

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Repay more than the stated amount every month (*early repayment fee may apply)

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Get a smaller loan

check

Negotiate for a lower interest rate

check

Choose a longer loan tenure

check

Repay more than the stated amount every month (*early repayment fee may apply)

Weighing scale

Figure out how much is allocated for all your monthly repayments and fixed expenses

income and expenses icon

Ensure your expenses are less than your disposable income

coins and calculator

Cut back on your unnecessary spending

calendar reminder

Set up automatic payments to pay off your personal loan, bills, and other liabilities

operations icon

Avoid racking up additional debt

Avoid credit cards if you aren’t confident of paying off your credit card bills before they’re due 

cash onhand

Be very disciplined in making loan repayments

Go for credit counselling if you need extra guidance

Who can get a personal loan in Singapore?

man thinking where can get personal loan in SG

Singaporeans or Permanent Residents who are aged 21 to 65 can apply for a personal loan from major banks in Singapore. While the majority of the banks require the loan applicant to have a minimum annual income of $30,000, some banks (e.g. DBS, POSB, OCBC) offer personal loans to those with a minimum annual income of $20,000. 


Yes, personal loans for foreigners in Singapore are available from banks and financial institutions alike. However, not all banks offer personal loans for foreigners in Singapore.


It isn’t the easiest for foreigners to apply for personal loans in Singapore if you’re talking about borrowing from banks. 

The eligibility criteria for foreigners are stricter; they are expected to make at least $40,000 to $45,000 annually and must hold a valid Singapore employment pass. They must also show proof of their residential tenancy agreement (or any other proof of their residential address in Singapore) as well as bank statements. 

It is much easier for foreigners in Singapore to get a personal loan from financial institutions — financial institutions offer loans to foreigners even if their minimum annual income is less than $10,000. But of course, the loan amount is limited to just $500. 


Not really, you can’t get a personal loan from the bank if you have bad credit. However, you stand a better chance with financial institutions.


Absolutely. Private financial institutions offer personal loans to applicants with an annual income of less than $10,000. The lowest minimum annual income that low-income applicants have to meet if they want to get a personal loan from a bank is $20,000.


Yes, there are personal loans for the self-employed in Singapore. 

Take OCBC ExtraCash Loan for example. The minimum income requirement is $20,000 for Singaporeans and PRs alike, regardless of whether they are regular salaried employees or self-employed. 

The difference lies in the income documents required by the bank — those who are self-employed have to furnish their last 12 months’ CPF contribution history statement OR the Latest Income Tax Notice of Assessment. 

Regular salaried employees can submit any of the 2 combinations below: 

  • Latest CPF statement with full contribution history (at least 3 months) AND Latest Income Tax Notice of Assessment
  • Latest computerised/soft copy payslip AND Latest bank statement showing employer’s name for salary crediting
  • OR Latest CPF statement with full contribution history (at least 3 months)
  • OR Latest Income Tax Notice of Assessment

Unfortunately, no. Banks do not offer personal loans for the unemployed in Singapore. 


No, there aren’t personal loans designed for students without an income. Most students can get hold of education loans (i.e. study loans) with the help of a guarantor who’s gainfully employed. 

Your personal loan application was rejected… Now what?

man rejected loan application

There could be many reasons why your personal loan application was rejected by the bank

  • Inability to meet the income requirement
  • Excessive existing financial liabilities   
  • Errors in your loan application form
  • Unstable income history
  • Bad credit history or poor credit score 
  • Ongoing litigation
  • Insufficient secured asset value (in the event of you pledging an asset to get the personal loan) 

Nope, getting rejected for a personal loan doesn’t hurt your credit score per se. However, a hard inquiry stemming from multiple lenders’ assessment of your credit report within a short period could potentially hurt your credit score temporarily. 


To increase your chances of loan approval, take steps to boost your credit score or repair your credit score. You should: 

  • Repay all your secured and unsecured loan instalments before their due date every month 
  • Never default on your loans 
  • Avoid making multiple loan applications within a short period
  • Pay down your credit card debts as quickly as possible
  • Avoid charging new charges to your credit cards
  • Minimise your credit utilisation ratio

Your burning questions on personal loans answered

questions need to answered applying personal loans

Yes, there are instant approvals for personal loans in Singapore from banks and legal financial institutions alike if you’re assessed to be eligible.


A pre-approved personal loan is akin to in-principle loan approval. It gives you an inkling of whether the bank is willing to offer you a loan, based on the initial assessment of your income, job status, date of birth, etc. It doesn’t, however, dictate how much your approved personal loan amount would be. 

To get actual loan approval, the bank has to dig deeper into your credit report and carefully assess your creditworthiness and overall financial health. 


There’s no fixed answer to the number of personal loans you can have at once. Sure, you can have more than one personal loan at any point in time, but the bank will never let you exceed the unsecured credit borrowing limit that the Monetary Authority of Singapore (MAS) has set — 12X your monthly income.


Yes, you can take a home loan after a personal loan. However, you would have to be okay with the bank offering a smaller home loan amount as your personal loan counts towards your Total Debt Servicing Ratio (TDSR). 

At the moment, a borrower’s TDSR has to be ≤ 55% for the purchase of properties where the Option to Purchase is granted on or after 16 December 2021. 

Here’s how to calculate a borrower’s TDSR: 

(Borrower’s total monthly debt obligations / Borrower’s gross monthly income) x 100%


Yes, you can take a personal loan for your home’s downpayment. There’s no restriction on what you can use a personal loan for.


Of course, it is harder to get a personal loan with no credit or bad credit in Singapore. For the former, lenders aren’t able to gauge your creditworthiness since there’s no credit history to talk about. For the latter, such borrowers are deemed to be at greater risk of defaulting on their repayment, hence it is no wonder lenders tend to steer clear of them.  


As its name suggests, no credit check loans are loans that do not require any form of credit checks. As far as licensed money lenders are concerned, these loans do not exist in Singapore.


Yes, but it might be harder since lenders perceive you as a riskier borrower. Financial institutions don’t place as much focus on your credit score, though.


Yes, you can use a personal loan to buy a car, but it is likely to be a more expensive option compared to a regular car loan. 


Yes, you can definitely pay off a personal loan early, ahead of your loan tenure. However, most banks in Singapore charge an early repayment fee or foreclosure charge of about 2.5% – 3% of the outstanding loan amount. On the contrary, some financial institutions give borrowers a discount for paying off their loans early.


No, you cannot make repayments towards paying down your personal loan with a credit card. Common modes of loan repayment include:

  • Bank transfer 
  • Direct debit from your current or savings account
  • GIRO payment arrangement
  • Cheque deposit 
  • Cash deposit machine 

Yes, it is legal to take a loan out for someone else. However, you may be putting your finances and well-being at risk. 

As far as the bank is concerned, your name is on the loan agreement — you are the one they would go after if whoever you’re helping isn’t repaying the loan as promised. Your credit score could also take a hit as a result, in addition to being slapped with unwanted debt. 


It is a good idea to pay off high-interest credit card debt with a lower-interest personal loan if there are substantial savings to be had. In case you didn’t already know, credit cards have really high interest rates that can make your debt snowball rapidly. 

Long story short, a personal loan can be used for paying credit card debt. However, it isn’t the only option. Consider balance transfers if credit card debts are your main concern. Banks often run promotions for balance transfers in which the first 3 – 12 months are the low-to-no interest period!


A personal loan comprises the disbursement of a lump sum from the bank to you. You’re expected to pay off the principal and interest over a fixed period (i.e. loan tenure). 

A personal line of credit is when the bank gives you access to a fund that you can draw on, whenever the need arises. You’re expected to pay an annual fee for having access to this fund. You’ll only have to pay interest on the amount that you borrow.


While personal loans and credit cards are both credit facilities that help you get the money you need, interest rates are the biggest difference between them. Just to put things into perspective, personal loans usually have an EIR of around 6% to 11.5% p.a. Credit cards’ interest rates hover around 28% p.a. 

For credit cards, there’s no loan tenure, and you don’t need to pay interest as long as you pay your credit card bill in full before its due date. To use, simply use your credit card to make payment at the merchant in-store or online. 

For personal loans, you have to make equal monthly repayments throughout your loan tenure. Interest is calculated based on your loan principal. A lump sum is disbursed and you’re free to use the funds however you want. 

Several things can happen if you skip your loan repayments or deviate from your loan repayment schedule.

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Late interest and compound interest will start accruing on the balances owed

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Late payment fees will start accruing for every late repayment made

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Legal proceedings and seizure of bank accounts

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Your bank may offer you a loan tenure extension

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Reduced or no access to crucial loans in the future (read: thanks to your marred credit report)

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Late interest and compound interest will start accruing on the balances owed

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Late payment fees will start accruing for every late repayment made

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Legal proceedings and seizure of bank accounts

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Your bank may offer you a loan tenure extension

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Reduced or no access to crucial loans in the future (read: thanks to your marred credit report)

Where can you get a personal loan fast?

You can get a personal loan fairly quickly by applying for one online from banks or alternative loan providers. There are plenty of legal options for you to choose from in Singapore if you know where to look, such as licensed money lenders.

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