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  • Get a low interest rate from 1% per month with flexible repayment
  • All income-levels eligible for a personal loan
  • Get fast cash instantly upon application and approval
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What is a Personal Loan?

A personal loan is a fixed amount of money borrowed from a bank, credit union or online lender. You typically have the option to return the money in fixed monthly payments, or installments usually over two to five years. Personal loans can either be secured or unsecured. Secured loans require collateral such as property, cars or cash whereas unsecured loans do not require collaterals. Most personal loans are unsecured.

Where to Get Personal Loan in Singapore?

You can get personal loans in Singapore from financial institutions such as banks or licensed lenders both online and offline. To have a higher chance in getting a personal loan, you need to be well-informed of the requirements needed. It would be good for you to do your research before applying for a personal loan. There is a lot of information online and if you don't have the information you need, you can always give the financial institution a call. The consultants will be more than happy to assist you.

Which Bank is Best for Personal Loan?

There are several types of personal loans you can get in Singapore and they all cater to different needs. To find a personal loan that's most suitable for you, you should look out for these things - interest rates, your personal needs and the terms you're comfortable with. In this article, we will guide you on how to decide which is the best personal loan for you.

How much Personal Loan can I Take?

If you have an income of $20,000 or more a year, you are eligible for a bank loan up to 4 times your monthly salary. If you have an income of $120,000 or more a year, you are eligible for a bank loan up to 10 times your monthly salary.

The regulations and requirements for your credit rating and outstanding debts may vary for each bank and licensed lender. It would be good to do proper research before you decide on which personal loan is for you.

How to Pay a Bank Personal Loan Online?

Typically, the financial institution you loan from will provide you with instructions to make payment. Payments are normally done through bank transfers. However, they may provide you with other payment methods which you can find out more from them directly.

How much Personal Loan can I Get in Singapore?

If you have an income of $20,000 or more a year, you are eligible for a bank loan up to 4 times your monthly salary. If you have an income of $120,000 or more a year, you are eligible for a bank loan up to 10 times your monthly salary.

The regulations and requirements for your credit rating and outstanding debts may vary for each bank and licensed lender. It would be good to do proper research before you decide on which personal loan is for you.

How to Apply for Personal Loan in a Bank?

You may apply a personal loan online or in person at the bank or a licensed lender. When you apply for the loan initially, you can do so through the company's website, then visit their office to submit your administrative work required for approval. In some cases, some large banks may offer loans through a phone call. For a faster application process, do prepare the required documents beforehand.

What Happens if Personal Loan is not Paid?

As there are regulations and interest rates for all loans, not paying your loan will cause you to owe more money due to penalties and interest rates. This will also affect your credit score which may hinder the loans you plan on getting in the future. We recommend that you only loan when necessary as not taking on a loan might be more beneficial for you.

How to Get Best Personal Loan Rates?

You will have to keep yourself well-informed about all the personal loans available in Singapore. However, please be mindful that besides having the lowest interest rates, it is important to consider how the loans cater to your personal needs and if you're comfortable with the loan terms.

How does a Personal Loan Work?

It is a fixed amount of money borrowed from a bank, credit union or online lender. Applications for the loan can be done online. You typically have the option to return the money in fixed monthly payments, or installments usually over two to five years. Personal loans can either be secured or unsecured. Secured loans require collateral such as property, cars or cash whereas unsecured loans do not require collaterals. Most personal loans are unsecured.

How to Get Personal Loan in Singapore?

You can get personal loans in Singapore from financial institutions such as banks or licensed lenders both online and offline. Be well-informed of the requirements needed as it could raise your chances in getting a loan or a loan suitable for you. If you have any questions, you can always give the financial institution a call. The consultants will be more than happy to assist you.

Which Bank is the Easiest to Get Personal Loan?

As all banks and licensed lenders have their own set of criteria for loans, do your research well before choosing a personal loan. A financial institution may offer you a personal easily but the loan might not be the most suitable for you. Do take note of their interest rates and the terms that you're most comfortable with.

How to Get a Personal Loan with Bad Credit?

Although it isn't easy to get a personal loan with bad credit, it isn't impossible. You could try alternatives like credit unions and licensed lenders as they may have a lower criteria for personal loans.

Your credit score and the type of loan you're getting will affect the amount you can loan. If you're getting a secured loan, it needs to be backed by a collateral such as property, car or cash. If you're unable to repay the loan on time, the financial institution will seize that collateral instead.

How to Check Bank Personal Loan Status?

For most banks, you will be able to check on your bank personal loan status online. However, if the financial institution you've borrowed from doesn't have an online platform to check on the personal loan status, they will either send you an email or you may contact them through the contact number they've provided.

What do You Need to Apply for a Personal Loan?

You will need the following documents:

  • Proof Of Identity
    A Singapore citizen, Singapore permanent resident or Foreigner holding a Valid Pass (eg: Work Permit, S Pass, Employment Pass, Long Term Pass etc.) Minimum age requirement is 18 years old. Must not be an undischarged bankrupt, nor face any bankruptcy proceeding
  • Proof Of Income
    Must currently have a stable, permanent job. For self-employed professionals, kindly provide us with a documentation of your employment and a record of your business transactions
  • Proof Of Residential
    Must reside in Singapore and have document proof of being an owner or renting a property*

You may ignore if you are staying with parents, children, sibling or friends.

How to Apply for a Bank Personal Loan?

You may apply a personal loan online or in person at the bank or a licensed lender. When you apply for the loan initially, you can do so through the company's website, then visit their office to submit your administrative work required for approval. In some cases, some large banks may offer loans through a phone call. For a faster application process, do prepare the required documents beforehand.

How Long will the Approval Take for Bank Personal Loan?

Some personal loans from banks or other financial institutions can take as fast as one minute to a month or more depending on the amount you need and your credit score. If you want to secure a personal loan fast, make sure you have a good credit score by paying your credit card bills on time.

What is the Best Personal Loan Available?

There are several types of personal loans you can get in Singapore and they all cater to different needs. To find a personal loan that's most suitable for you, you should look out for these things - interest rates, your personal needs and the terms you're comfortable with. Once you've considered all these things, you will know which loan is most suitable for you.

Why Apply for a Personal Loan?

Personal loans are not meant for just paying off debts. It can be used to fund your personal business and even help you fulfil that dream holiday you've been wanting to go on. Although applying for a personal loan has its perks, you must also understand that you will have to return the amount eventually someday. We recommend that you only take on a personal loan if you're a 100% confident in returning the amount on time.

Who has the Best Personal Loan Interest Rates?

You will have to keep yourself well-informed about all the personal loans available in Singapore. However, please be mindful that besides having the lowest interest rates, it is important to consider how the loans cater to your personal needs and if you're comfortable with the loan terms.

How much Personal Loan can I Afford?

Online personal loan calculators can be easily found these days. They can help you estimate how much loan you need and how much you need to return. If you're comfortable with the amount you'll have to pay each month, you may apply for the loan online or visit the office.

How many Banks Provide Personal Loans?

Most banks in Singapore provide several types of personal loans. Did you know that there are other financial institutions in Singapore that provide personal loan that may have interest rates and terms that may cater to your personal needs better? You may find out more information about them online.

How many Years of Personal Loan can I Get?

A personal loan tenure in Singapore can range from one to seven years depending on the product you're loaning for. Products can include travel holidays, renovation, medical, business, wedding and education.

What is a Low Interest Personal Loan?

A low interest personal loan means that the personal loan has a low interest rate which could possibly mean that the additional fees the financial institution is charging you for the loan you've borrowed is lower than other financial institutions.

However, having a low interest rate is not the only important factor when deciding which personal loan is best for you. Considering the amount you can loan, how it will cater to your needs and the terms are equally as important.

When to Apply for Personal Loan?

You could have items that you've been longing to get but you're unable to afford it at the moment. That's when you could consider taking up a personal loan. Do take note that all financial institutions have their own set of personal loan criteria and terms. So make sure you're well-informed on the types of personal loans available and see which suits you best. They are available throughout the year.

How Personal Loan is Calculated?

It can be done through a personal loan calculator that can be found on many financial institutions' websites. The two things it will calculate are the Effective Interest Rate (EIR) and the amount that is payable per month for a specified period.

The amount payable per month varies with the loan amount, the interest rate that the bank charges for your personal loan and the duration of your personal loan. To amend the monthly installment, you may change the personal loan amount or the specified loan period. If you're unable to repay every month, you may want to reconsider taking up the loan.

Personal Loan when Unemployed

It might be harder to get a loan from a bank if you're unemployed. However, it's not impossible. If you have been previously employed before, you can provide banks with proof that you have a healthy credit score.

Alternatively, you could borrow from a credit union or licensed lender as they are less stringent. However, only loan when you are confident that you're capable of returning the loan amount on top of its fees on time or it might affect your credit score negatively.

How much Credit Score is Required for Personal Loan?

In Singapore, we refer to the Credit Bureau Singapore credit score. The score ranges in between 1000 being a highest probability you will default the loan and 2000 being the least likely you are to default the loan.

There are three components to the score - your payment history, the total amount of debt you currently owe and the number of credit lines you opened recently. If you taking a new personal loan, this will raise your debt and open a new credit line which may lower your credit score.

However, there are other important factors that financial institutions consider besides your credit score. They are your annual salary, length of employment, bankruptcy/litigation information, number of credit facilities. If you want to have a higher chance of getting a loan, it is advisable to pay of your debts in a timely manner to maintain a healthy credit score and payment history.

How to Calculate Personal Loan Interest Rate?

There are two types of interest rates - the Annual Flat Rate and the Effective Interest Rate (EIR). The Annual Flat Rate is offered to you by the financial institution based on your personal credit profile. The financial institution will charge you a flat interest rate on the amount you've loan until you return the money. But other hidden costs such as the processing fee. On the other hand, the EIR takes into consideration the Annual Flat Rate and the processing fee so that the amount you see is the total amount you will have to pay.

To calculate EIR, you will first have to calculate the the amount of the loan you will be paying each month during the duration of the loan by dividing the total amount of loan (principal) by the duration in months. You will be returning an equal amount of principal every month so the average of your principal is about half of the principal. The total interest you will be paying can be calculated with the following calculation: Principal x Flat Interest Rate x Loan Tenor.

For example, you want to take a loan of $5,000 over 3 years. The average interest rate in Singapore is 7%. So the total interest you will have to pay is $1,050 because 7% x $5000 x 3 years = $1,050. If you add 3% processing fee ($150) to the interest payment ($1,050), that will be the total cost of carrying the loan. To get the estimate effective interest rate of your loan, divide the total cost ($150 + $1,050 = $1,200) by your average principal ($2,500) and the duration of the loan (3 years). It's about 16% in this example which is about 2.3 times higher than the 7% annual flat rate.

If you still find it confusing, there are several online personal loan calculators available. You may test them out or contact the financial institution to find out more.

Why Personal Loan Gets Rejected

Typically, personal loans get rejected due to bad credit history or not having enough information about your credit history. Other possible reasons are you don't have a high enough income for the requirements or you have too many loans at the moment. All these are factors for the financial institutions to consider as they need to know how likely are you to return the loan.

If you have been declined by a bank before, there's a high chance that you would be rejected by the rest. However, there are other financial institutions such as credit unions or licensed lenders that you could try getting your loan from. If you have issues returning the loan in time, you might want to reconsider getting a loan as you will incur most costs which will affect your credit score further.

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