9 Best Personal Loans in Singapore with Lowest Interest Rates (Apr 2025)

If you’re in urgent need of money, but are too paiseh to borrow from your family and friends, your best bet is probably a personal loan.

With a personal loan, you borrow cash from a bank or financial institution and pay them back in fixed instalments over an agreed period. But you’d typically need to meet a couple of eligibility requirements before you get it approved. Stuff like your income and credit history.

In this article, I’ll break down the key terms you’ll come across frequently while browsing loan listings—plus highlight the best personal loans currently available in Singapore.

Psst… I’m also going to let you know about the great promotions you can capitalise on if you apply for some of these personal loans with MoneySmart. So keep reading!

Best personal loans in Singapore (Apr 2025)

1. 1. 1. At a glance: Best personal loans in Singapore
      2. What do interest rate, EIR and processing fees mean?
      3. DBS/ POSB Personal Loan
      4. Trust Instant Loan
      5. CIMB Personal Loan
      6. UOB Personal Loan
      7. Standard Chartered CashOne
      8. HSBC Personal Loan
      9. GXS FlexiLoan
      10. Citibank Quick Cash with Ready Credit (New Customers)
      11. OCBC ExtraCash Personal Loan
      12. Which personal loan should you choose?
      13. Term loan vs credit line—which should you choose?
      14. Being in debt is not fun…

 

1. At a glance: Best personal loans in Singapore (Apr 2025)

Here are the current starting interest rates on offer from the most popular personal loan providers in Singapore. We’ll use the example of a Singapore citizen earning $3,500 a month, who wants to borrow $10,000 and repay it over 3 years.

Personal loan	Interest rate and Effective Interest Rate (EIR)	Processing fee	Monthly repayment	Eligibility
DBS/POSB Personal Loan	1.99% (EIR 4.17%)	1%	$294	– Singaporean/PR – Foreigners with existing Cashline and/or Credit Card account – Min. S$20,000 annual income – Existing DBS/POSB customers
Trust Instant Loan	2.22% (EIR: 4.22%)	0%	$296	– Singapore Citizen/PR: $30,000 – Foreigner: $60,000 – Must have a Trust credit card
CIMB Personal Loan	2.68% (EIR 5.06%)	0%	$319	– Singapore Citizen/PR: $20,000 – Malaysian (residing in SG): $30,000
UOB Personal Loan	2.88% (EIR 5.43%)	0%	$302	– Singapore Citizen/PR: $30,000 – UOB Credit Card/CashPlus customer
Standard Chartered CashOne	1.90% (EIR: 3.63%)	0%	$294	– Singapore Citizen/PR: $30,000 – Foreigner (with EP): $90,000
GXS FlexiLoan	2.88% (EIR 5.45%)	0%	$303	– Singapore Citizen/PR: $20,000
HSBC Personal Loan	2.20% (EIR: 4.00%)	0%	$296	– Singaporean/PR: $30,000 (salaried workers) $40,000 (self-employed or commission-based workers) – Foreigner (with EP): $40,000
Citi Quick Cash with Ready Credit (New Customers)	3.45% (EIR: 6.50%)	0%	$306	– Singaporean/PR: $30,000 – Foreigner: $42,000 Applicable to new Citi Credit Card or Citibank Ready Credit account holders only.
OCBC’s ExtraCash Personal Loan	5.42% (EIR 10.96%)	For income S$20K – S$30K p.a.: $100. For income above S$30K p.a. : $200 or 2% of the approved loan amount, whichever is higher	$323	– Singaporean/PR: $20,000 – Foreigner: $45,000

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2. Hold up. What do interest rate, EIR and processing fees mean?

There’s quite a bit of jargon here, so let’s go through some points of confusion that may be swimming around in your head.

Interest rates	Notice that interest rates are quoted as “from X%” instead of being stated simply as “X%”? That’s because personal loans are pretty dynamic as they all depend on factors such as your credit history and the loan amount.
EIR	EIR stands for Effective Interest Rate. Taking into consideration other fees (like processing fee; see next point) and the loan repayment schedule, it is a more accurate reflection of the cost of borrowing than the advertised interest rates.
Processing fees	This is the main hidden cost of personal loans and is worth highlighting. The processing fee is deducted from the principal—meaning, for a $10,000 loan with a $100 (or 1%) processing fee, you get only $9,900 in cash. As a borrower, you might not “feel” it, but it does eat into your funds and increase the cost of borrowing.

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ALSO READ: 9 Things to Look Out For When Taking Out Personal Loans

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Now, let’s walk through the 9 featured personal loan packages.

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3. DBS/POSB Personal Loan

The DBS/POSB personal loan is only open to existing DBS/POSB customers. If you already have (1) a DBS/POSB Cashline account or have a DBS/POSB credit card and (2) credit your salary into a DBS or POSB deposit account, you can get the cash disbursed instantly.

The loan is open to Singaporeans and PRs, as well as foreigners with DBS/POSB Cashline or credit card accounts. You must be aged 21 to 70 years with a minimum annual income of $20,000—this opens up DBS/POSB personal loans to include slightly older groups of people and lower income earners compared to other banks.

Like the Standard Chartered CashOne loan, you don’t need to earn a regular salary to be eligible for this loan. Self-employed individuals and commission earners can also apply.

DBS’s personal loan promises interest rates as low as 1.99%. There is a processing fee of 1%, bringing the lowest possible EIR to 4.17%. Loan tenures of 6 months to 5 years are available. 

Do note that these are the lowest possible rates and the actual interest rate depends on what DBS is prepared to extend to you.

Note that there’s also a 2% unlimited cashback deal if you apply now.

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4. Trust Instant Loan (Trust personal loan)

When they say “instant”, they mean it. Trust’s personal loan, called Trust Instant Loan, disburses cash to you in just 60 seconds with the Trust credit card.

This is how it works: You have a Trust credit card with a certain available credit balance at any one point in time. The Trust Instant Loan converts a portion of that balance into cash for you. Spend that cash on anything you want!

The Trust Instant Loan is open to all Trust customers. Given how it works, as I just explained above, you do need to have a Trust credit card to be eligible. But this isn’t a bad thing—for one thing, it makes repaying the loan seamless. Each month, you’ll see your loan instalment charged to your credit card bill. To pay the instalment, simply pay through your credit card statement via your Trust App.

Aside from being fast, the Trust Instant Loan is also affordable with an interest rate starting from just 2.22% p.a. (EIR from 4.22% p.a.). They also charge no processing fees, annual fees, or the like. However, there is a 3% early repayment fee on your remaining loan amount if you repay the rest of your loan early.

The Trust Instant Loan is open to Singapore Citizens, PRs, and Foreigners aged 21 to 65 years old. You could be a salaried worker, commission-based, or self-employed as long as your annual income is $30,000 for Singaporeans or $60,000 for Foreigners.

Trust Instant Loan x MoneySmart promotion

Snag awesome welcome gifts when you apply for a Trust Instant Loan with us in April.

• Up to $1,100 cash via PayNow
• Apple iPhone 16 (worth $1,299)
• Sony PS5 (SLIM) Disc (worth $799)
• Apple Watch Series 10 (worth $599)
• Apple AirPods Pro (2nd generation) (worth $349)

T&Cs apply.

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5. CIMB Personal Loan

The CIMB Personal Loan is another personal loan that comes with no processing fees. Its interest rate comes in at 2.68% p.a. (EIR 5.06% p.a.), making it the next lowest after Trust. You also get flexible loan tenure options of 12, 24, 36, 48 or 60 months.

On top of low interest rates, CIMB is also offering a cashback promotion to sweeten the deal. The cashback you’ll earn offsets some of the interest you’ll be charged, up to a maximum of $2,800 cashback .

Tenure	Approved Loan Amount	Cashback Earned
1 or 2 years	Any amount	No cashback
3, 4 or 5 years	<$10,000
	$10,000 – < $15,000	$50
	$15,000 – < $30,000	$300
	$30,000 – < $50,000	$600
	$50,000 – < $80,000	$750
	$80,000 – < $150,000	$1,000
	$150,000 – < $190,000	$2,000
	> = $190,000	$2,800

As far as eligibility goes, the CIMB Personal Loan is fairly standard. It’s open to Singapore Citizens and Singapore PRs with a minimum annual income of $20,000, and to Malaysians earning at least $30,000 a year. 

You’ll also need to be 21 to 70 years old—that maximum age sits between the Citibank and DBS personal loan age limit. There’s no prerequisite to have a CIMB Bank Account or CIMB credit card before you apply, so go ahead as long as you meet the criteria above.

Like any personal loan, you’ll incur a penalty fee if you try to repay it early. For the CIMB Personal Loan, this fee is 3% of the outstanding loan amount or $250, whichever is higher. 

CIMB Personal Loan x MoneySmart promotion

Apply for a CIMB Personal Loan via MoneySmart and get gifts like:

• Up to $1,220 cash via PayNow
• Apple MacBook Air (13-inch)(worth $1,499)
• Apple iPhone 16e (worth $949)
• Sony PS5 (SLIM) Digital (worth $669)
• Apple iPad (10th Generation)(worth $499)
• Apple AirPods Pro (2nd Generation) (worth $349)

T&Cs apply.

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5. UOB Personal Loan

UOB’s personal loan is only open to existing UOB credit cardholders or CashPlus customers who are Singaporeans, PRs aged 21 to 65. You’ll also need to be a salaried worker earning at least $30,000 a year. Not an existing UOB customer? You’ll have to get a UOB credit card or CashPlus to apply for a UOB Personal Loan.

The interest rate is from 2.88% p.a. for loan periods of 12, 24, 36, 48 or 60 months, with a 5.43% p.a. EIR.

While UOB used to only waive processing fees for loan periods 24 months and up, processing fees are now waived for all loan periods.

If you’re an existing UOB customer, you can get instant approval when you apply for your personal loan online.

UOB Personal Loan x MoneySmart promotion

Thinking of applying for a UOB Personal Loan? Apply with us to get gifts such as:

• Up to $1,700 cash via PayNow
• Apple iPhone 16 Plus (worth $1,399)(+ $500 cash bonus)
• Apple Watch Series 10 (worth $599)(+ $300 cash bonus)
• Apple AirPods Pro (2nd Generation) (worth $349)(+ $100 cash bonus)

T&Cs apply.

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6. Standard Chartered CashOne

Standard Chartered CashOne personal loan is open to Singapore Citizens, PRs and foreigners with a Singapore Employment Pass aged 21 and above.

The barriers to entry for the Standard Chartered CashOne personal loan have gone up slightly. The minimum annual income requirements are now $30,000 for Singaporeans and PRs and $90,000 for foreigners. You also don’t necessarily need to be a salaried worker to apply—Standard Chartered is cool with salaried employees, variable/commission-based employees, and even self-employed individuals.

You can apply for this personal loan online by signing in through Singpass and receive your loan disbursement within 15 minutes—it’s super easy. There’s no need to be an existing Standard Chartered customer to get this personal loan.

So, it’s fast—but is it also affordable? Standard Chartered charges an initial annual fee of $199 (deducted from your approved loan) for any loan tenure between 1 to 5 years. From the second year onwards, you won’t have to pay any more annual fees—UNLESS you miss any instalments, in which case you will pay $50 in annual fees for that year. Plus the late payment fee of $100. If you pay your full monthly installment on time for the first 6 months, you won’t have to worry about late penalties. After that, you’ll have the flexibility to pay just the minimum—whichever is lower: $50 or 1% of your approved monthly principal.

So taking the $199 annual fee into consideration, I’d say CashOne is more worthwhile if you’re taking out a big loan. 

Interest rates are advertised as starting from 1.90%, working out to an EIR of 3.63% and above. In reality, interest rates are personalised, so yours might differ from this example.

Standard Chartered CashOne x MoneySmart promotion

Apply for a Standard Chartered CashOne loan through us to get attractive gifts like:

• Up to $1,200 cash
• Apple MacBook Air (13-inch)(worth $1,499)
• Apple iPad (11-inch)(worth $899)
• Nintendo Switch OLED (worth $549)
• Sony PS5 (SLIM) Digital Edition (worth $669)
• Apple AirPods Pro (2nd Generation) (worth $349)

T&Cs apply.

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7. HSBC Personal Loan

HSBC’s personal loan is open to Singaporeans and PRs aged 21 to 65 years old with an annual income of $30,000 and above for salaried workers, and $40,000 for self-employed or commission-based workers. Foreigners must earn at least $40,000 a year and have an employment pass with at least 6 months’ validity.

The best part about HSBC’s personal loan is its long loan tenure of up to 7 years—currently the longest loan tenure in Singapore. So if you need to borrow a large sum but can’t afford high monthly repayments, HSBC’s personal loan is definitely one you should consider.

HSBC has dropped their promotional interest rates even further now starting from 2.20% p.a. with the EIR from 4.00% p.a. with no processing fees. Remember, however, that actual interest rates will vary from person to person.

Another factor to consider is that HSBC’s personal loan comes with an annual fee of $120, and only the first year’s fee is waived. Don’t miss your payments, or you’ll be subject to a $120 late payment fee.

HSBC Personal Loan x MoneySmart promotion

Ready to take an HSBC Personal Loan? Apply via MoneySmart to score gifts such as:

• Up to $1,000 cash
• Apple Watch Ultra 2 (worth $1,199)
• Sony PS5 (SLIM) Digital (worth $669)
• Apple iPad (10th Generation)(worth $499)
• Apple AirPods Pro (2nd Generation) (worth $349)

T&Cs apply.

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8. GXS FlexiLoan

GXS is a digital bank that’s 60% owned by Grab and 40% owned by Singtel. Now, don’t be dissuaded by the idea of a digital bank. Like any regular bank, GXS offers customers a personal loan—and a pretty good one at that.

With a loan tenure between 2 and 60 months, GXS FlexiLoan interest rates start from 2.88%p.a., with an EIR of 5.45% p.a..

On top of that, GXS FlexiLoan doesn’t charge any annual, processing, early repayment or late fees—something almost unheard of when it comes to loans from your traditional banks. You heard that right, repay your loan early with no extra charges! However, GXS will charge you late interest if your repayments are late, so you won’t get off scot-free.

One downside to the GXS FlexiLoan is that foreigners aren’t eligible. It’s only for Singapore Citizens and Singapore Permanent Residents between 21 and 65 years old. The minimum annual income is $20,000.

GXS FlexiLoan x MoneySmart promotion

Apply for a GXS FlexiLoan with us and get your hands on some incredible welcome gifts:

• Up to $1,200 cash
• Apple MacBook Air (13-inch)(worth $1,499)
• Apple iPhone 16e (worth $949)
• Apple Watch Series 10 (worth $599)
• Apple iPad (10th Generation)(worth $499)
• Apple AirPods Pro (2nd Generation) (worth $349)

T&Cs apply.

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ALSO READ: Should You Take A Personal Loan To Help With The Rising Costs Of Living?

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10. Citibank Quick Cash with Ready Credit (New Customers)

I’m going to preface this by saying that the 3.45% (EIR from 6.5%) interest rate for the Citi Quick Cash personal loan is only available to customers who are completely new to Citibank loans. If you already have a Citibank loan, you’ll be given a higher interest rate.

The plus point for this one is definitely the ease of getting your funds. You’ll be easily able to convert the credit balance on your Citi Credit Card or Citibank Ready Credit account into cash. Just log into the Citi Mobile App, key in the amount of cash you need and you can get the funds pretty much instantly.

Citi Quick Cash is open to Singapore Citizens and PRs (salaried or self-employed) with a minimum annual income of $30,000, and foreigners with an annual income of at least $42,000. The eligible age range is 21 to 65 years.

With Citibank’s Quick Cash personal loan, you can choose a tenure of 12, 24, 36, 48, or 60 months—all with zero processing fees. You’ll get a 3.56% interest rate on Citibank’s personal loan with a shorter 1-year tenure, or 3.45% if you intend to extend your loan repayment to 3 years. While the interest rates differ according to tenure period, you’ll get an EIR of 6.5% for all.

That said, don’t take our word for it. Rates are customised, so what you get might not be exactly the same as the above screenshot.

Citibank Quick Cash with Ready Credit x MoneySmart promotion

Apply for a Citibank Quick Cash with Ready Credit Loan today and enjoy

• S$50 cash via PayNow
• 500 SmartPoints

T&Cs apply.

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11. OCBC ExtraCash Personal Loan

While the OCBC ExtraCash Personal Loan has the highest interest rates on this list, it does come with some perks that might make it a solid choice for some. If you need a large loan, you can borrow up to 6 times your monthly income, with fixed repayments spread over 12 to 60 months.

Like many of the other loans mentioned, it offers fast disbursement when you sign up via Myinfo. Plus, it has a relatively low entry requirement—just $20,000 in annual income for Singaporeans and PRs. You’ll also be able to easily see a full breakdown of all your outstanding payments via internet banking.

However, punctual repayments are a must. A late payment will set you back $80, and if you decide to restructure or repay early, you’ll be charged a 3% fee on your outstanding balance. So, be sure of your loan tenure before committing!

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12. Which personal loan should you choose?

 

Cheapest personal loans	– Standard Chartered CashOne personal loan – Trust Instant Loan  – DBS or POSB Personal Loans
Personal loans with fastest disbursement	– Trust Instant Loan – UOB Personal Loan – GXS FlexiLoan – CIMB Personal Loan
Personal loan with longest repayment tenure	– HSBC personal loan
Personal loans to consider if you want to take a huge amount	– Standard Chartered CashOne personal loan – OCBC ExtraCash Personal Loan

Whatever personal loan package you choose, opt for the smallest loan amount and shortest term you can comfortably manage. This will keep your interest payments to a minimum.

Remember that the actual interest rate a bank offers you will depend on factors like your credit history, how much you want to borrow and for how long. So if you don’t get offered the lowest advertised interest rates with one bank, you might want to compare that with what the other banks are willing to offer you.

There are certain groups of individuals that may have a harder time taking out a personal loan.

• Older individuals: If you’re above 65 years old, DBS/POSB and CIMB will let you apply for personal loans up to the age of 70 years.
• Those earning an annual income below $30,000: Most of the loans I’ve listed above have a minimum requirement of about $20,000 annual income, so you have plenty of options if this pertains to you. 

Commission-based workers or self-employed individuals: Citibank Quick Cash, HSBC Personal Loan, DBS Personal Loan and Standard Chartered CashOne are good options. Some other banks may only accept salaried workers.

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13. Term loan vs credit line—which should you choose?

While researching personal loans, you might have come across many different loan types, some of which do not seem to fit what we described above.

MoneySmart lists only term personal loans, which is when you borrow a fixed sum with a fixed repayment plan that you agree on before you see the cash.

We usually recommend these loans because they have much lower interest rates. You can pay back slowly and steadily at a pace comfortable to your financial situation.

Many banks also offer a personal line of credit—sometimes called a credit line, revolving loan, or even “flexible repayment loan”.

This is a pre-approved amount of money you can cash out in part or whole, but you need to repay it ASAP or else face sky-high interest rates. Don’t fall for it unless you’re absolutely confident you can pay the money back immediately.

These days, most banks base their personal loans on either your personal line of credit or credit card limit. So you will need either a credit card or credit line to get the loan. However, it is still considered a term loan if it comes with a structured repayment plan.

But before you sign up, understand that your credit cards with this bank will be as good as dead because you’ll have effectively “spent” your credit on a cash loan.

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14. Being in debt is not fun…

But it can be prevented. If you must take out a loan, channel all your energies into paying it off on time to avoid late charges. In the meantime, re-examine your income and budget, making a note of everything you spend on, so you won’t have to resort to loans again.

Ideally, you should draw up a budget that gives you enough leeway to set aside some cash for the future without starving to death.

You should also build up an emergency fund worth a few months’ expenses. If you’re hit with unforeseen  circumstances, you can dip into this fund instead of having to take a loan.

It’s also a good idea to know what types of insurance you need. We recommend hospitalisation insurance at a bare minimum, and life insurance if you have dependents. Being sufficiently insured ensures that you don’t get hit with huge bills if the unexpected happens.

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We’ve also reviewed the Best Personal Loan Offers in Hong Kong. Check them out!

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