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If you’re in a pinch and need cash urgently but feel too paiseh to ask your family or friends, a personal loan might be the smartest way to go.
Personal loans let you borrow money from banks or financial institutions, then repay in fixed monthly instalments over a set period. But before approval, you’ll usually need to meet some eligibility criteria like income level and credit history.
In this article, I’ll explain common loan terms you’ll see while comparing options, and spotlight the best personal loans currently available in Singapore. Plus, I’ll share some attractive promotions you can take advantage of if you apply through MoneySmart — so keep reading!
Heads up: Interest rates here are approximate and can vary based on your credit profile and current market conditions. Always check with the bank for the latest info.
Quick Snapshot: Best Personal Loans in Singapore (Aug 2026)
Here’s a quick look at the starting interest rates from popular lenders, assuming a Singapore citizen earning $3,500/month wants to borrow $10,000 over 3 years.
Loan Provider | Interest Rate (EIR) | Processing Fee | Approx. Monthly Repayment | Eligibility Highlights |
DBS/POSB Personal Loan | From 1.99% (4.17%) | 1% | Around $294 | Singaporeans/PRs, foreigners with DBS accounts, min $20k p.a. |
Trust Instant Loan | From 1.99% (3.80%) | 0% | Around $294 | Singaporeans/PRs min $30k p.a., foreigners $60k, Trust credit card required |
CIMB Personal Loan | From 1.86% (3.56%) | 0% | Around $319 | Singaporeans/PRs min $20k p.a., Malaysians in SG $30k p.a. |
UOB Personal Loan | From 1.85% (3.40%) | 0% | Around $293 | Singaporeans/PRs min $30k p.a., UOB credit card or CashPlus holders |
Standard Chartered CashOne | From 1.60% (3.07%) | 0% | Around $283 | Singaporeans/PRs $30k p.a., foreigners (with EP) $90k p.a. |
GXS FlexiLoan | From 1.88% (3.47%) | 0% | Around $302 | Singaporeans/PRs min $20k p.a. |
HSBC Personal Loan | From 2.20% (4.00%) | 0% | Around $296 | Singaporeans/PRs min $30k (salaried), $40k (self-employed), foreigners $60k p.a. |
Citi Quick Cash (New Cust) | From 3.45% (6.50%) | 0% | Around $306 | Singaporeans/PRs min $30k p.a., foreigners $42k p.a., new Citi credit card or Ready Credit holders only |
OCBC ExtraCash Personal Loan | From 5.42% (10.96%) | $100-$200 or 2% | Around $323 | Singaporeans/PRs min $20k p.a., foreigners $45k p.a. |
Breaking Down the Jargon: Interest Rate, EIR & Processing Fees
Interest Rates You’ll often see “from X%” because rates depend on factors like your credit history, loan amount, and income. So the actual rate you get may differ.
EIR (Effective Interest Rate) This is the true cost of borrowing, factoring in interest, processing fees, and repayment schedule. It gives you a better idea of how much you’ll actually pay overall.
Processing Fees Usually a one-time fee charged upfront, often a percentage of your loan. For example, a 1% fee on a $10,000 loan means you get $9,900 cash. It’s a hidden cost that raises the total repayment amount.
Spotlight on DBS/POSB Personal Loan
If you’re already a DBS or POSB customer with a Cashline account or credit card, this could be a good option for you.
Interest rates start as low as 1.99%, with an EIR from 4.17%
Processing fee is 1% of the loan amount
Loan tenure ranges from 6 months to 5 years
Available to Singaporeans, PRs, and foreigners who have DBS/POSB credit products
Minimum annual income requirement is $20,000, which is more accessible for some groups
Self-employed and commission-based earners can also apply—no regular salary needed
Existing DBS/POSB customers can get instant cash disbursement to their account
Right now, there’s a 3% unlimited cashback promotion if you apply, making it even more attractive.
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