How Much Personal Loan Can I Get on S$120,000 Salary in Singapore?

Have you ever wondered about the potential size of a personal loan for someone earning S$120,000 annually in Singapore? The answer is complex and influenced by numerous variables. Your choice of lender, credit history, current financial commitments, and the loan’s repayment period will all play a role.

Lenders in Singapore usually allow personal loans to those earning a yearly income of S$120,000, equivalent to four times their monthly wage. Assuming your credit rating is immaculate, you have no financial obligations, and you fulfill all the requirements, you’re well on your way.

Here’s the math:

Monthly income: S$120,000 /12 = S$10,000

Loan multiplier (up to four times the monthly income): S$10,000 * 4 = S$40,000

Max loan potential: S$40,000, depending on the lender’s policies and your personal money matters.

Personal Loan Qualification with a 120k Annual Salary

Acquiring personal loans demands meeting specific criteria. Here’s a speedy rundown of the documents that attest to your eligibility:

Age21 to 65
Citizenship Status Singaporean, permanent resident, or foreigner residing in Singapore
Minimum Income Requirement S$30,000
Employment Status Employed full-time or self-employed

Required Documentation 

To expedite your loan application process, it’s vital to have these essential documents on hand. Preparing ahead of time will guarantee speedy approval:

Proof of IdentityNRIC, Passport, EPass (for foreigners)
Proof of AddressTelecommunication bills, Utility bills, Bank statements
Proof of EmploymentJob offer letter, Employment contract, Employer letter
Proof of IncomeBank statements, CPF, NOA, computerized payslip

Best Personal Loan for 120000 Salary in Singapore

Earning S$120,000 annually in Singapore unlocks a world of banking possibilities, as most banks have a minimum annual salary requirement of S$30,000. However, if your credit score is less than stellar or you’re dealing with outstanding debts, there’s no reason to fret. Licensed moneylenders, such as Accredit, can still offer the financial support you require.

Personal Loan ProviderInterest RateMinimum IncomeLoan AmountProcessing Fee
Accredit Personal LoanUp to 4% per month S$20,000 $3,000 – 6x monthly income10% of the Principal Amount
DBS/POSB Personal Loan3.88%
(EIR 7.9% p.a.)
S$20,000S$500 – 4x monthly salary1% processing fee
OCBC Personal Loan5.43%
(EIR 11.47% p.a)
S$20,000S$1,000 – 4x monthly salaryS$100
Standard Chartered CashOne3.48%
(EIR 7.99% p.a.)
S$30,000S$1,000 – 4x monthly salary S$0
Citi Quick Cash Loan3.45% 
(EIR 6.5% p.a.)
S$30,000S$1,000 – 4x monthly salary 0%
HSBC Personal Loan4% 
(EIR 7.5% p.a.)
S$30,000S$1,000 – 4x monthly salary S$0
UOB Personal Loan3.99%
(EIR 7.49% p.a.)
S$30,00095% of your available credit limit0%

Above S$120,000: Personal Loan Options for High-Income Earners

Surpassing the S$120,000 annual earning mark can provide more than just financial security. It could also mean an increase in your borrowing limit, potentially granting you access to personal loans ranging from S$60,000 to S$250,000. It’s worth noting, however, that these figures are simply estimates and may vary depending on the borrower’s circumstances.

Personal LoanAnnual Income Requirement Maximum Loan Amount 
DBS/POSB Personal LoanGreater than S$120,00010x your monthly salary
Standard Chartered CashOneGreater than S$120,0008x monthly salary (up to S$250,000)
HSBC Personal LoanGreater than S$120,0008x monthly salary (up to S$200,000)
OCBC Personal LoanGreater than S$120,0006x your monthly salary for income greater than S$120,000

Final Thoughts 

If you’re a resident of Singapore with an annual income of S$120,000 or higher, you could be eligible for a personal loan of up to S$40,000. But don’t stop there. If your monthly earnings continue to rise, your borrowing capacity could increase six or tenfold. Keep in mind, though, that these numbers are just estimates and can fluctuate based on a variety of factors that are unique to your situation. So do your due diligence and research carefully before making any financial decisions.

Get Up to 6x Your Monthly Income in Personal Loans with Accredit Moneylender

When it comes to fast cash for emergencies, you won’t find a better solution than Accredit Moneylender. Our streamlined personal loan application process ensures you get funded without delay. And if you earn S$20,000 or more, you’ll be eligible for loans up to six times your monthly income. No more stress or anxiety about unexpected expenses.

Seize control of your finances and enjoy peace of mind by submitting your personal loan application to Accredit Moneylender now. 

Accredit Pte Limited has 4 locations island-wide, to bring our transparent services closer to you.


Tampines Branch
(+65 6226 2662)
Yishun Branch
(+65 6219 2662)
Hougang Branch
(+65 6245 2662)
Clementi Branch
(+65 6261 2662)

Accredit @ Yishun

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Sat and Sun: 10am – 5pm

Accredit @ Tampines

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Sat and Sun: 10am – 5pm

Accredit @ Hougang

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Mon to Fri  : 10am – 8pm
Sat and Sun: 10am – 5pm

Accredit @ Clementi

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Sat and Sun: 10am – 5pm