Which Bank Gives Low-interest Personal Loans in Singapore?

Obtaining a personal loan in Singapore can be costly due to the lack of collateral to secure the loan. However, settling for sky-high interest rates is not your only option. Instead, seek out banks that provide low-interest personal loans, as these exist. Thankfully, various Singaporean banks offer affordable personal loans to help you meet your financial needs. 

Understanding Interest Rates and Effective Interest Rates

Before borrowing from a financial institution, gaining a complete understanding of the loan’s actual cost is paramount. The interest rate, presented as a percentage of the loan amount, provides a preliminary insight into borrowing costs. However, this one number can be deceiving and leave you vulnerable to hidden costs.

Enter the effective interest rate (EIR), your ticket to a clear and comprehensive understanding of borrowing costs. Unlike the interest rate, the EIR accounts for all loan acquisition factors, including processing fees, to offer a more precise depiction of the genuine cost of borrowing.

List of Banks with the Lowest Interest Rates in Singapore

Below, you’ll find a compilation of financial institutions that extend loans at remarkably low-interest rates in Singapore.

Personal LoansInterest Rate EIR
CIMB CashLite Personal Loan3.38% p.a.6.38% p.a.
UOB Personal Loan3.99% p.a.7.49% p.a.
HSBC Personal Loan4% p.a.7.5% p.a.
Standard Chartered CashOne Personal Loan3.48% p.a.7.99% p.a.
DBS Personal Loan3.88% p.a.7.9% p.a.
POSB Personal Loan 3.88% p.a.7.9% p.a.

Factors that Impact Personal Loan Interest Rates

As a savvy borrower, it’s crucial to grasp that personal loan interest rates hinge on several variables beyond just loan amount and term.

  • Credit Score: A high credit score indicates to lenders that you’re adept at managing your debts. Consequently, you’ll receive a low-interest rate with favorable terms.
  • Income: Earning a lofty monthly salary can also translate to a low-interest rate from the loan provider. Additionally, you may receive a higher limit on the loan amount since you have the means to repay the loan.
  • Employment Status: Loan providers typically prefer borrowers who are company-employed. This is because they possess a stable income source and, in turn, qualify for a loan with low rates.
  • Loan Amount: The amount you borrow is also a critical determinant of your personal loan rates. Opting for a smaller loan amount usually leads to lower interest rates.
  • Repayment Period: The repayment period is another significant influencer on interest rates. The shorter the loan term you choose to repay your personal loan, the more likely you are to secure a favorable interest rate.

Comparison Shopping is the Key to Getting the Best Personal Loan

Looking for the best personal loan in Singapore is not only about getting the lowest interest rate. There are terms you should keep an eye out for, including processing fees, repayment tenure, and loan amount. 

Here is a table with details about each loan:

Personal LoanInterest Rate Minimum Annual Income Maximum Loan Amount Loan Tenure Processing Fee
HSBC Personal Loan4%
(EIR 7.5% p.a.)
S$30,00090 or 95% of the approved credit limitUp to 7 years S$0
Standard Chartered CashOne Personal Loan3.48%
(EIR 7.99% p.a.)
S$20,0004X monthly income & capped at S$250,000Up to 5 yearsS$199 for the first year 
CIMB CashLite Personal Loan3.38%
(EIR 6.38% p.a.)
S$30,00090% of the approved credit limitUp to 5 yearsS$0
UOB Personal Loan3.99%
(EIR 7.49% p.a.)
S$30,00095% of the approved credit limitUp to 5 yearsS$0
DBS/POSB Personal Loan3.88%
(EIR 7.9% p.a.) 
S$30,0004X monthly income or 10 x monthly income if earn S$120,000Up to 5 years1% of the approved loan amount 

Applying for a Personal Loan in Singapore

Thanks to the internet, applying for a personal loan in Singapore is a cinch. Most banks provide online applications where you can fill out forms and submit required documents. After double-checking and sending in the application and paperwork, your lender will assess the information and notify you once the loan is approved.


As a savvy borrower in Singapore, securing a personal loan with the lowest interest rate is a smart financial move that can result in significant savings on debt repayments. The responsibility is on you to compare offers and select the loans you are best qualified for. 

Consider top banks such as HSBC, Standard Chartered, CIMB, UOB, and POSB/DBS, known for offering competitive rates in the market. Make the choice that aligns with your needs, and take control of your finances today.

Singapore Personal Loans with Low-Interest Rates –  Accredit Moneylender

Accredit Moneylender is your trusted source for personal loans in Singapore with the lowest interest rates available. Our reputation as a leading money lender in the city is based on our commitment to providing an easy and straightforward loan application process, fast approvals, and affordable interest rates that won’t strain your finances.

Apply for a loan with Accredit Moneylender today and experience the peace of mind that comes with working with a trusted and reputable money lender.

Awarded by Ministry of Law to operate a new Pilot Programme, we have been providing transparent and quality service since 2002.


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