Which Bank Has Highest Interest Rates for Personal Loans in Singapore?

Personal loan options in Singapore are plenty, but narrowing them down to the best one might feel like wading through a sea of banks offering wildly different interest rates.

Finding a loan option with a favorable rate of interest is crucial in order to prevent repayment difficulties. A loan with a high-interest rate will cost you more over time and will be more challenging to repay.

But if you’re feeling frustrated with the traditional approach to obtaining personal loans in Singapore, don’t throw in the towel just yet. Instead, why not switch things up and explore the institutions with the highest interest rates? This unorthodox strategy could lead you to new opportunities and unexpected discoveries.

Banks with the Highest Interest Rates for Personal Loans in Singapore

Personal LoanInterest RateEIR
BOC $martLoan6.52% p.a.12% p.a.
Maybank CreditAble Term Loan5.86% p.a.12% p.a.
OCBC Personal Loan – Existing OBCB Loan Customers4.7% p.a.9.46% p.a.

Bank of China (BOC)

BOC $martLoan is a reputable option for those in search of personal loans in Singapore. The bank offers competitive interest rates starting from 6.52% p.a. with a repayment period of up to seven years – a rare feature among Singaporean financial institutions. Borrowers can receive up to 95% of $10,000 or their credit limit, whichever is less. 

Eligibility S$30,000 (for Singaporeans & PRs)S$40,000 (for foreigners)
Minimum Loan AmountS$1,000
Maximum Loan Amount 95% of $10,000 or credit limit
Loan TenureUp to 7 years 
Processing FeeS$150 or 3% of the approved loan amount


Maybank CreditAble Term Loan is a credible choice for individuals seeking personal loans in Singapore. The bank offers competitive interest rates, starting from 5.86% p.a., with a repayment period of up to five years. To qualify, Singaporeans and Permanent Residents must have a minimum income of S$30,000 p.a. and are eligible to borrow up to 90% of their available credit limit. Furthermore, Maybank waives processing fees for online applications, which streamlines the borrowing process. 

Eligibility S$30,000
Minimum Loan AmountS$1,000
Maximum Loan Amount Up to 90% of the available credit limit
Loan TenureUp to 5 years 
Processing Fee1%


OCBC Personal Loan is a noteworthy option for individuals seeking personal loans in Singapore. With interest rates starting from 4.7% p.a. and a repayment period of up to five years, this loan is particularly suitable for low-income borrowers who may face challenges obtaining financing from other lenders. OCBC also allows borrowers with yearly incomes over S$120,000 to borrow up to six times their monthly pay.

Eligibility S$20,000 (for Singaporeans & PRs)S$45,000 (for foreigners)
Minimum Loan AmountS$1,000
Maximum Loan Amount 6 times your monthly salary
Loan TenureUp to 5 years 
Processing Fee1% of the approved loan amount

Important Factors to Think About Before Applying for a Personal Loan in Singapore

When considering a personal loan, it’s essential to weigh several factors to make an informed decision. These include:

  1. Interest rates – A higher interest rate can translate to higher long-term expenses. It’s critical to evaluate whether the interest rate is affordable before taking out the loan.
  1. Processing fees and additional charges – Banks may levy different processing fees and charges that can impact the total repayment amount. It’s essential to factor in these fees before selecting a lender.
  1. Loan tenure – The repayment period determines the duration in which the loan must be paid off. While a longer tenure may result in lower monthly payments, you may end up paying more in interest over time.
  1. Eligibility criteria – Different banks may have varying eligibility requirements. It’s crucial to ensure that you meet these criteria before submitting an application.

How can a bank with high-interest rates benefit you when getting a personal loan?

Opting for a personal loan with a higher interest rate may translate to increased borrowing capacity and a prolonged repayment window, providing greater flexibility to handle finances as you see fit. Taking responsibility by making timely payments and settling debts earlier than expected can give your credit score a much-needed boost, and this, in turn, can have a ripple effect throughout your life.

What potential challenges could arise when taking out a high-interest personal loan from a bank?

The matter of obtaining personal loans with high-interest rates warrants careful consideration, given the likelihood of additional fees and penalties that could result in unfavorable outcomes. Processing costs, fees for late payments, and early repayment fees are among the possible charges one may encounter. It is critical to read the loan offer terms and conditions thoroughly and completely understand them to prevent any mishaps.

How can I improve my chances of getting approved for a personal loan with a high-interest rate?

Achieving approval for a high-interest personal loan requires strategic action. Begin by focusing on your credit score, ensuring it’s in good standing. Alongside this, maintain steady employment with a consistent income to showcase your financial stability. When submitting your loan application, provide precise and thorough information. Consider enlisting a co-signer or offering collateral to bolster your eligibility further. 


When it comes to securing a personal loan in Singapore, focusing solely on securing the lowest interest rate may not be enough. It’s equally essential to pay attention to the processing fees, loan tenure, early repayment fees, eligibility criteria, and other terms and conditions to ensure that you’re getting the best deal available.

To land the ideal personal loan, comparing various banks is a must. While some banks may provide higher interest rates, they may also offer extended repayment periods and increased borrowing capacity. However, you mustn’t disregard additional charges and penalties that may catch you off guard.

To enhance your chances of obtaining a personal loan with an attractive interest rate, maintaining a solid credit score, providing accurate information, and considering collateral or a co-signer can make all the difference.

Accredit Moneylender: Your Reliable Choice for Best-Interest Personal Loans

When it comes to personal loans, finding the best interest rates can be a daunting task. Luckily, Accredit Moneylender is here to make your search easier. Our trusted platform offers a comprehensive comparison of various loan offers, giving you the power to make informed decisions.

Of course, it’s important to keep in mind your repayment capacity to avoid any future financial difficulties. That’s why Accredit Moneylender provides easy personal loans in Singapore with quick approvals and reasonable interest rates.

Don’t let the stress of finding a personal loan overwhelm you. Trust in Accredit Moneylender to guide you toward the best options for your financial needs. 

Apply now and get the low-interest personal loan you deserve!

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