Who Are All Applicable for Personal Loans in Singapore?

If you’re eager to snag some moolah to bankroll your desires, personal loans are the way to go. Fancy a flashy timepiece or a much-needed getaway? With personal loans, you can bring your ambitions to fruition. Yet, before you start envisioning a world of possibilities, you may be pondering: who exactly has the eligibility to obtain a personal loan in Singapore? 

The answer is simple – Singaporeans, PRs, and foreign residents can apply for personal loans. But, there are additional eligibility prerequisites that must meet. Continue reading to unravel the underlying conditions that govern personal loan eligibility.

Eligibility Criteria for Personal Loans in Singapore

Citizenship and Residency

In Singapore, the process of applying for personal loans is open to both citizens and permanent residents alike. Beyond this, foreigners possessing valid employment passes may also be deemed eligible for such loans. However, it is important to bear in mind that these non-natives may be subject to extra requirements and limitations before the approval of their loan application.

Age Requirements

To be considered for a personal loan, meeting the age eligibility criteria is crucial. The applicant must adhere to the specified age limits to ensure a successful application. Usually, the minimum age requirement is set at 21 years, while the upper age limit varies depending on the loan’s tenure, but it typically tops out at 65 years.

Employment Status

Distinct types of employment status can affect one’s eligibility for certain financial products, such as:

  1. Full-time employment
  2. Part-time employment
  3. Freelancing and gig workers

Keep in mind that each financial institution may have different criteria for each employment category, so it’s important to confirm their requirements before applying for any financial product. 

Income Requirements

Personal loan applicants must meet a minimum annual income threshold as set by lenders. The amount varies depending on citizenship status, with supporting documents like tax returns and payslips usually required for confirmation. 

Singaporeans and Permanent Residents must earn a minimum of S$20,000 or S$30,000 annually, while foreigners’ income must fall between S$40,000 and S$60,000, depending on the bank.

Factors Affecting Eligibility and Loan Approval

Credit Score 

A credit score that hovers around 2000 signifies commendable creditworthiness, which paves the way for higher chances of loan approval and favorable loan terms. Conversely, an individual with a less than satisfactory credit score, somewhere around 1000, may experience the unpleasant outcomes of loan rejection or unfavorable interest rates.

Existing Debts and Financial Obligations

In assessing a borrower’s eligibility for a loan, financial institutions often evaluate the debt-to-income ratio. The higher this ratio, the lower the probability of loan approval or favorable loan terms. To increase the chances of loan approval, it is crucial to reduce financial obligations and outstanding debts. 

Loan Amount and Loan Tenure

When it comes to eligibility and approval for loans, factors such as income, credit score, and borrower qualification are considered by lending institutions. Consequently, the loan size and repayment duration options are also subject to variations based on these determinants.

Compare Personal Loan Eligibility Requirements in Singapore

Individuals searching for personal loans in Singapore can explore a myriad of options. For those curious about qualifying for such loans, a list of recommended lending institutions with their corresponding eligibility criteria is presented below.

Personal LoanAge Citizenship Minimum Yearly Income
Accredit Personal Loan21 years old Singaporean, PR, ForeignerS$10,000 
Standard Chartered CashOne Personal Loan21 years oldSingaporean, PR, ForeignerS$20,000
CIMB Personal Loan21 – 65 years oldSingaporean & PRS$20,000
HSBC Personal Loan21 years old Singaporean, PR, ForeignerS$30,000
OCBC Personal Loan21 years old Singaporean, PR, Foreigner S$30,000
POSB\DBS Personal Loan21 years oldSingaporean & PRS$30,000
UOB Personal Loan21 years old Singaporean & PRS$30,000

Accredit Personal Loan

For those who have been rejected by banks based on insufficient income or damaged credit history, there is still hope. Accredit, a reputable licensed moneylender, offers a promising alternative for such borrowers. Irrespective of whether you have a low income or a less-than-ideal credit score, Accredit evaluates a borrower’s ability to repay the loan, resulting in greater leniency in the provision of personal loans.

Standard Chartered CashOne Personal Loan

The Standard Chartered CashOne Personal Loan is a top pick for individuals in search of a low-interest loan option. With an impressively competitive interest rate of 3.48% (EIR 6.95%  p.a.), borrowers can secure a significant amount of cash with ease. Not to mention quick loan approval and cash disbursement, even when on the go. This loan is ideal for those seeking to finance major expenses without incurring a high-interest rate. 

CIMB Personal Loan

Discover the ultimate loan experience with CIMB’s CashLite Personal Loan – a credit offering that stands out from the rest. This loan has an unparalleled interest rate that cannot be matched in the market, with a tempting 3.5% rate (EIR 6.4%  p.a.) exclusively reserved for first-time borrowers. And for existing customers, CIMB offers a highly competitive interest rate of 4.5% (8.21% EIR) that outshines those of other lenders. 

HSBC Personal Loan

If you’re searching for a personal loan that meets the highest standards, consider the HSBC Personal Loan. This loan provides a great option with its remarkably low-interest rate of 3.2% (EIR 6% p.a.), which is one of the best available. Additionally, the extended loan tenure of up to seven years is perfect for borrowers seeking to borrow a substantial amount while having a more extended repayment period.

OCBC Personal Loan 

If you’re looking to maximize your financial potential, OCBC’s Personal Loan in Singapore is the ideal solution. With an impressive interest rate of 4.7% (EIR 9.46%  p.a.), this loan is the ultimate choice for those who already have an OCBC loan. Although the interest rate may seem higher than other options, OCBC’s Personal Loan offers an unrivaled long-term repayment plan and cash-on-installment options.

POSB/DBS Personal Loan

If you’re seeking a personal loan, the POSB/DBS Personal Loan is worth your attention. With an attractive interest rate of just 3.88% (EIR 5.79% p.a.) and fast approval, this loan is an ideal choice for budget-conscious borrowers who require immediate cash disbursement. Starting from just S$500, this personal loan provides the flexibility you need to manage your finances with ease.

UOB Personal Loan

The UOB Personal Loan boasts an incredibly low-interest rate of 3.4% (EIR 6.22% p.a.) for a loan term of up to 5 years, making it one of the most competitive options available. To be eligible, applicants must hold a UOB credit card or be a CashPlus customer. The application process is conveniently available on UOB’s official website and quick loan approval can be expected.

Application Process and Required Documents

Steps to Apply for a Personal Loan

  • Step 1: Conduct thorough research to identify and compare available loan options that align with your specific requirements.
  • Step 2: Collect all the essential documents to substantiate your application, ensuring that you fulfill the lender’s eligibility criteria.
  • Step 3: Depending on the lender’s stipulations, complete and submit your application through their online portal or at a designated physical location.
  • Step 4: Wait for the lender to assess your application and grant approval, a process that may take a few days or weeks, depending on their protocol.

Required Documents

To complete the application process, applicants are required to furnish the following documentation:

  1. Valid identification documents (NRIC, passport, or employment pass)
  2. Proof of income (salary slips, tax filings, or bank statements)
  3. Proof of residency (utility bill, lease agreement, or bank statement)


In Singapore, securing a personal loan is possible for Singaporeans, permanent residents, and foreign residents who meet certain eligibility requirements. To uncover the ideal personal loan choice, it is crucial to perform thorough research and assess available loan offerings. Prospective borrowers can delve into multiple lending institutions, including but not restricted to Accredit, Standard Chartered, CIMB, HSBC, and OCBC. However, prior to committing to a personal loan, it is crucial to carry out due diligence and create a comprehensive repayment strategy.

Get a Personal Loan in Singapore with Accredit Moneylender

If you’re a Singapore citizen or foreigner with a valid work pass, you can take advantage of our personal loan facility. Accredit Loan provides fast approvals and competitive interest rates to eligible applicants in Singapore. And to make your repayment experience seamless, we offer flexible repayment plans tailored to your needs. 

Apply for a personal loan with Accredit Loan today and get the financial assistance you need.

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)

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