Comparing Personal Loan Providers In Singapore
Unless you were born into a wealthy family or you manage to amass a significant amount of wealth early in your life, you will, at some point, find yourself experiencing a cash crunch. This is normal for us mere mortals, and fortunately, we live in a world where credit is easily accessible through soft loans or personal loans.
You might be interested in purchasing something like a car or an asset for personal use, and in this case, your sights might be set on securing a personal loan. Fortunately, there are many personal loan providers in Singapore, and it is just a matter of finding the one that suits you best. Thus the need to evaluate some of the best soft loan providers currently in the market so that we can see what they have to offer.
- Citibank Quick Cash
Citibank has two types of personal loans that it offers to its customers in Singapore. There is the loan provided to new loan customers, and that provided to existing loan customers which share some things in common such as the 4.55% interest. The maximum personal loan amount you can borrow from Citibank is S$11,365, and repayments are supposed to be made in S$316 monthly premiums. Both existing and new loan customers can secure a loan whose repayment duration can span 1 to 5 years, and the Effective Interest Rate will be 8.50% per annum for a loan with a 3-year repayment schedule.
- UOB Personal Loans
United Overseas Bank or UOB is one of the major banks in Singapore. The bank provides personal loans to Singapore residents. The maximum amount that borrowers can receive is S$11,275 and a cash credit of S$1,200. The monthly repayment for this type of personal loan is S$313 per month, and UOB’s interest rate is around 4.25% while the Effective Interest Rate is 7.96%. The EIR is for a loan whose repayment duration is three years.
- POSB Personal Loans
This type of personal loan is available to existing POSB customers, and they can secure as much as S$11,164. They are also required to make monthly repayments of S$310 at an interest rate of 3.88%. Note that unlike some of the other personal loans in this list that have no processing fees, this one attracts an S$100 processing fee. The repayment duration for this POSB loan can span from 1 to 5 years. However, a 3-year repayment duration will attract a 7.90% EIR annually.
- DBS Personal Loan
DBS is also one of the banking services that provide personal loans in Singapore. The total payable amount is S$11,164, and just like POSB personal loans, customers pay S$310 in monthly repayment premiums while the interest rate is set at 3.88%. There is also a processing fee of S$100. The loan duration can span from 1 to 5 years, while the EIR for a 3-year loan term is 7.90% per annum. Note that this type of loan is only available for BS customers.
- HSBC personal loans
This is the personal loan provider that offers the lowest interest rates in Singapore 3.7% for S$11,110 total amount payable. Borrowers are required to make S$309 monthly repayments, and this loan does not feature a processing fee. It also offers more flexibility as far as repayments are made because the repayment duration ranges from 1 to 7 years. The EIR is also slightly lower than that of other rival providers at 7.00% per annum. This applies to all repayment durations.
- Standard Chartered CashOne
Standard Chartered is another bank that also caters to Singapore customers that want personal loans. Its offering features a maximum S$11,164 total payable amount at a 3.88% interest rate. The bank does not charge any processing fee for this type of loan, and borrowers are required to make S$310 monthly repayments. A three-year repayment tenure for such a loan will attract an 8.04% annual EIR.
- OCBC Bank’s ExtraCash Loan
OCBC Bank has a personal loan offering known as ExtraCash loan, which mainly targets low-income earners. The total amount payable for this loan is S$11,629, while the interest rate is 5.43%. It, however, attracts a hefty processing fee at Processing Fee S$200, and borrowers are required to pay S$323 in monthly installments. The minimum repayment duration for this type of loan is one year, while the maximum repayment duration is five years. A 3-year loan repayment duration for the ExtraCash type of loan attracts an 11.47% EIR annually.
- OCBC Bank’s Cash-on-Installments loans
OCBC also offers another type of personal loan called Cash-on-Installments, which is only available to the bank’s existing loan clients. The total amount payable for this type of loan is S$11,410, while its interest rate is set at 4.7%. The processing fee is slightly lower at S$100 compared to OCBC’s other personal loan offering. Borrowers are supposed to repay S$317 on a monthly basis. Borrowers may also choose to repay the loan within a minimum duration of 1 year while the maximum allowed repayment duration is five years. A borrower with this type of loan and a 3-year repayment plan will be subjected to a 9.46% EIR every year.
- HL Bank’s personal loan
HL Bank is another bank that offers personal loans courtesy of its operations in Singapore. The total amount payable for this type of loan is S$11,464, with a 4.88% interest rate. Borrowers make S$318 monthly repayments for this type of loan, and they are also required to pay an S$150 processing fee. The minimum loan repayment duration for HL Bank’s personal loan is one year, while the maximum repayment duration is five years.
Note that some of these personal loans are only available to those that have previously borrowed a loan at the respective banks. In other words, one can only access some of those loans if they have an account in that bank and have previously used it in the past to borrow a loan. Another notable thing is that if you decide to repay your loan over a longer repayment duration, then you might pay less in each monthly installment. However, you will end up paying more over the long-term.
If you are in a hurry to have your personal loan approved fast, you may want to check the list of licensed money lenders in Singapore.