Singapore Personal Loan Rates Comparison (2026)
| Bank / Lender | Flat Rate p.a. | EIR p.a. (approx.) | Max Tenure |
|---|---|---|---|
| DBS Cashline / Personal Loan | From 3.88% | From 7.56% | 5 years |
| OCBC Personal Loan | From 3.5% | From 6.96% | 5 years |
| UOB Personal Loan | From 3.68% | From 7.14% | 5 years |
| Standard Chartered CashOne | From 3.48% | From 6.95% | 5 years |
| Citibank Quick Cash | From 4.55% | From 8.5% | 5 years |
| HSBC Personal Loan | From 4.0% | From 7.5% | 7 years |
| Licensed Moneylender (MAS) | Max 4%/month | Up to 48% p.a. | Varies |
Rates are indicative. Actual rate depends on credit score (CBS), income, and existing debt obligations.
Flat Rate vs EIR — What Singapore Borrowers Must Know
Singapore banks advertise personal loan interest as a flat rate (e.g., 3.5% p.a.). However, the Effective Interest Rate (EIR) — which MAS requires all licensed lenders to disclose — is approximately 1.8 to 2× the flat rate because flat rate interest is calculated on the original principal throughout the entire tenure, while EIR reflects the declining balance.
MAS Borrowing Limits in Singapore
- Total unsecured credit across all lenders cannot exceed 12× your monthly income.
- Borrowers earning less than S$20,000/year cannot take unsecured loans unless from licensed moneylenders with an S$3,000 cap per lender.
- If you are a Singaporean or PR earning S$20,000–S$30,000/year, the cap is S$5,000 per lender.
- Full 12× cap applies to borrowers earning above S$30,000/year.
Key Documents Required for a Singapore Personal Loan
- NRIC (Singaporean/PR) or valid employment pass (foreigner)
- Latest 3 months' payslips or CPF contribution history
- Latest Income Tax Notice of Assessment (NOA)
- SingPass (for MyInfo-enabled digital applications at DBS, OCBC, UOB)
Frequently Asked Questions
What is the difference between a flat rate and EIR in Singapore?
A flat rate calculates interest on the original loan amount throughout the entire tenure. An EIR (Effective Interest Rate) reflects the true cost by accounting for the reducing principal balance. A 3.5% flat rate p.a. over 3 years is equivalent to roughly 6.96% EIR p.a. Always compare loans using EIR as required by MAS.
Can foreigners take personal loans in Singapore?
Yes. Foreign employment pass holders can apply for personal loans in Singapore, typically with a minimum annual income of S$40,000–S$60,000 (higher than the S$20,000 minimum for Singaporeans/PRs). Some banks like HSBC and Standard Chartered specifically offer products for foreign professionals.
What is a licensed moneylender in Singapore?
A licensed moneylender is regulated by the Ministry of Law under the Moneylenders Act. They can charge a maximum of 4% interest per month on the outstanding balance. Always check the Ministry of Law's official registry before borrowing from any moneylender.
How does CPF affect personal loan eligibility in Singapore?
CPF contributions are used to verify income for salaried employees. Banks often use CPF statements as proof of income. However, CPF savings cannot be used to repay personal loans — only housing loans (HDB/private) and selected insurance products.