“DBS/POSB advertises its interest rates are as low as 7.56% per year with loans up to 5 years and they also charge a 1% processing fee. If your loan of shorter tenure of 1-year, the interest rate would be 8.89% per annum. If you are a DBS/POSB bank account holder, you could get instant cash into your account upon loan approval.
This bank offers loans from as little as S$500 to 10X your monthly income. However, you will need an annual income of more than S$120,000 to be eligible for loans 10X your monthly income. They are currently offering promotions of up to S$1,088 cashback as well.”
OCBC is among the few banks which offers personal loans to low-income borrowers therefore they are an ideal alternative option for those who got rejected by other banks. If you earn less than SGD$30,000 a year, you might be interested to consider them first.
However, OCBC has the highest effective interest rates among the banks in Singapore. As of this writing, OCBC’s rates are 17.7% compared to the average of 12.6%. It also has a processing fee of S$200 or 2% of the loan value. OCBC does not often have promotions.
UOB currently charges 4.25% per annum interest rate on their personal loans when you sign up online. In addition, you will be charged a 1.5% fee. The minimum amount you can borrow is $1,000, and the maximum will depend on your monthly income. The Effective Interest Rate (EIR) of the UOB personal loan is estimated at 8.86% p.a., but in reality it will range from 8.38% for a 5-year loan to 10.45% for a 1-year loan.
UOB offers instant approval for UOB customers, provided you apply during their operating hours from 7am to 8pm. The cash will be deposited into a savings account of your choice.
Standard Chartered Singapore is especially appealing to low-income borrowers who earn in the range of SGD$20,000 to SGD$30,000 per annum, though the rates can be rather high in the range of 9.8% to 10.8%. The effective interest rates may range between 20.92% to 27.56%.
Note that Standard Chartered Singapore is not the best personal loan provider for foreigners living in Singapore as they require foreigners to have incomes of at least S$60,000 at minimum, which is stricter requirement than those of other banks.