If you're looking for a personal loan in Singapore this April 2025, you’ve come to the right place. Many banks and financial institutions are offering attractive promotions, low interest rates, and exclusive deals. Whether you need a loan for home renovations, medical expenses, or debt consolidation, choosing the right option can save you money in the long run.
In this article, we’ll compare the best personal loan promotions in Singapore this month, including interest rates, special offers, and eligibility criteria.
1. UOB Personal Loan
Interest Rate: From 2.88% p.a. (Effective Interest Rate (EIR) from 5.43% p.a.)
Special Promotion:
Up to 2% cashback for loan amounts of S$15,000 and above (minimum tenure of 36 months).
No processing fees for all loan tenures.
Approval & Disbursement: Instant approval with cash disbursed on the same day (for UOB account holders applying online between 8 AM - 9 PM).
Apply for UOB Personal Loan through Lendela to protect your credit score
2. HSBC Personal Loan
Interest Rate: From 2.92% p.a. (EIR from 5.50% p.a.)
Special Promotion:
Eligibility: Available to Singapore citizens and PRs with a minimum annual income of S$30,000.
Apply for HSBC Personal Loan through Lendela to protect your credit score
3. CIMB Personal Loan
Interest Rate: From 2.80% p.a. (EIR from 5.28% p.a.)
Special Promotion:
Approval & Disbursement: Quick online application with no CIMB account required.
Lendela Exclusive: Quick disbursements in under an hour
Apply for CIMB Personal Loan through Lendela to protect your credit score
4. GXS FlexiLoan (Grab & Singtel Digital Bank)
Interest Rate: From 2.88% p.a. (EIR from 5.45% p.a.)
Special Promotion:
No annual, processing, or early repayment fees.
Flexible loan tenure from 2 to 60 months.
Eligibility: Open to Singapore citizens and PRs earning at least S$20,000 annually.
Apply for GXS FlexiLoan through Lendela to protect your credit score
5. Standard Chartered CashOne Personal Loan
Interest Rate: From 3.48% p.a. (EIR from 6.95% p.a.)
Special Promotion:
Get up to S$3,000 cashback for approved loan amounts above S$20,000.
Approval within minutes for existing customers.
Eligibility: Minimum annual income of S$20,000 for Singaporeans/PRs and S$60,000 for foreigners.
Apply for Standard Chartered CashOne Loan through Lendela to protect your credit score
6. DBS/POSB Personal Loan
Interest Rate: From 2.99% p.a. (EIR from 5.79% p.a.)
Special Promotion:
Instant cash disbursement for existing DBS/POSB account holders.
No processing fees for loans above S$10,000.
Eligibility: Singaporeans and PRs with a minimum annual income of S$20,000.
Apply for DBS Personal Loan
Potential Downsides of Third-Party Loan Comparison Sites
While comparison platforms boost attractive promotions, there are some potential drawbacks to consider:
Biased Promotions: These platforms earn commissions from banks, which means they may prioritise showing loans that benefit them rather than those that are truly best for you.
Hidden Fees or Terms: Some exclusive promotions may come with additional requirements, such as a higher minimum loan amount or longer tenure, leading to higher overall costs. Always read the Terms and Conditions in details to understand your eligibility.
Impact on Credit Score: Each application to a different bank ends up being recording by the Credit Bureau of Singapore which in turn hurts your overall credit score, making personal loans more expensive for you each time your apply.
Delayed Approval & Disbursement: When applying through third-party platforms, your application may take longer to process.
Data Privacy Concerns: Sharing personal details on aggregator sites may lead to increased marketing calls and emails from financial institutions.
For the most accurate and up-to-date loan details, it is often better to apply directly through the bank’s official website, or better yet, use a trusted loan matching platform like Lendela to find the best Personal Loan for you, without all the risks and complicated terms and conditions. Lendela has Singapore’s largest loan panel in Singapore, and only works with reputable licensed loan providers.
Why You Should Avoid Applying for Multiple Loans at Once
Many people believe that applying to multiple banks increases their chances of approval, but this can actually hurt your credit score. Every loan application results in a hard inquiry on your credit report, and multiple inquiries within a short period can signal financial distress to lenders, making it harder to get approved for favorable terms.
Instead, using a loan matching platform can help you find the best loan with minimal impact on your credit score. These platforms assess your profile and match you with the most suitable options, saving you time and money by reducing unnecessary applications.
How to Choose the Best Personal Loan in Singapore
When selecting a personal loan, consider these factors:
2. Fees & Charges
Always check for processing fees, annual fees, early repayment penalties, and late payment fees. Some loans offer fee waivers, making them more cost-effective.
3. Loan Tenure
4. Eligibility Criteria
Final Thoughts
The best personal loan for you depends on your financial needs, repayment ability, and eligibility. UOB, HSBC, CIMB, GXS, Standard Chartered, and DBS offer competitive promotions this month, so it's worth comparing their terms before making a decision.
Before committing, always read the fine print and ensure you can comfortably meet the repayment terms. Need more help? Consider applying directly through a loan matching platform to avoid potential downsides, and get all the information and support you need to guide you through your loan journey.
Disclaimer: Interest rates and promotions are subject to change. Always check with the respective banks for the latest terms and conditions.