Are you in need of a personal loan in Singapore but noticing that many of them require a minimum annual income that doesn't quite match up to yours? There is no need to stress - a variety of personal loans are available for low income Singaporeans to apply for, while best suiting their budget.

In this handy guide, you will find out everything you need to know about applying for a low income personal loan in Singapore, from the types available and important considerations, to how you can apply for the best-suited personal loan.

What should I consider before applying for a personal loan as a low income earner?

Before applying for a low income personal loan, there are a few considerations you should be aware of, including:


Each personal loan will have its own eligibility requirements, but the main conditions for all applicants to meet are being at least 21 years of age and being a Singapore citizen or PR. There might also be a minimum annual income requirement that you should look out for.

Short and long-term financial situation

You should assess your financial situation before taking out any type of loan, especially a low income one. Think about your current income, savings, and upcoming expenses. Ensure you will have the means to afford the loan repayment within the given tenure.

Loan terms and conditions

Every loan will have its own set of terms and conditions - make sure you read them properly and understand each term so nothing detrimental sneaks up on you later. Some examples of terms and conditions that are commonly missed by loan applicants include prepayment penalties and collateral assets, which are required to secure the loan.

Proof of income and supporting documents

You will be asked to provide income proof when applying for a low income personal loan. This might include pay slips, bank statements, work contracts, or other supporting documents which prove your eligibility for this type of loan. In Singapore, it may be possible to apply for a loan without income proof by simply providing income tax statements in lieu of pay slips.

Interest rates, fees, and charges

As you are on the lookout for low interest rate loans, it is crucial you understand the interest rate and repayment terms before applying. You should also be aware of any additional fees and charges, such as late payment fees and processing fees, in order to avoid unexpected costs.

Credit score and history

In Singapore, having a good credit score usually increases the likelihood of your loan application getting approved, especially for one with low interest rates. Make sure your credit score is in order before applying for a personal loan. You can find out everything there is to know about credit scores on our website. If you need more help checking your credit score, you can also take a look at how to check your credit score in Singapore.

What types of personal loans are available for low income earners?

It can often be daunting to know where to start with your personal loan search in Singapore, especially if you have specific requirements and budgets in place. For those who have low annual or monthly income, the best point of action would be to look for personal loans with low interest rates. Depending on your financial circumstances, you may even be able to qualify for an interest-free loan.

Many banks and financial institutions offer personal loan options for low income earners that have low interest rates and long loan tenures. Some of these banks in Singapore with lenient eligibility requirements are POSB, Standard Chartered, OCBC, and DBS.

Personal Loan

Interest Rate

Minimum Annual Income


POSB Personal Loan

As low as 3.88% p.a. + 1% processing fee


  • Singapore Citizen/PR

  • Foreigner with existing Cashline/Credit Card account

  • 21 - 75 years old

Standard Chartered CashOne Personal Loan

As low as 3.48% p.a. + $199 processing fee

$20,000 (Singaporean)

$60,000 (Foreigner)

  • Singapore Citizen/PR

  • Foreigner with valid Employment Pass

  • 21 - 65 years old

OSBC ExtraCash Loan

From 12.31% p.a. + $100 processing fee

$20,000 (Singaporean)

$45,000 (Foreigner)

  • Singapore Citizen/PR

  • Foreigner with valid Employment Pass

  • Over 21 years old

DBS Personal Loan

As low as 3.88% p.a.+ 1% processing fee


  • Singapore Citizen/PR

  • Foreigner with existing Cashline/Credit Card account

  • 21 - 75 years old

The above are just a few examples of personal loans for low income earners, but there are still plenty more on offer in the market. A loan applicant may have unique needs that require special attention when applying for a loan, which leads to spending lots of time comparing different options manually one by one. To solve this problem, you can use comparison websites like Lendela to conveniently compare the best personal loans for your specific needs. The time and effort spent on the search process is effectively accelerated with Lendela, giving you a more efficient and customised solution tailored towards individual requirements.

How to find the best personal loan for your budget with Lendela

Ready to find a personal loan that suits your budget and income? Use Lendela to easily compare loan offers in Singapore which fit all your personal needs and preferences.

You can simply fill out an application form which then connects you to multiple banks and financial institutions, offering the best possible options based on your preferred loan tenure, monthly income, and other details. You can even specifically filter for a low interest personal loan to make the search easier.

Lendela will then work towards getting your application approved as fast as possible so you can secure your desired loan amount in no time. Apply with Lendela today to discover low interest rate loans that suit your income and financial situation.

Key Takeaways

  • Personal loans in Singapore usually require minimum annual income and specific eligibility conditions in order for one to apply.
  • There are several types of personal loans with low interest rates that could be suitable for low income earners, however it may take copious time and effort to sort through them all one by one.
  • Comparison websites like Lendela help low income earners to efficiently identify the best loan options for their budget by allowing a personalised application process, which takes monthly salary, loan amount, preferred loan tenure, and other details into consideration.