Personal loan interest rates comparison: Singapore banks (2026)
The Lendela Team
June 3rd, 2026
Table of contents
- The lowest bank-published flat rates we checked on 7 October 2026 were 0.90% (Standard Chartered CashOne), 1.00% (UOB) and 1.48% (DBS).
- Published EIRs ran from 1.75% to 3.22%. EIR, not the flat rate, shows the true cost of a loan.
- Your personalised rate depends on your income, credit profile, loan amount and tenure, so compare offers on the same tenure.
Quick answer (checked 7 October 2026): the lowest bank-published flat rates we checked are 0.90% (Standard Chartered CashOne, EIR from 1.75%, promotion to 31 December 2026), 1.00% (UOB, EIR from 1.93%) and 1.48% (DBS, EIR 3.22% with its 1% fee). These are best-case rates; your personalised rate depends on your profile.
Last updated: 9 October 2026.
Comparing personal loan interest rates in Singapore is harder than it looks. Banks advertise a flat rate, but the figure that matters is the EIR (Effective Interest Rate), which reflects the compounding effect of monthly repayments and fees. The table below shows the lowest rates each bank publishes on its own page, with the EIR each discloses. Your actual rate depends on your income, credit profile, and the amount and tenure you choose.
How to read this table: flat rate vs EIR
Every personal loan in Singapore has two rates: the advertised flat rate and the EIR. The flat rate is calculated on the original loan amount for the full tenure, so it understates the true cost. The EIR reflects the cost on your remaining balance as you repay, so it is always higher than the flat rate. For the first three banks in the table below, the EIR is roughly double the flat rate. Always use EIR to judge the cost of a loan, not the headline rate. See our full EIR guide for the full explanation with worked examples. To see current offers directly, view them on our offers page.
Which bank has the lowest personal loan interest rate in Singapore? (checked 7 October 2026)
These are each bank's lowest published rates, taken from its own page on 7 October 2026. They are best-case rates for qualifying borrowers and change often, including when promotions end. Not every bank is shown, so check each bank's page for the latest figures.
Bank | Lowest published flat rate (p.a.) | EIR (p.a.) | Fees to note | Source |
|---|---|---|---|---|
Standard Chartered CashOne | 0.90% | From 1.75% (2.15% including the $199 first-year fee) | $199 first-year annual fee, deducted upfront. Promotion runs to 31 December 2026 | |
UOB Personal Loan | 1.00% | From 1.93% | Processing fee waived. Cancellation fee of $150 or 3% of the outstanding balance, whichever is higher | |
DBS Personal Loan | 1.48% | 3.22% (includes the 1% processing fee) | 1% processing fee. Early termination fee of $250 | |
CIMB Personal Loan | No interest (short-tenure promotion) | From 5.99% | One-time processing fee. Standard-tenure rates are on the bank's page |
The bank rates above come from each bank's own page. The example below applies to loans arranged through Lendela:
For a loan amount of $20,000, APR of 6.95%, 5 year tenure, the total loan payable will be $26,940 with a monthly cost of $449. An individualised APR will be presented at the end of your application. Max. APR 8.88%. Min. repayment period 3 months, max. 72 months.
Get your personalised rate → ; Or for UOB specifically, see the current UOB personal loan offer.
What is a good personal loan interest rate in Singapore right now?
On the bank pages we checked on 7 October 2026, flat rates ran from 0.90% to 1.48% and EIRs from 1.75% to 3.22%. A personalised EIR in that range is competitive. Rates well above it are worth questioning, because promotions change often.
How the published offers differ
Feature | Bank | What its page says (checked 7 October 2026) |
|---|---|---|
Lowest published EIR | Standard Chartered CashOne | EIR from 1.75% (2.15% with the $199 first-year fee) |
No processing fee | UOB | Processing fee waived; EIR from 1.93% |
Fee included in the published EIR | DBS | EIR 3.22% includes the 1% processing fee |
Short-tenure promotion | CIMB | No interest on short tenures plus a one-time fee; EIR from 5.99% |
The best offer for you depends on your income, credit profile and tenure. Compare personalised offers to see your own rate.
What affects the personal loan interest rate you actually get?
Income and employment
Banks in Singapore use your gross monthly income to determine both your eligibility and the rate band you fall into. Salaried employees with a stable employment history typically receive better rates than self-employed applicants or those on variable income. Banks can only lend unsecured credit if you earn at least $20,000 a year (MAS rules), and many set higher minimums of their own. Licensed loan providers follow separate Ministry of Law rules. For a full breakdown of eligibility criteria, repayment estimates, and required documents, see our personal loan guide.
Credit score
Your CBS (Credit Bureau Singapore) credit score is the single most influential factor on your rate. A score of AA or BB (the top two bands) typically unlocks the lowest advertised rates. A score of CC or below will result in a higher rate, a lower approved amount, or a declined application. Check your credit score before applying – a free summary is available via the CBS website.
Loan amount and tenure
Larger loan amounts relative to your income, and longer tenures, can both affect the rate you receive, because banks price in the risk of longer exposure and some set different rates by tenure. With the same flat rate, a longer tenure does not lower your EIR, but it does raise the total interest you pay, so compare total repayable on the same tenure.
Residency status
Singapore Citizens typically receive slightly more favourable rates than Permanent Residents, and both receive better rates than Employment Pass holders. Some banks do not offer personal loans to Work Permit holders. Always check the eligibility criteria for each bank before applying.
How to compare actual personal loan rates without hurting your credit score
Each formal loan application triggers a credit enquiry on your CBS / MLCB record. Submitting multiple applications to multiple banks at the same time will show as multiple enquiries, which can affect your credit profile. The alternative is to use Lendela: apply once, and receive personalised offers from multiple banks simultaneously – your actual rate, not the published starting rate, for your specific income, credit profile, and loan amount. Free to use, no hidden fees, and no impact on your credit score from browsing your options.
Once you have your offers, use our personal loan comparison guide to evaluate them properly – EIR, total payable, fees, and tenure.
Frequently asked questions about personal loan interest rates in Singapore
What is the average personal loan interest rate in Singapore?
There is no single average, because rates are personalised to each borrower. For reference, the lowest rates published by Standard Chartered, UOB and DBS on 7 October 2026 are 0.90% to 1.48% p.a. flat, which works out to an EIR of about 1.75% to 3.22% p.a. Your own rate depends on your credit score, income, loan amount and tenure.
What is a good personal loan interest rate in Singapore right now?
On the bank pages we checked on 7 October 2026, EIRs ran from 1.75% to 3.22%. A personalised EIR in that range is competitive; much higher rates are worth questioning.
Why is the EIR so much higher than the advertised rate?
Because the advertised flat rate is calculated on the original loan amount for the full tenure, without accounting for the fact that your outstanding balance decreases with each monthly repayment. EIR reflects the actual cost each period on your remaining balance, plus any upfront fees. For example, a 1.00% p.a. flat rate on a 3-year loan works out to an EIR of roughly 1.92% p.a.
What is the lowest personal loan interest rate in Singapore right now?
Among the banks checked on 7 October 2026, Standard Chartered CashOne publishes the lowest flat rate at 0.90% p.a. (EIR from 1.75%, or 2.15% including its $199 first-year annual fee) under a promotion running to 31 December 2026. UOB follows at 1.00% p.a. (EIR from 1.93%, processing fee waived) and DBS at 1.48% p.a. (EIR 3.22% including its 1% processing fee). CIMB currently promotes a short-tenure offer with an EIR from 5.99%, so check its page for standard rates. These are best-case published rates, so the rate you actually receive is personalised, and the bank with the lowest listed rate may not offer you the lowest actual rate. The only reliable way to find your own rate is to apply once and see personalised offers side by side.
Can I negotiate a lower personal loan interest rate?
In most cases, no – bank personal loan rates in Singapore are system-generated based on your credit profile, not individually negotiated. Some banks may offer promotional rates for existing customers or during specific periods, but these are applied automatically rather than negotiated. The most effective strategy is to ensure your credit score is as strong as possible before applying, and to compare offers across multiple banks simultaneously.
How often do personal loan interest rates change in Singapore?
Published rates change periodically, usually when banks adjust their pricing or run promotions, and in response to broader monetary conditions such as movements in the Singapore Overnight Rate Average (SORA). The figures in this guide were taken from each bank's own page on 7 October 2026, so always check the bank's page for the latest rate.
Read next: What is EIR and how do you calculate it? Average personal loan interest rates in Singapore How to read a personal loan offer
The Lendela Team
Lendela is a loan-matching platform that partners with 70+ banks and financial institutions. We aim to deliver a transparent, safe, and personalised loan-matching experience, empowering borrowers with confidence to choose what truly fits. Since launching in 2018, we’ve helped hundreds of thousands of Singaporeans make smarter, more informed financial decisions through clarity and control.
