Personal loan interest rates comparison: Singapore banks (2026)
The Lendela Team
May 14th, 2026
Table of contents
Comparing personal loan interest rates in Singapore is harder than it looks. Banks advertise a flat rate – but the figure that matters for comparison is the EIR (Effective Interest Rate), which includes fees and the compounding effect of monthly repayments. The table below shows both for the major banks, so you can compare on a like-for-like basis. Rates are indicative starting rates; your actual rate depends on your income, credit profile, and the amount and tenure you choose.
How to read this comparison: flat rate vs EIR
Every personal loan in Singapore has two rates: the advertised flat rate (used in bank promotions) and the EIR (Effective Interest Rate), which MAS requires all banks to publish. The flat rate is calculated on the original loan amount for the full tenure – it understates the true cost. The EIR includes processing fees and the compounding effect of monthly repayments, so it is always higher than the advertised rate. For most bank personal loans, the EIR is roughly 2–3× the advertised figure. Always use EIR to compare – not the headline rate. See our full EIR guide if you want the full explanation with worked examples. Prefer to skip the published rates and go straight to comparison? View loan offers on our compare page and see rates side by side.
Personal loan interest rates comparison – Singapore banks (May 2026)
Rates shown are indicative starting rates for salaried Singaporeans and PRs with a good credit profile. Your actual rate will depend on your income, credit score, loan amount, and tenure. Verified May 2026.
Bank | Advertised rate (from) | EIR (from) | Min annual income | Max tenure | Processing fee |
|---|---|---|---|---|---|
DBS Personal Loan | 1.99% p.a. | ~4.17% p.a. | $20,000 | 5 years | None (via ibanking) |
OCBC ExtraCash | 1.92% p.a. | ~3.99% p.a. | $20,000 | 5 years | None |
UOB Personal Loan | 1.85% p.a. | ~3.54% p.a. | $30,000 | 5 years | None |
Standard Chartered CashOne | 2.88% p.a. | ~5.43% p.a. | $20,000 | 5 years | None |
HSBC Personal Loan | 1.80% p.a. | ~3.50% p.a. | $30,000 | 7 years | None |
CIMB Personal Loan | 1.60% p.a. | ~3.07% p.a. | $20,000 | 5 years | None |
Citibank Ready Credit | 3.45% p.a. | ~6.50% p.a. | $30,000 | 5 years | None |
Maybank CreditAble | 2.99% p.a. | ~5.48% p.a. | $30,000 | 5 years | None |
Published rates are starting rates – most borrowers receive a rate within a band above the advertised minimum, depending on their profile. The rates in the table above are indicative only. To see the actual rate you qualify for based on your income, credit profile, and loan amount, apply once through Lendela and receive real personalised offers from multiple banks simultaneously. Free to use, no hidden fees.
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. Most banks require a minimum annual income of $20,000–$30,000 for personal loans.
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, both affect the rate you receive. Banks price in the risk of longer exposure. As a general rule, keeping your tenure to 3 years or under – if your monthly repayment is manageable – tends to produce a lower EIR than stretching to 5 years, even if the monthly repayment figure looks smaller on the longer 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?
Advertised flat rates from major banks typically range from around 1.8% to 3.5% p.a. The corresponding EIR – the true annual cost – ranges from roughly 3.5% to 7% p.a. for qualifying borrowers. Rates outside these ranges are common for borrowers with lower credit scores, shorter loan histories, or higher existing debt obligations.
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 a 3-year loan with a 3% p.a. flat rate, the EIR is typically around 5.5–6% p.a.
Which bank offers the lowest personal loan interest rate in Singapore?
Based on published starting rates, CIMB, HSBC, and UOB tend to advertise the lowest flat rates. However, the rate you receive is personalised – the bank with the lowest published rate may not offer you the lowest actual rate, depending on your income and credit profile. The only reliable way to find your lowest rate is to compare personalised offers across multiple banks at the same time.
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 starting rates change periodically – usually when banks adjust their pricing strategy or in response to changes in the Singapore Overnight Rate Average (SORA) and broader monetary conditions. In practice, major changes to published rates happen a few times a year. The rates in this table are verified monthly and updated on the first working day of each month.
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 100+ 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.
