Get the Best Personal Loan in Singapore

  • Fill out our free online application
  • Receive multiple personal loan offers
  • Compare rates, select the best offer and get the money within 24 hours
  • 4.9/5 ⭐️ rating on Google Reviews
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Loan Amount
$
Loan Amount
$1,000
$200,000
$20,000
Tenure
Tenure
3
72
Month

Your monthly payment

$ 533

Selected Partners
DBS
POSB
HSBC
standard chartered bank
CIMB Bank
SingPass
Singapore Fintech Association
Carousell
DBS
POSB
HSBC
standard chartered bank
CIMB Bank
SingPass
Singapore Fintech Association
Carousell

Over 200,000 happy customers

Hear what Singaporeans are saying about Lendela.

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Shah A.
2 days ago
Lendela and mr muzzamir .. thank you for saving my financial needs.
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Mohammad Raziman
2 days ago
Served by Fadilah. Great service overall. Lendela does not charge borrowers. They also have partners that are...
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Shimano Stella
2 days ago
Jagreet has provided an efficient and professional service in assisting me with my request.The whole process was...
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Holy Roller
3 days ago
Lendela is fast and hassle free gave many options to choose and think carefully. Highly recommended thank you
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Victor Jecintha
3 days ago
Hello lendela, Officer Dharan service is good Really appreciate your service and support and Your service is very...
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Arshad muhammad
3 days ago
Thanks muzammir for your swift response in assisting with the loan . Big up!
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Jaiharen
3 days ago
Fast and very reliable!!
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Ari Sandi
3 days ago
Lendela help alot until you all get a loan
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Mei Ch
3 days ago
Friendly and polite staff very efficiency. Quick response as well.
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S.Hameed Shah
3 days ago
It very friendly
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kal el
4 days ago
Jagpreet communicated with me and ensure I receive updates on the loan. He helped through my enquiries with ease.
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Ewn Ewn
4 days ago
Coordination was superb... Good communication by staff.

We Help You Get the Best Personal Loan

This is how it works:

Apply fast & easy

1. Apply with us in a few minutes – it is 100% free of charge

Compare your offers

2. Compare personal loan offers from multiple banks

Get the money

3. Pick the best loan and get your money

Learn More About Lendela

Our goal is to make your loan application process quicker, simpler and more transparent. As Singapore’s only true personal loan comparison service, we support you all the way from application to disbursement. Click below to read more about Lendela and how we empower thousands of loan-seeking Singaporeans every month.

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Find Out More About Personal Loans in Singapore

Whether you plan to buy a new car or acquire another property, a personal loan helps you get there faster. Yet, how to find the best personal loans with low interest rates in Singapore? Follow our guide to apply for a personal loan online with Lendela.

What Is a Personal Loan?

What Is a Personal Loan?


A personal loan is money borrowed for personal use, such as paying off credit card debt, home renovation, travelling, or emergencies, that is not backed by collateral. 

To apply for one, banks will determine your credit score to assess your eligibility and interest rates for personal loans in Singapore. If your credit score is good, the interest charged on the personal loan will be lower. They will also check your ability to repay the loan before approving it. You will then repay the principal together with interest over an agreed tenure.

Personal loans can be a good solution for individuals with financial issues that need quick resolution, such as debt consolidation or refinancing a loan. They also enable huge purchases and repayments at your own pace.

Personal Loan Interest Rates in Singapore


It is important to understand that personal loans in Singapore are attached to different interest rates. These rates are outlined below:

Advertised Interest Rate

This is the annual interest rate prominently displayed in a larger font size to showcase the general cost of borrowing. However, this rate alone does not provide a comprehensive overview as it excludes additional charges like processing and administrative fees.

Effective Interest Rate (EIR)

In Singapore, it is mandatory to disclose the effective interest rate or EIR alongside the advertised interest rate. The EIR incorporates the processing and other fees, along with the specifics of your repayment schedule. Essentially, the EIR reveals the overall interest rate of the personal loan.

0% Interest Personal Loans

Certain banks might offer 0% interest personal loans as a promotion for short-term loans, although these might involve higher processing fees. This means that your bank is collecting the fees upfront, rather than charging interest rates for your instalments later.

How Does Lendela Help You Compare and Find the Best Personal Loan Rates


By filling in Lendela’s online application form with information such as your desired loan amount, monthly income, and preferred loan tenure, etc., our advanced matching algorithm identifies banks and financial institutions willing to serve borrowers with profiles and credit scores like yours. You will also see the tailor-made personal loan plans from the result, with all the rates and no hidden fees–100% transparent.

What Are the Main Uses for Personal Loans?


Personal loans are useful for any purpose that requires a significant amount of money. They are mainly used for 2 reasons:

Get Cash

Many personal loan applicants need quick cash in order to pay for unexpected financial challenges, emergencies, or big expenses.

Repay Debts

Other borrowers need to take out a personal loan in order to repay outstanding debts.

What Is the Typical Personal Loan Tenure Period?


A loan tenure is the period of time a borrower has to repay the loan. A typical loan tenure period ranges between 12 to 60 months. This offers a level of flexibility for the borrower, where they can repay the amount over a shorter or longer period of time depending on their financial circumstances.

What Is My Personal Loan Quantum in Singapore?


Depending on your annual income, you may be entitled to a loan quantum that is a multiple of your monthly income. The total maximum amount that you may borrow at any time across all licensed loan providers in Singapore is capped at 6 times your monthly income for individuals earning more than $20,000 annually. Banks, however, are capped at 12 times across all banks for unsecured loans, which includes but is not limited to personal loans, credit cards, credit lines etc.

Personal Loan Quantum Table in Singapore (accurate as of January 2024)

Annual Income

Across All Banks

Across All Licensed Loan Providers

<$20,000

-

$3,000

$20,000 - $30,000

-

Up to 6x of monthly income

>$30,000

Up to 12x of monthly income

Up to 6x of monthly income

Please note that the final disbursed loan amount is subjected to credit checks by banks and licensed loan providers.

What Is the Maximum Loan Amount You Can Borrow in Singapore?


In Singapore, you can generally take out loan amounts between $1,000 to $100,000 maximum. Personal loan amounts borrowed average around $30,000 to $40,000. The maximum amount an individual can borrow is also based on certain factors such as your income, credit score, and amount of debt currently owed.

According to your specific needs, you should not automatically opt for taking out the maximum possible loan amount - instead, focus on the specific amount you need for your cause that you will definitely be able to pay back over the loan tenure.

How To Choose the Best Personal Loan for You


With so many different personal loan options on the market, it can be difficult to compare and choose the best one for your needs. When doing your personal loan comparison, always read the different fees and terms carefully. In particular, you should pay attention to the following factors:

  • Annual interest rate: Determine how much interest you will need to pay over the year.

  • Loan tenure: Some loan tenures only last a few months, whilst others could last for up to several years. Make sure you choose the most suitable time frame for your repayment schedule.

  • Processing fees: These fees range from $0 to $500. Be aware that some banks may charge higher processing fees coupled with low interest rates, which might work out better for you depending on your financial status.

  • Early repayment or cancellation fees: Certain banks charge additional fees for early repayment or loan cancellation.

  • Promotions: Some personal loans come with various promotions, such as lower interest rates and processing fees, instant approval, cashback, welcome gifts, or other benefits.

Why Consider a Personal Loan From Lendela?

Why Consider a Personal Loan From Lendela?


1. Funds can be utilised at your discretion

Whether it’s a wedding, the purchase of machinery, holidaying, medical treatment or tuition, you can decide how and when you want to use your personal loan, whether spending it instantly or over a period of time.

2. No risk of property loss

For unsecured loans, the issuer does not require any security in the form of collateral before the fund disbursement. None of your assets will be at risk if you are unable to repay the personal loan interest.

3. Easy application process

You only need to tender proof of your identity, address, income, recent salary slips, current income tax returns, and statement of account from the past six months to a year. If you’re applying for an instant personal loan in SG, all you need is a soft copy of each document to complete the application online.

4. Monthly repayments to reduce financial burden

Personal loans are designed so that you can make repayments in monthly instalments. You can select various means of repayment in a manner that suits your financial situation.

5. More cost-effective than credit card loans

Although credit card loans are easy and fast to secure, a personal loan is a better option because it is cheaper. The interest rates on credit cards are very high, while personal loans in Singapore can be as low as 5% per year.

6. Fast processing & Quick Disbursement

Once you have filled out our personal loan application form and provided all the required documents, the decision to approve your loan is made almost instantly by our partnering banks. The loan fund will then be disbursed in less than a day or two.

7. Tenure flexibility

The borrower is often given a range of one to five years to repay the loan funds; 10 years according to some banks. Tenure depends on the loan principal and interest rate affixed to the personal loan.

8. Availability of various loan types

There are a plethora of personal loan deals designed for certain industry professionals in Singapore, such as lawyers, doctors, engineers, and investors. Women and farmers may also enjoy personal loan plans with very low interest rates due to their social characteristics.

At Lendela, we believe in finding innovative ways to simplify your personal loan application process by leveraging digital technology. We are brimming with confidence on the back of over 15 years of experience in helping connect consumers with the best banks in the Scandinavian region, channelling more than one million customers to over 30 well-established banks and financial institutions in the region, such as Santander, SEB & Swedbank.

Through Lendela, we have taken the step to offer a service for online personal loans in SG as well. We are constantly looking to improve our user experience, bank panel and customer service, to become even better in finding you the best personal loan in Singapore.

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How To Apply for a Personal Loan in Singapore?

How To Apply for a Personal Loan in Singapore?


Most banks and financial institutions follow a set of criteria when they’re considering you for a loan deal. To get the best loan and interest rates in Singapore, here are 6 steps to follow before filling out a personal loan application:

1. COMPARE YOUR LOAN OPTIONS

Weigh your options by determining the loan type that best caters for your financial situation and goals.

Loan types

Financial needs

Secured loans

  • Require the presence of a guarantor or collateral

  • The guarantor is responsible for paying back the loan should you default (i.e. failure to make repayments on the personal loan)

  • If you present a house, car, land, or any form of collateral, the institution will take possession of the collateral until you fully service the loan deal

Unsecured loans

  • No collateral or guarantor is required

  • You may be asked for proof of financial stability to ensure that you can make timely repayments

Personal lines of credit

  • Borrow funds in fixed amounts without repeatedly applying for loans

  • No set repayment period – beneficial for long-term expenses like hiring the services of a contractor to find the best home renovations

Car loans

Depending on the financing rules deployed, there are typically two forms of car loans found in Singapore:

  • Conventional car loan:

This type of car loan provides personal funds for individuals to purchase a car with an interest rate calculated and set on the funds. The interest rate could be on a floating or fixed basis.

  • Personal loan for a car:

An unsecured personal loan in Singapore can be a good substitute for a conventional car loan. Since you can spend the money on what you want, this personal loan is a fast and easy way to your car.

2. ASSESS YOUR ELIGIBILITY CRITERIA

Basic eligibility criteria that need to be satisfied vary from bank to bank, but there are common factors to consider when applying for a personal loan, either online or in person, including:

Eligibility criteria

Credit score

Banks evaluate an individual’s credit score differently. In Singapore, you can expect a credit score ranging from around 1825 to 2000 to qualify for a consumer loan.

Employment

  • Banks accept applicants who work or reside in Singapore and are gainfully and stably employed or self-employed.

  • Some banks may expect you to have alternative sources of income like retirement benefits or investments in addition to being employed.

Income

To successfully apply for the best personal loan in SG via Lendela, you are required to earn a minimum of $1,600 per month.

Residency

Most of our banks and financial institutions grant personal loans to Singaporean citizens, permanent residents and EP holders.

Age

You are expected to be between 21 and 61 years old to apply for the best personal loan in SG with Lendela.

3. FINISH THE APPLICATION PROCESS

Many credit issuers provide online-based applications in addition to applying at their branch office. Usually, you’ll be required to tender various documents and personal data to the issuing institution, before or during the loan application process, including:

Government-issued ID:

You need to provide a passport, driver’s license, or other forms of government-issued identification when the bank is processing your personal loan application or when you are collecting the loan disbursement.

Proof of income:

Some banks may ask you to provide payslips from the last three to six months, or your bank account statements. If you are self-employed, banks may demand tax returns from the previous two years of the most recent one-year statement for both current and savings accounts.

Proof of residence:

You need to prove your residential address by providing your latest local utility bills, local telecommunication bills, or local bank statement/ credit card statement.

4. WAIT FOR A MESSAGE OF APPROVAL

Your online application for a personal loan will be acknowledged electronically, and you’ll be notified as soon as a bank returns with a pre-approved offer. These are the two stages to hurdle past before getting your loan:

• The pre-approval phase:

This is the provisional approval stage, which involves less time as the bank is assessing your credentials as a borrower. A pre-approved offer is also called an in-principle-approved offer. This designation is given while they await supplementary information from you which could range from additional pay slips to papers summarising your debts or assets. The credit issuer still needs to fully acknowledge your personal loan application and evaluate your credit before granting you full approval.

• The final approval phase:

Final approval on your loan application is usually given when you have supplied all required information to the bank and passed its eligibility criteria. The bank will then grant you a personal loan contract that details the amount you are borrowing, the interest rate, the final amount to be paid as well as other vital information attributed to your loan deal.

5. LOAN DISBURSEMENT

Banks can fund your personal loan through various means. For example, when you obtain loans for debt consolidation, the bank may send the money to your creditor directly. The disbursement process takes no more than 1 day in Singapore.

6. KNOW ALL THE REPAYMENT TERMS

Most banks' repayment terms are set on a yearly or monthly basis and have an affixed interest rate. Repayments on personal loans can be made online, via direct payments from your set bank account. It can also be done via third-party money transfer providers, to the account of a designated debt collector or check. Sometimes, it can be wise to ensure that the bank doesn’t restrict the amount of funds that you can pay per annum, if you wish to service your loan earlier than expected.

APPLY FOR A LOAN WITH LENDELA

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What if You Don’t Qualify for a Personal Loan?

What if You Don’t Qualify for a Personal Loan?


Instant personal loans are considered flexible financing solutions. Apart from those loan types discussed previously, you might want to compare personal loans with some alternatives, depending on your credit score and personal needs.

Personal Savings

When you take a personal loan, the repayment will include personal loan interests and applicable fees. If you can cover your expenses with personal savings, avoid paying the interest and fees attached to personal loans. Note that if you have a qualified retirement scheme, early withdrawal might come with a penalty.

Using Your Credit Card

Despite having higher interest rates, credit card loans might be a better alternative to personal loans if your credit score is poor. Remember to repay on time because penalties can be very high in Singapore.

Home Equity Loan

If you own a home in SG, a home equity loan might be a good alternative to personal loans. A home equity loan is a financing option that is backed by the equity of the borrower’s home.

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How Does Lendela Help You Compare and Find the Best Personal Loan Rates


Step 1: Determine your borrowing needs and eligibility in terms of the amount you need to borrow, your preferred repayment period, and your credit score.

Step 2: Fill in Lendela’s online application form, our algorithm will automatically start comparing interest rates and fees among different banks, while taking into consideration the Annual Percentage Rate (APR) to show you the loan's total cost. Also, getting an estimation of the monthly repayment.

Step 3: Lendela’s result page will also lay out all the extra charges like prepayment penalties, late payment fees, or processing fees. We save you hours from reading the loan terms and conditions of each bank you are considering, just to avoid any hidden fees or charges.

Step 4: Apply for the loan of your choice, submitting the necessary documentation, such as proof of income and identification, to complete the application process.

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How does Lendela help you find the best personal loan in Singapore?


Comparing loan offers with Lendela makes it easy for you to land the best personal loan offer in Singapore. Submit the application, go on with your work, and let Lendela do the work for you. Other benefits of using Lendela in this guide include:

1. You only need to provide a few details.

2. Lendela partners with a long list of banks and financial institutions to get application approval as fast as possible.

3. By connecting with multiple banks and financial institutions, Lendela makes it easy to compare and identify personal loans with low-interest rates.

4. You can find a personal loan even if you don’t have a very good credit score. Even if most conventional banks might have declined your application, Lendela can help to revive your hope of getting the personal loan that you want.

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What is Lendela’s Personal Loan Calculator?


There are many elements to consider when attempting to find your most suitable personal loan, including interest rate, loan tenure, monthly repayment amount, and total cost of the loan. Lendela’s Personal Loan Calculator can help you easily find out the most accurate information about your preferred loan, giving you a better idea of monthly payment amounts, overall interest you will need to pay, and insight into additional fees or costs. This calculator will allow you to directly compare different loans and gain a clear understanding of the best personal loan for your needs.

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Frequently Asked Questions about Personal Loans


1. How Much Will I Pay As Interest?

In Singapore, different banks have varying personal loan interest rates, and it is crucial to do your research and identify the most affordable. Remember that the interest rates for personal loans are determined based on the borrower’s credit rating and repayment ability.

2. How Do I Make Sure I Can Afford the Monthly Instalments?

Some people opt for longer loan tenure to enjoy lower monthly payments. This is not always a good idea because the total amount payable will be higher with longer loan tenure.

As a general rule, you should target spending no more than 30% to 40% of your income on debts to ensure you can afford your monthly payment amount. In addition to repaying the personal loan, you also need money for other expenditures, such as medical bills, utility bills, rent, etc.

3. Do Personal Loans Have Processing Fees?

Banks might have additional charges, such as sign-up or originator fee, but it is possible some only charge interest. A sign-up fee is a one-time upfront charge that banks subtract from the personal loan to meet the processing or administration costs.

4. Is My Credit Score Good Enough?

To ensure your credit score allows you to qualify for a personal loan, it is advisable to check it and correct errors, if any, before applying.

Incorrect credit scores can arise from the wrong entry of your personal information or omission. In this case, you only need to provide documents proving the correct position. Then, the credit reference agency will recalculate your score.

If your credit score is low and you want to increase your chances of securing a loan, you should improve it before making an application.

5. How Do Personal Loans Impact Your Credit Score?

When calculating a borrower’s credit score, credit agencies incorporate a number of factors, including the credit mix. Therefore, if you already have other lines of credit, such as credit cards, getting a personal loan will strengthen the credit mix. The overall impact is improving your credit score. If you have a combination of debts, ensure only to borrow what you can afford to pay on time.

6. Should I Pay Creditors Directly or Have the Money Deposited in My Account?

Once a personal loan is approved, the funds are deposited into the borrower’s checking account. However, you can opt for a different channel if you are working on debt consolidation. Instead of having the money sent to your checking account, simply ask the bank to deposit the personal loan directly to other creditors. This will be a great way to avoid getting the temptation of using the money for other purposes.

7. What Are Debt Consolidation Loans and How Are They Different From Personal Loans?

Debt consolidation loans allow you to combine multiple debts, such as credit card debts and personal loans, into a single loan with a lower interest rate. This makes it easier to manage your debts and potentially save money on interest charges. Debt consolidation loans are different from personal loans as personal loans can be used for any purpose, while debt consolidation loans are specifically designed to help you pay off multiple debts.

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