Personal Loan Singapore
Are you looking for an easy way to find the best-value loans in the market? At EnjoyCompare, we make it easy for you to compare personal loan offers from an extensive selection of loan providers. Comparing loan offers from a number of banks can be a painstaking and time-consuming process. At EnjoyCompare, we offer the comparison service you need to make searching for your ideal loan as simple and time-efficient as possible.
|Best for||Personal Loan Name||Key Benefit|
|Longest loan tenor||HSBC Personal Loan||Longest loan tenor of up to 7 years.|
|Get cash the next day||Standard Chartered Loan||Get cash the next day. Terms and conditions apply.|
|Debt Consolidation Loan||POSB Debt Consolidation Loan||Interest rates from as low as 3.98%p.a (7.23%p.a EIR.|
|Low interest rate||Citibank Personal Loan||Enjoy up to 4.55% p.a. interest rate (EIR 8.50% p.a).|
Loan Representative Example
A representative rate of 2.8% APR (fixed) so if you borrow $10,000 over 5 years at a rate of 2.8% p.a. (fixed) you will repay $178.64 per month & $10,718.40 in total.
Our service allows you to compare an extensive range of reputable loan providers in Singapore: With EnjoyCompare, you can find all the information you need about a loan offer with ease. From the headline rate of each loan to the loan periods offered and benefits attached to each offer, Enjoy Compare allows you to easily view and compare each aspect and find the loan best suited to your individual needs.
Whatever you require a loan for, be it to support a startup business or to help finance the purchase of a new car, our service puts the ability to effortlessly find the very best loans at your fingertips. Our highly-acclaimed compare service puts you first, ensuring that you are only directed towards reputable loan services that you can have complete confidence in.
To help our visitors find the best loan deal, our experts have attributed star ratings to each of the loans offers featured on our site. This can help you quickly navigate to the best deals on our site at a glance and find the most appropriate loan for your personal situation.
Personal loan effective interest rate
Here at EnjoyCompare, we strive to showcase the best loan deals available in Singapore. To help validate the best deal, we calculate the total cost you would need to pay in processing fees and interest. With the average cost of personal loans in Singapore at around 10% – 12% depending on loan tenure, ideally, you want to compare offers with an effective interest rate of 11% or lower. To achieve this, we recommend trying different loan tenure and different loan amount i.e. S$29,999 rather than S$30,000. However, always making sure you can comfortably afford the monthly repayment schedule.
Singapore loans aren’t easy to understand, if you have any burning questions, then check out our loans frequently asked questions guide
Best personal loan calculator
Sometimes looking at the actual dollar cost of a personal loan is the easiest way to rank the best personal loans. Below, we show the total cost of each personal loan product in Singapore. We have assumed an annual salary of S$30,000, and that you wish to borrow S$10,000 over 3 years. For such a loan, you should expect to pay somewhere between S$1,200 and S$2,700 in fees and interest. However, this illustration does not include other possible penalties like late or early payments.
How do personal loans work?
At EnjoyCompare we compare personal loans that can be paid back over terms of between 12 months and 60 months. In Singapore the effective interest rate (EIR) you will be charged depends on your personal circumstances, and will be between 8.5% p.a. and 14.94% p.a.
As an example, this is a representative example of what it may cost if you get a personal loan: a loan of S$10,000 over 36 months at 4.8% p.a. nominal interest would equate to monthly repayments of S$317.77 and the total cost of the loan that you pay back would be S$11,440.
The effective interest rate (EIR) you will be charged depends on your personal circumstances. Typically the lowest EIR charged by bank ranges between 5.0% p.a. to 20.0% p.a. depending on the choice of banks and products.
If you want to know more about personal loans in Singapore, then check out our Singapore loan guide.