Feb 13 2020

#Personal loan with less interest + #Video

#Personal #loan #with #less #interest

Personal loan with less interest


Get the Best Personal Loan Interest Rates for 2019 Now!

Updated 04 April 2019

Get the latest Personal Loan interest rates for Singapore on See how Personal Loan compares against other banks and apply instantly online.

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Citibank Quick Cash

Interest Rate (EIR 8.50% p.a.)

Total Amount Payable

  • Valid for 3 years loan tenor, with min. loan amount of $20k, min. annual income of $30k
  • EIR is fixed at 7.5% p.a. for any loan tenor, with min. loan amount of $20k
  • Lowest EIR in the market, which equates to the lowest true cost of borrowing for your loan
  • Eligible for new Citibank customers who apply for Citibank Quick Cash account
  • No processing fees at all, which lowers your overall repayment sum
  • Apply online from 10 Oct 2018 to 31 Mar 2019

Interest rate lowered to 3.99% p.a. (7.5% EIR p.a.)!

  • No processing fees at all, which lowers your overall repayment sum
  • Applicable for all loan tenor and loan of $1k and above

Get S$299 Cash + Cashback

Standard Chartered CashOne

Interest Rate (EIR 7.97% p.a.)

Total Amount Payable

  • 3.88% p.a. guaranteed on all loan amounts + $199 Cashback
  • MoneySmart Exclusive- 3.88% p.a. guaranteed
  • Applicable for all loan tenure and loan amount of $1,000 and above
  • 1st year annual fee waiver worth S$199 (As cashback)
  • Apply and get cash the very next banking day*

HSBC’s Personal Loan

Interest Rate (EIR 7.50% p.a.)

Total Amount Payable

  • 1 minute in-principle approval
  • Enjoy 4.0% p.a. interest rate with min. $30k annual income for 2 -5 years loan tenor
  • Enjoy 4.1% p.a. interest rate with min. $30k annual income for 1 year, or 6-7 years loan tenor
  • Minimum S$1,000 loan amount, up to S$200,000
  • Valid till 30 June 2019. Applications must be approved by 31 July 2019

OCBC Cash-on-Instalments

Interest Rate (EIR 12.12% p.a.)

Total Amount Payable

2% of loan amount

  • Get extra cash from your OCBC Credit Card or EasiCredit account by converting your available credit limit into fixed monthly instalments from 12 to 60 months tenure.
  • Interest rates as low as 5.8% p.a. (EIR 11.38% p.a.) for 5 years loan tenor
  • Payment of processing fee may vary based on your choice of personal loan plan. Please confirm this with the bank prior to loan approval.
  • Applicable for loan amount of $1k and above

MoneySmart lists Personal Loan products that range between a minimum of 1 to a maximum of 7 years. The effective interest rate (EIR) of loan products on our site range from 8.5% p.a. to up to 20.0% p.a. The EIR of your loan will be dependent on the loan you apply for as well as your personal financial needs.

For example, you would need to pay S$316/month for a S$10,000 Personal Loan with a loan tenure of 3 years. This would equate to a total payment of S$11,376 over 3 years. Please view each Personal Loan product in detail for a full breakdown of the interest rate chargeable, minimum and maximum loan tenure as well as processing fees (if applicable).

Best Personal Loans Singapore 2018

Understanding Personal Loan Interest Rates

While comparing the personal loans available in Singapore, you might have noticed at least two distinct interest rates attached to each loan. Here’s how they differ:

Advertised Interest Rate

This is the annual interest rate that is advertised in a bigger font. For example, DBS Personal Loan has an advertised interest rate of 3.88% p.a. However, it doesn’t give you the full picture, since it leaves out other details like processing and admin fees.

Effective Interest Rate (EIR)

It’s compulsory in Singapore to state the effective interest rate, or EIR, next to the advertised rate. This takes into account processing and other fees, as well as the details of your repayment schedule. In short, EIR shows you the “true” interest rate of the personal loan.

0% Interest Personal Loans

Some banks also offer promotional 0% interest personal loans for short-term loans. However, these tend to come with high processing fees. That means you’ll still be paying the bank for the loan – it’s just that the bank collects your money upfront rather than in interest payments later on.

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

Banks are generally laxer on Singaporeans and PRs in terms of the minimum requirements for them to get a loan. If you’re a foreigner, on the other hand, it can be quite difficult to get a personal loan from a bank if your income is less than $3,000 a month. (Some banks impose even higher minimum monthly incomes.)

If you’re unsuccessful in applying for a personal loan through a bank, you may turn to a licensed moneylender. The Ministry of Law publishes a list of licensed moneylenders so be sure to only borrow from them.

Singapore law requires moneylenders to explain the terms and conditions of a loan to you in a language that you understand, so listen and read carefully, and make sure you are comfortable with the loan terms. Feel free to shop around until you find a licensed moneylender you are satisfied with. Moneylender interest rates can be sky-high – as high as 4% a month – so be sure to borrow the absolute minimum you need, and for the shortest loan tenure you can manage.


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