TOP BANK REVIEWS
(Personal Loans)

hsbc singapore

HSBC BANK

Pros

  • Lowest interest rates (7% per annum)
  • Offers longest loan duration (up to 7 years)
  • Lowest income requirements for foreign applications (S$>40,000 per annum)
  • No processing fee, S$100 cashback if apply online
  • Fast approval if apply online, get cash in 1 business day

Cons

  • Loan approval rates are fairly low
  • Minimum loan amount is S$5,000
  • Other loans (car loans, business loans etc) have higher interest rates

Conclusion:

HSBC Singapore has one of the best personal loan deals in the island. It offers the lowest effective interest rates at 7% per annum. This bank also offers the longest loan tenures of up to 7 years. It allows borrowers to spread the cost of the loan for a longer period of time, reducing the monthly repayments. There is also a ZERO processing fee and even a an S$100 cashback if you apply online!


HSBC Singapore is also suitable for low-income foreigners as it has the lowest income requirements for them at >S$40,000 per annum. One of the most unique part of HSBC personal loans is that you could get your loan approved in 1 minute if you apply online! 


However, they generally do not approve loans easily. If you do not have a good credit rating, you could give them a skip. Their minimum loan amount stands at S$5,000 which is fairly high compared to other banks. Their interest rates are also high for car loans and business loans. 

ocbc bank singapore

OCBC BANK

Pros

  • Eligible for low-income earners (<S$30,000 per year)
  • Loan approval rates are fairly high
  • Very transparent on its interest rates, offers flat rate
  • High loan amounts (up to 6X monthly income)

Cons

  • Interest rates are higher than other banks
  • Does not often have promotions
  • Relatively high processing fee S$200 or 2% of loan amount

Conclusion:

OCBC is 1 of the 4 banks that offers personal loans to low-income borrowers who earn less than S$30,000 a year.. They also have fairly high loan approval rates and therefore could serve as a back-up choice for those who got rejected by other banks. 


This bank states all its rates and fees clearly to borrowers. Such transparency is often valuable especially if you are applying for a big loan amount. With that being said, OCBC approves higher loan amounts than other banks.


However, OCBC has the highest effective interest rates among the banks. Its rates are 17.7% compared to the average of 12.6%. It also has a processing fee of S$200 or 2% of the loan value. OCBC does not often have promotions.

Nevertheless, we would still recommend OCBC as a back-up plan for those who could not get loans elsewhere. 

ciitbank singapore

CITI BANK

Pros

  • Lowest interest rates for 1-year loans at 9.0%
  • No processing fee
  • 1 to 1.5% cashback on loan amount
  • S$50 cashback for online application

Cons

  • Existing customers have less benefits than new customers
  • Interest rates are higher for long-tenure loan (>3 years)
  • Slower cash disbursements than other banks

Conclusion:

Citibank is most suitable for those seeking a short-term loan of 1-2 years. Along with their generous cashbacks and no processing fees, Citibank offers one of the best deals in town. Their minimum loan amount is S$1,000 which is the second lowest among the banks. 


However, existing Citibank customers are charged a higher effective interest rate for 1-year loans at 9.5%. Furthermore, the interest rates for 4 and 5 year loans are fairly high at 10..5%. 

Apart from that, Citibank disburses their cash slower compared to other banks. Nonetheless, this bank offers a great deal for short-term loans. We are giving them 4.5 stars for that. 

DBS bank singapore

DBS BANK (POSB BANK)

Pros

  • Low interest rates (as low as 7.56% per annum)
  • Offers instant cash payments for DBS/POSB Cashline & credit card customers
  • Flexible loan amounts (S$500 - 10x monthly income)
  • Offering promotion of up to S$1,088 cashback

Cons

  • Loan tenure up to 5 years only
  • Charges 1% processing fee

Conclusion:

DBS/POSB bank advertises its interest rates as low as 7.56% per year. However, the rate is only for 5-year loans. If your loan is 1 year, the interest rate would be 8.89% per annum. Nevertheless, you could get instant cash into your account if you are a DBS/POSB bank account holder.

This bank offers loans from as little as S$500 to 10X your monthly income. However, you would need an annual income of >S$120,000 to be eligible for loans 10X your monthly income. They are currently offering promotions of up to S$1,088 cashback as well.


On the flipside, DBS/POSB only offers loans up to 5 years and they also charge a 1% processing fee. Overall, we can see that this bank offers good personal loan deals. 

Something For You...

WHAT ARE BANKS?


Banks are the most traditional and trusted financial institutions in the world. Due to their importance to the economy of a country, banks are highly regulated to ensure their financial health. The government would always review the reserve requirements of banks to ensure that they are always financially sound. Such a situation would cause banks to have strict screening systems for any person applying for loans.


With this, loan applicants must have good credit ratings in order to get approved for loans. They must have good repayment history and a solid income proof. Banks could offer huge amounts of loans be it personal loans, business loans and more. There are currently more than 120 commercial banks in the country offering personal loans. 

top banks

Our team of professionals review the top banks in Singapore for personal and business loans on a monthly basis based on a set of standards set by our board. Adhering to high ethical guidelines, we rank the top 3 banks based on a number of factors like staff friendliness, ease of access, professionalism, loan flexibility, approval rates and many more. With the time and effort spent to check each of the banks, LoanGuide.sg is confident that our recommendations are the most reliable you could obtain. 


We maintain our independence in our research into each bank to ensure a high level of trust from our users.

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If you do not have a good credit history, you could also check out the reviews of all licensed money lenders in Singapore here!

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