Singapore Personal Loan Calculator

Personal Loan Scenarios

Singapore Personal Loan Market

• Interest Rates: 3.5% - 25% per annum depending on profile
• Loan Amount: Up to 12x monthly salary (max $200,000)
• Tenure: 1 to 7 years typically
• Processing Time: 1-7 working days
• Eligibility: Minimum age 21, income requirements vary

Bank Personal Loan Rates

• DBS Bank: 3.5% - 18% per annum
• OCBC Bank: 3.68% - 18% per annum
• UOB Bank: 3.5% - 18% per annum
• Maybank: 4.5% - 18% per annum
• Citibank: 3.5% - 25% per annum
• Standard Chartered: 4.5% - 25% per annum

Eligibility Criteria

• Age: 21-65 years old
• Income: Minimum $30,000 annually for locals
• Employment: Minimum 6 months with current employer
• Credit Score: Good credit history required
• Debt Service Ratio: Total debt payments ≤ 60% of income

Required Documents

• Identity: NRIC/Passport copy
• Income Proof: Latest 3 months payslips
• Employment: Employment letter or contract
• Bank Statements: Latest 3-6 months statements
• CPF Statement: Latest contribution history

Loan Features

• Fixed Interest Rate: Rate remains constant throughout tenure
• Flexible Repayment: Choose tenure from 1-7 years
• No Collateral: Unsecured loans based on income
• Early Repayment: Option to pay off loan early
• Top-up Facility: Additional borrowing for existing customers

Processing Fees and Charges

• Processing Fee: $0 - $500 (often waived for promotions)
• Late Payment Fee: $50 - $100 per occurrence
• Early Repayment Fee: 1-5% of outstanding amount
• Annual Fee: Some loans have annual maintenance fees
• Legal Fees: For loan documentation (if applicable)

Debt Consolidation Benefits

• Single Payment: Combine multiple debts into one
• Lower Interest: Potentially lower than credit card rates
• Fixed Tenure: Clear repayment timeline
• Simplified Management: Easier to track and manage
• Credit Score Improvement: Better payment history

Loan Insurance Options

• Mortgage Reducing Term Assurance: Covers outstanding loan
• Total Permanent Disability: Coverage for disability
• Critical Illness: Coverage for major illnesses
• Retrenchment Protection: Temporary payment relief
• Premium: Typically 1-3% of loan amount annually

Interest Rate Factors

• Credit Score: Higher scores get better rates
• Income Level: Higher income may qualify for lower rates
• Employment Type: Stable employment preferred
• Existing Relationship: Bank customers may get preferential rates
• Loan Amount: Larger loans may have better rates

Repayment Options

• GIRO: Automatic monthly deduction
• Online Banking: Manual payments via internet banking
• ATM: Cash or card payments at ATMs
• Branch: Over-the-counter payments
• Cheque: Post-dated cheques (less common)

Licensed Moneylenders

• Higher Interest: Up to 4% per month (48% per annum)
• Faster Approval: Same-day approval possible
• Lower Requirements: Less stringent eligibility
• Smaller Amounts: Typically $500 - $30,000
• Regulation: Licensed and regulated by MinLaw

Loan Comparison Tips

• Effective Interest Rate: Compare total cost, not just advertised rate
• Total Cost: Include all fees and charges
• Flexibility: Early repayment options and penalties
• Customer Service: Quality of service and support
• Approval Speed: How quickly funds are disbursed

Financial Planning

• Affordability: Ensure monthly payments fit your budget
• Emergency Fund: Maintain savings for unexpected expenses
• Debt-to-Income Ratio: Keep total debt payments reasonable
• Purpose: Borrow for productive or necessary purposes
• Alternatives: Consider other financing options