Personal Loans from Banks

What are the requirements for obtaining a personal loan in Singapore?
We take a look at the requirements from three banks.

For HSBC Bank:
1. Be at least 21 years of age.
2. Have a minimum of S$30,000 annual income for salaried Singaporeans or permanent residents.
3. Have a minimum of S$40,000 annual income for self-employed Singaporeans or permanent residents.
4. Have a at least S$40,000 annual income for those with an Employment Pass and a one year validity for foreigners.

For UOB Bank:
1. Must be at least 21 years of age.
2. Have a CashPlus account.
3. A Singaporean or Permanent Resident.
4. Minimum income of S$30,000 a year.

For DBS Bank:
1. Be at least 21 years of age.
2. A Singaporean or a Permanent Resident.
3. Have a minimum annual income of S$20,000 a year or more.
4. Must have a Cashline Balance Transfer.

What are the interest rates charged for a personal loan?
Every bank has different interest rate charges and fees.

For HSBC, the interest rates are up to 7.6% flat rate per annum and 15.49% Effective Interest Rates (E.I.R) of S$10,000 for the first year.

UOB bank claims to have one of the lowest interets rate at 2.5% of the total amount borrowed for a minimum loan duration of 2 years or more.

DBS bank has an interest rate of 2.5% for 6 months and 4.5% for 12 months.

What are the additional fees or charges for a personal loan?
HSBC bank charges a fixed $S88 processing fee, a S$150 early repayment fee which can be made full within the first year and S$100 amendment fee for all applicants obtaining a personal loan.

What are some other perks and benefits?
Other attractive perks include a loan amount of up to four times your monthly salary of a minimum of S$30,000 annual income and no charge on existing loans.

DBS bank has a promotional interest rate of  0% per annum for up to 12 months and and an administration fee of only 2.50% for the first 6 months and 4.50% for 12 months. The effective interest rate per annum for 6 months is 5.27% and 5.06% for 12 months.

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