Introduction
The internet has made obtaining a personal loan in Singapore easier than ever before. Many companies are offering personal loans, and they’re one of the most popular types of borrowing.
A personal loan gives you access to money when you need it most, whether for buying a car, paying some bills, or even going on a holiday.
In this article, we’ll explain what makes up the best personal loan plans in Singapore and how you can compare them against each other easily.
The DBS Cashline plan.
Interest rate: 3.99% The DBS Cashline plan is one of the most popular personal loan plans in Singapore.
It’s a versatile plan that lets you borrow between S$5,000 and S$50,000 for any reason.
You can pay back either in whole or over an extended period with interest charged at 3.99%.
The OCBC ExtraCash plan.
The interest rate is 2.90% p.a.This is another popular personal loan plan that allows you to borrow between S$5,000 and S$50,000.
The repayment period can be from 1 to 5 years with interest charged at 2.90% p.a. You can also choose to pay back in full or over an extended period.
Standard Chartered CashOne loan plan.
Standard Chartered CashOne Personal Loan offers competitive interest rates to customers, especially those looking for personal loans with a minimum loan amount of $5,000.
The loan is offered by Standard Chartered Bank in Singapore and comes with the following features:
- *Interest rate of 1.99% per month*. With this rate, you can expect to pay around 33% more than other similar plans available in the market at present.
- *Minimum loan amount of $5,000*. You need to have at least this much before you apply for this type of personal loan plan.
- *Maximum loan amount of $50,000*. If you have enough financial resources and want something more substantial than most other personal loans available today, this one may be right for you as it allows up to $50k! That’s pretty impressive compared to other plans on the market since most banks won’t even go over 10k or 20k (or maybe 30k).
UOB CashPlus plan.
If you’re looking for a personal loan with a low-interest rate, the UOB CashPlus plan could be the right choice for you. With no processing fees, no prepayment penalty, and no early repayment charge – this loan offers excellent flexibility.
The loan amount ranges from $5,000 to $50,000, and the tenure ranges from 6 to 60 months. The interest rate is 3.95% per annum, while there are no hidden extras like administration or annual fees.
If you’re looking for other options before deciding on one particular plan, read on to find out more about personal loans in Singapore.
This article reviews some of the best personal loans available in Singapore.
A personal loan is a form of unsecured debt that you take out to fund any purchases, from a big purchase like a car or home to smaller ones like paying for your child’s education or emergencies.
It’s important to understand that personal loans are taken out by individuals and not companies. Personal loans are also “credit cards” (not to be confused with credit card debt).
A good reason for taking out a personal loan could be because you’re trying to consolidate your debts and pay off multiple creditors using just one source.
Another good reason would be that you need funds urgently and don’t have time to wait for banks or other lenders such as peer-to-peer lenders (in which case we recommend SocietyOne).
Conclusion
There are many types of loans available in Singapore, and this article gives a brief overview of some of the best personal loan plans available.
If you want to explore more loans, please consult our website, which provides an extensive list of loan options in Singapore.