Compare personal loans on your numbers
Enter how much you need, over how long, and what you earn. You see every bank's package with its monthly repayment, its total cost and its EIR, the real yearly rate. Pick one and apply on WhatsApp.
- The main banks' personal loans, side by side
- Fees counted in: the EIR on your loan, not the advert's
- MAS's income limits and each bank's minimum income checked
- Nothing you type leaves your browser
Your numbers
Three figures. About 30 seconds.
Today's packages for you
Sorted by the real yearly rate (EIR) on your loan. Pick one and apply on WhatsApp.
Got a quote from another bank?
Put in its flat rate and processing fee. You get the monthly repayment, the total interest and the EIR, with every figure in full, a PDF, and a link to share or save on WhatsApp.
Use it for a bank that isn't listed above, or for the rate a bank quotes you once you apply: a quote can differ from the advert.
Check any offer
3 questions, about 1 minute. No sign-up.
Your loan in full
Why the flat rate looks cheaper than it is
A flat rate charges interest on the whole amount for the whole term, even though you repay part of it every month. In the last year you owe very little, but you still pay interest on the full sum. That is why 3.5% flat over three years really costs 6.6% a year, before any fee. A 1% processing fee taken off the cash you receive pushes it to 7.3%.
MAS requires banks to show the effective interest rate (EIR) next to the flat rate. Compare loans on the EIR: it counts the fee and the tenure, so two loans with the same flat rate can cost different amounts.
What MAS lets one bank lend you
| Yearly income | Most one bank can lend |
|---|---|
| Below S$20,000 | No personal loans |
| S$20,000 to S$29,999 | 2 × monthly income |
| S$30,000 to S$119,999 | 4 × monthly income |
| S$120,000 or more | No MAS limit: the bank decides |
The limit covers everything unsecured at that bank: credit cards and credit lines as well as the loan. Across all banks, once your unsecured debt has been above your yearly income for three months, no bank can give you more until it comes down. That last rule doesn't apply from S$120,000 a year. Source: MAS's unsecured credit rules, as set out in the Association of Banks in Singapore's FAQ.
Common questions
What is EIR?
The effective interest rate: what the loan really costs a year, counting how the balance falls and any fees. Banks in Singapore work it out as the monthly rate the repayments represent, times 12. It is always higher than the flat rate.
Is a lower flat rate always cheaper?
No. A loan with a lower flat rate but a bigger processing fee, or a different tenure, can cost more. Compare the EIR, or the total cost: interest plus fees.
Are these the banks' real rates?
They are the packages the banks publish, which our team keeps up to date. The flat rate and the advertised EIR are the bank's own figures; the EIR on each card is worked out for your amount and years, with the fee counted in. Only the bank's letter of offer is binding.
How much can I borrow?
MAS caps what one bank can lend you at 2 or 4 times your monthly income, depending on your yearly income, and that limit includes your cards there. From S$120,000 a year the bank sets its own limit.
What happens when I tap Apply via WhatsApp?
WhatsApp opens with the package and your loan amount filled in. Nothing is sent until you press send. We then check the package with you and tell you who we'd pass your details to: our contact at the bank, or a referral partner. We pass them on only after you say yes.
What does it cost to apply through BankLoan.sg?
You pay us nothing. If you take up a loan we helped you apply for, the bank or our referral partner may pay us a referral fee. Ask us and we'll tell you whether one applies to your case.
Can I repay early?
Usually, but most banks charge an early repayment fee, and some don't refund the interest you would have paid. Check the bank's terms before you sign.