Looking for a personal loan with the lowest possible interest in Singapore? You’re in luck! We’ve scoured the latest offerings to bring you the 5 best banks with the most competitive interest rates in 2025. Whether you’re rebuilding your home, funding a dream vacation, or consolidating debt, these banks stand out with attractive rates and perks.
1. Standard Chartered – CashOne Personal Loan
- Interest Rate: From 1.90% p.a. (AIR)
- Effective Interest Rate (EIR): From 3.63% p.a.
- Processing Fee: None
- Highlights:
- Loans from S$1,000 up to S$250,000
- Fast instant approval & disbursement (sometimes within 15 minutes)
- Referral cashback (e.g., S$200 until end of 2025)
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2. HSBC Personal Loan
- Interest Rate: From 1.99% p.a. (AIR)
- EIR: Around 3.8% p.a.
- Processing Fee: Zero
- Highlights:
- Borrow up to 8× your monthly income, capped at S$200,000
- Loan tenure up to 7 years
- No early repayment penalties
- Attractive cashback promotions (e.g. up to S$3,600)
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3. DBS / POSB Personal Loan
- Interest Rate: From 1.99% p.a.
- EIR: Approximately 4.17% p.a.
- Processing Fee: 1% of loan amount
- Highlights:
- One of Singapore’s major local banks (POSB under DBS)
- Competitive rate but includes a processing fee
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4. UOB Personal Loan
- Interest Rate: Around 2.88% p.a.
- EIR: Around 5.43% p.a.
- Processing Fee: Often waived
- Highlights:
- Waived processing fees and cashback for eligible loan amounts
- Flexible loan tenures, typically 1–5 years
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5. Trust Bank Instant Loan
- Interest Rate: From 1.99% p.a.
- EIR: Around 3.80% p.a.
- Processing Fee: None
- Highlights:
- Digital-first bank; instant loan disbursement (within minutes)
- Collaboration between Standard Chartered and FairPrice
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At a Glance: Quick Comparison
| Bank | AIR (from) | EIR (approx.) | Processing Fee | Standout Perks |
|---|---|---|---|---|
| Standard Chartered CashOne | 1.90% | 3.63% | None | Large loan cap, quick approval, cashback |
| HSBC Personal Loan | 1.99% | 3.8% | None | Long tenure, high borrowing limit, cashback |
| DBS / POSB Personal Loan | 1.99% | 4.17% | 1% fee | Trusted brands, competitive rate |
| UOB Personal Loan | ~2.88% | ~5.43% | Often waived | Flexible terms, processing fee waiver |
| Trust Bank Instant Loan | 1.99% | ~3.80% | None | Instant digital banking with no fees |
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Final Thoughts
If you’re aiming for the lowest rates:
- Standard Chartered CashOne and HSBC lead with sub-2% AIR and low EIR.
- Trust Bank is excellent for digital-savvy users seeking quick access.
- UOB and DBS/POSB offer reliability and some perks — though watch for fees.
Rates and promotions change often. Double-check with the banks for current terms before applying.