If you're in urgent need of money, but too paiseh to borrow from your family and friends, your best bet is probably a personal loan. With a personal loan, you borrow cash from a bank or financial institution and pay them back in fixed instalments over an agreed period. But you'd typically need to meet a minimum income requirement and...
Not mentioned in this table is OCBC's ExtraCash personal loan which brings you up to 5.43 per cent interest rate amounting to $323 monthly repayment with a $100 processing fee.There's quite a bit of jargon here, so let's go through some questions that may have come up.
The interest rate is 3.77 per cent p.a. for a 12-month loan period, with a 6.89per cent p.a. EIR. For other loan periods of 24, 36, 48 or 60 months, the interest rate is fixed at 3.99 per cent p.a. with an EIR between 7.40 per cent to 7.49 per cent p.a.. You can apply for this personal loan online by signing in through SingPass and receive your loan disbursement within 15 minutes. There's no need to be an existing Standard Chartered customer to get this personal loan.
From now until May 16, 2023, apply via MoneySmart to receive up to $4,915 worth of free gifts and up to $3,100 cashback from Standard Chartered.The 3.45 per cent Citibank Quick Cash is only available to customers who are completely new to Citibank loans. If you already have a Citibank loan, you'll be given a higher interest rate.
That said, don't take our word for it. Rates are customised, so what you get might not be exactly the same as the above examples.DBS's personal loan is only open to existing DBS customers. If you already have DBS Cashline or a DBS credit card or currently credit your salary into a DBS or POSB deposit account, you can get the cash disbursed instantly.
The best part about HSBC's personal loan is its long loan tenure of up to seven years-currently the longest loan tenure in Singapore. So if you need to borrow a large sum but can't afford high monthly repayments, HSBC's personal loan is definitely one you should consider. If you need the cash ASAP, the fastest options are the DBS Personal Loan , UOB Personal Loan , and Standard Chartered CashOne.
We usually recommend these loans because they have much lower interest rates. You can pay back slowly and steadily at a pace comfortable to your financial situation.
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