What should I consider before taking up a loan?

Most major banks in Singapore offer personal loans of some sort. If you are looking to get a personal loan for an emergency, the most important consideration is how fast you can get the cash. You should be able to get the funds on the same day, or the next working day at most. Other key factors to consider are the interest rate and whether the monthly repayments are manageable.

What are the personal loan requirements in Singapore?

Most personal loan providers in Singapore offer loans to customers aged at least 21 years old; some cap the age limit at 60 or 65 years old. You will need to meet minimum income requirements to get a loan. For Singaporeans/PRs, the minimum income is usually S$20,000 (though some banks require S$30,000). For foreigners, your minimum income is usually at least S$40,000 and it can go up to S$60,000. You may need to furnish your work pass as well. However, if you have a credit card with the provider, then you probably do not need to go through these eligibility conditions again.

How much can I borrow?

Because personal loans are unsecured loans (you do not offer the bank anything as collateral, such as your home), banks typically do not lend a large amount to individuals. You can expect the maximum loan amount to be 4 times your monthly income. If you are applying to convert your credit card limit into cash, the unutilised credit limit is your maximum loan amount.

How can I get a personal loan immediately?

To speed up your personal loan application process, it's best to approach a bank where you already have a credit card (and preferably a deposit account as well). Since the provider has already approved how much they are willing to lend you in the past, it's quick and easy to turn your credit limit into cash. Otherwise, look for a loan like Standard Chartered CashOne , which has an explicit instant approval + cash disbursement promise.

Which are the best personal loans offered by banks in Singapore?

Interest rates are always fluctuating, so at the moment, it seems like Standard Chartered , UOB , Citibank , DBS and HSBC are providing the best interest rates and personal loan promotions in Singapore. To make a better decision, you may compare them based on effective interest rates, loan repayment tenures and minimum annual income requirement with MoneySmart's comparison tool.

EIR, or effective interest rate, is meant to reflect the true cost of taking a loan in Singapore. That’s because the loan interest rate is not the only cost. There are often other costs, such as the administration fee that a bank may charge. EIR (effective interest rate) is much more complicated as it also takes into account any processing fees plus your repayment schedule.

Why is EIR higher than the advertised interest rate?

EIR is determined by many other factors besides the interest you are charged, which include number of instalments, frequency of instalments, whether the instalment amounts are equal or not, administrative fee or processing fees.

How long should my loan tenure be if I need to take up a personal loan?

Usually it’ll be less than a year for loan amounts below S$20,000, 1-5 years for S$20,000 to S$60,000 and 5 years or more for any amount above S$60,000.

Fast Approval Personal Loans for Emergencies Singapore

5 Tips to Get Emergency Cash Fast from a Personal Loan

There are lots of personal loans in Singapore to choose from, but when you're cash-strapped and need to pay for emergency expenses, you can't exactly afford to shop around at leisure. You need that cash ASAP! Here are some ways to cut short your personal loan approval time and maximise your chances of getting the funds in your account as soon as possible.

Maintain a good credit score

By keeping a good credit score, it’ll make getting a personal loan much faster and easier as you get to enjoy quicker approvals of your loans by bank and even have your credit card renewal fees waived easily. So how do you know if you have a good credit score? Some factors that may affect your credit score include late payments, the amount of credit you use, established credit history, recent credit, and the number of accounts you hold.

Avoid applying to multiple banks

Whenever you make a new loan application to a bank, the bank will pull your credit report and this enquiry will be placed on your file. It’ll be faster if you apply for a personal loan from your existing credit card issuing bank as they already have your records. But if you do not have any credit cards at the moment, it’s still better to just pick one or two that you’ve really set your mind on.

Let’s say you apply to 4 banks, all 4 banks will need to carry out this process, and your file will have multiple enquiries. Once the banks see that your file has multiple enquiries, that will affect their approval of your personal loans, which most likely may result in a longer approval time for the loans you’re applying for.

Moreover, having too many enquiries could be an indication to the bank that you’re trying to take on more debt, which increases the bank’s risk assessment of the maximum potential loss they would suffer if you should default on payment.

Tap on your credit card limit

The fastest and easiest way to get your personal loan is to convert the unused credit limit on your credit card, if any. That's because the provider already approved how much they were willing to lend you when you signed up for the card, so there's no need for another round of document processing and approval. Converting the unused credit into cash is almost instant if you have a deposit account with the bank. Otherwise it may take a few days for the transfer. Before you do it, make sure you are comfortable with the repayment terms.

Use SingPass MyInfo for instant loan approval

If you do not have an existing credit card limit to tap on, look into personal loan providers that offer instant approval. How does that work? When you apply online via SingPass MyInfo, the bank pulls your identity and income data from SingPass (which is already verified), thus cutting short the processing time. You should see the approval-in-principle page within minutes of submitting your MyInfo. If you choose to accept the personal loan terms they offer, you're on your way to getting cash in the bank.

Check cash disbursement lead time

For personal loans, approval speed isn't the only lead time that matters. If you need cash quickly, make sure that the provider promises to disburse the cash within a short time frame as well. Check the (a) cash disbursement lead time and (b) deposit account requirements. If you already have a deposit account with the same provider, you should be able to get the cash on the same day or within 1 day of your loan approval. But if you have to create a new account, that might cause delays.

Frequently Asked Questions

What should I consider before taking up a loan?: Most major banks in Singapore offer personal loans of some sort. If you are looking to get a personal loan for an emergency, the most important consideration is how fast you can get the cash. You should be able to get the funds on the same day, or the next working day at most. Other key factors to consider are the interest rate and whether the monthly repayments are manageable.
What are the personal loan requirements in Singapore?: Most personal loan providers in Singapore offer loans to customers aged at least 21 years old; some cap the age limit at 60 or 65 years old. You will need to meet minimum income requirements to get a loan. For Singaporeans/PRs, the minimum income is usually S$20,000 (though some banks require S$30,000). For foreigners, your minimum income is usually at least S$40,000 and it can go up to S$60,000. You may need to furnish your work pass as well. However, if you have a credit card with the provider, then you probably do not need to go through these eligibility conditions again.
How much can I borrow?: Because personal loans are unsecured loans (you do not offer the bank anything as collateral, such as your home), banks typically do not lend a large amount to individuals. You can expect the maximum loan amount to be 4 times your monthly income. If you are applying to convert your credit card limit into cash, the unutilised credit limit is your maximum loan amount.
How can I get a personal loan immediately?: To speed up your personal loan application process, it's best to approach a bank where you already have a credit card (and preferably a deposit account as well). Since the provider has already approved how much they are willing to lend you in the past, it's quick and easy to turn your credit limit into cash. Otherwise, look for a loan like Standard Chartered CashOne, which has an explicit instant approval + cash disbursement promise.
Which are the best personal loans offered by banks in Singapore?: Interest rates are always fluctuating, so at the moment, it seems like Standard Chartered, UOB, Citibank, DBS and HSBC are providing the best interest rates and personal loan promotions in Singapore. To make a better decision, you may compare them based on effective interest rates, loan repayment tenures and minimum annual income requirement with MoneySmart's comparison tool.
What is EIR?: EIR, or effective interest rate, is meant to reflect the true cost of taking a loan in Singapore. That’s because the loan interest rate is not the only cost. There are often other costs, such as the administration fee that a bank may charge. EIR (effective interest rate) is much more complicated as it also takes into account any processing fees plus your repayment schedule.
Why is EIR higher than the advertised interest rate?: EIR is determined by many other factors besides the interest you are charged, which include number of instalments, frequency of instalments, whether the instalment amounts are equal or not, administrative fee or processing fees.
How long should my loan tenure be if I need to take up a personal loan?: Usually it’ll be less than a year for loan amounts below S$20,000, 1-5 years for S$20,000 to S$60,000 and 5 years or more for any amount above S$60,000.

Fast Approval Personal Loans for Emergencies in Singapore (2025)