Personal Loan Comparison Singapore: Banks and Licensed Lenders Compared

Updated on 28 October 2026

FundBright compares personal loan offers from 20+ licensed moneylenders, and personal loans from CIMB, our bank partner, are available through FundBright. Between 29 July and 27 October 2026, nearly 9 in 10 borrowers who compared licensed lender offers through FundBright got at least one offer below the 4% monthly maximum. This page shows what those offers looked like, how the main bank personal loans compare, and how to tell which loan costs you least.

Nearly 9 in 10 borrowers got at least one offer below the maximum. 8 in 10 got an offer at 3.5% a month or lower.

These figures cover licensed moneylender offers made through FundBright between 29 July and 27 October 2026, for a S$10,000 loan over 12 months. Most individual offers still sit at or near the 4% monthly maximum, so the number that matters is how many borrowers received at least one offer below it. Individual lenders are not named.

Licensed lender offers for a S$10,000, 12-month loan (29 Jul to 27 Oct 2026)

EIR is shown as a yearly rate that is not compounded, the same basis banks use for the EIRs in the bank table below.

What the rate means for your repayments (S$10,000 over 12 months, before fees)

Repayments are calculated on a reducing balance, as licensed lenders charge interest on the outstanding principal. The admin fee is extra: at the 10% median, a S$10,000 loan has a S$1,000 admin fee.

You choose how offers are sorted: overall cost, amount or tenure. No lender pays to be shown first.

Figures cover a rolling 90-day window. Next update: 1 February 2027.

Banks price personal loans differently from licensed moneylenders. They quote a yearly flat interest rate, set minimum income requirements, and assess you on your Credit Bureau Singapore (CBS) record. The figures below are the lowest rates each bank publishes on its own website, checked on 28 October 2026. The rate you are offered depends on your credit and income profile. EIRs are yearly rates that are not compounded. These figures are kept separate from the licensed lender data above.

Bank personal loans (published rates, checked 28 October 2026)

Sources: each bank's personal loan page, 28 October 2026. DBS states that applicants earning below S$30,000 a year are offered 11.00% a year plus a 4% processing fee (EIR 20.01% on a five-year loan). Standard Chartered states its EIR including the first-year fee is 2.15% for a S$20,000, five-year loan.

Which bank is best for a personal loan in Singapore?

The best bank is the one with the lowest EIR you qualify for. On published rates, UOB (EIR from 1.93%) and CIMB (EIR from 1.94%) have the lowest EIRs once fees are included. UOB requires S$30,000 a year and an existing UOB credit card or CashPlus account; CIMB requires S$20,000 a year and no existing CIMB account.

Which bank has the lowest minimum income for a personal loan?

CIMB and DBS set the lowest minimum income at S$20,000 a year for Singaporeans and PRs. DBS offers higher rates to applicants earning below S$30,000 (11.00% a year plus a 4% processing fee). UOB and Standard Chartered require S$30,000. CIMB also accepts Malaysians living in Singapore who earn S$30,000 a year or more.

Who has the lowest personal loan rates currently?

Standard Chartered CashOne publishes the lowest headline rate at 0.90% a year (EIR from 1.75%, before its S$199 first-year annual fee). UOB and CIMB follow at 1.00% a year. Published rates are the lowest available; your rate depends on your credit and income profile.

What is the best and cheapest personal loan?

The cheapest loan is the one with the lowest total cost, not the lowest headline rate. Compare the EIR and the total amount you repay, including processing or annual fees. A loan with a low headline rate and an upfront fee can cost more than one with a slightly higher rate and no fee.

Personal loan comparison in Singapore comes down to three figures: the interest rate, the EIR, and the total amount you repay. EIR is the true annual cost of your loan: it bundles in the interest rate, the admin fee, and how your repayments shrink your balance over time.

Banks usually quote a flat yearly rate, calculated on the original loan amount for the whole tenure, so their EIR is roughly double the headline rate. Licensed moneylenders quote a monthly rate charged on the outstanding balance, capped at 4% a month. Compare a bank's yearly EIR with a licensed lender's EIR, never a bank's flat rate with a licensed lender's monthly rate.

For licensed moneylenders, the aggregate loan limit also applies. If you earn S$20,000 a year or more, your unsecured borrowing across all licensed moneylenders is capped at 6x your monthly income. Bank loans do not count towards this limit. The limit is explained in full at how the 6x monthly income cap works across all licensed lenders.

How does a personal loan work in Singapore?

You borrow a lump sum and repay it in fixed monthly instalments over an agreed tenure. With a licensed moneylender, interest is calculated on the outstanding principal and capped at 4% a month, and the admin fee is capped at 10% of the principal under the Moneylenders Act 2008. With a bank, the bank sets its own rate and fees. FundBright compares offers so you see which lender gives you the lowest cost, not which lender pays the platform the most. Borrowers new to personal loans can start at personal loans in Singapore explained.

What is an unsecured personal loan?

An unsecured loan is one where you do not pledge collateral, such as property or a vehicle. All personal loans compared on FundBright are unsecured. The lender's risk is priced into the interest rate, which is why rates vary by borrower profile and why FundBright's inverse commission structure makes that difference work in your favour.

How much personal loan can I get from a bank in Singapore?

Banks typically require a minimum income of S$20,000 to S$30,000 a year and apply their own credit scoring. The amount you can borrow depends on your income: CIMB, for example, lends up to 2x your monthly income if you earn S$20,000 to S$29,999 a year, up to 4x from S$30,000, and up to 8x above S$120,000. For licensed moneylenders, the cap is 6x your monthly income across all licensed lenders combined, if you earn S$20,000 a year or more.

Flat platform commission is a fixed cost that lenders recover by quoting at the regulatory maximum. It is not a reflection of the borrower's actual credit risk.

Borrowers just short of bank approval who use one of the major flat-commission comparison platforms continue to receive quotes at or near the 4% monthly interest cap plus the 10% admin fee. On a 12-month loan, that is an EIR of about 70% a year. Most borrowers assume the rate reflects their creditworthiness. It does not.

Major Singapore comparison platforms charge lenders a flat commission fee regardless of the rate the borrower receives. From the lender's position, that flat fee is a fixed cost built into every loan. The simplest way to recover it is to price the loan at the regulatory ceiling, for every borrower, every time. The lender is not intentionally penalising you. That is how the maths works.

Five different lenders competing on a flat-commission platform still all quote roughly the same ceiling rate because none have any incentive to lower rates to win the loan.

The "comparison" compares five options at the same rate. You see variety in branding. You do not see variety in pricing. The platform's revenue is the same either way, so the platform has no structural reason to push for a lower quote on your behalf.

The same lender that quotes you the ceiling rate through a flat-commission platform will, in a different channel with a different commission structure, quote you a lower rate. Your profile did not change. The incentive in front of the lender did. The rate is heavily influenced by commission economics, not just your credit profile.

For licensed lender offers, the rate depends on your profile and the matched lenders' inverse commission agreements.

A licensed lender who offers you a lower rate pays FundBright a lower commission. A lender who offers a higher rate pays a higher commission. The tiering is on the rate, inverted.

You submit one application online. FundBright runs one soft enquiry across its licensed lender network: no hard pull, no impact on your credit profile at the comparison stage. One enquiry, not five.

Each licensed lender on FundBright commits to the same commission agreement: the lower the rate they offer you, the less they pay us. The lender's economics still work because FundBright shares the upside of a lower rate with them, instead of taking the same flat fee regardless. A lender now has a reason to be the one who offers the lower rate, because the cost of lending to you goes down with the rate.

Under the Registrar's Directions, a licensed moneylender must verify your identity in person at the lender's approved place of business before granting a loan. Every licensed-lender loan in Singapore has this in-person step. It is what separates a licensed moneylender from a loan shark. For licensed lender offers, FundBright threads that requirement through a four-step flow:

1. Online: The comparison, quote and soft enquiry all happen online. You choose how offers are sorted.
2. Matching: Once you choose an offer, FundBright helps you schedule an in-person visit with the lender.
3. In-person appointment: At the lender's approved place of business, the lender verifies your identity in person and finalises the loan terms with you directly.
4. Funds confirmed: Once the loan is disbursed, FundBright confirms the final terms with both the lender and the borrower. That confirmation is the enforcement mechanism for the inverse commission model. Without it, the inverse commission is no different from the flat-fee model every other platform runs on.

Every licensed lender in the network holds a current licence under the Moneylenders Act 2008. Every quote stays inside the permitted-fees schedule. Inverse commission does not bend any regulatory cap. It gives lenders an economic reason to price below the cap.

Best offer wins. No priority, no favourites. You stay in control.

Is FundBright a licensed moneylender, or a comparison platform?

FundBright is a comparison platform. Our lending partners are licensed moneylenders under the Moneylenders Act 2008, plus CIMB, a licensed bank. The final loan comes from the lending partner you choose; licensed moneylender loans are granted in person at the lender's approved place of business. FundBright facilitates the comparison, the soft enquiry and the handover. FundBright does not grant loans.

Will comparing affect my credit profile?

No. FundBright runs one soft enquiry at the comparison stage. A soft enquiry does not affect your credit profile. A hard pull happens only when you provide consent, during your in-person appointment at the lender's approved place of business.

Does the lender need to verify me in person?

Yes, for licensed moneylender loans. Under the Registrar's Directions, licensed moneylenders must meet you in person at their approved place of business before granting a loan. That is not a FundBright requirement. It is what separates a licensed moneylender from a loan shark. FundBright facilitates the handover and helps you schedule the visit. CIMB applications do not need an in-person visit.

FundBright works only with licensed moneylenders under the Moneylenders Act 2008 and with CIMB, a licensed bank, and never with unlicensed lenders or loan sharks. The platform is built for two borrower income bands.

Who FundBright Is Built For

The first band of borrowers earns roughly S$2,500 to S$4,000 a month. These borrowers sit at the edge of bank income requirements, where a thin credit file or existing commitments often lead to a decline, and many rely on licensed lenders. At the 6x monthly income aggregate limit, that translates to roughly S$15,000 to S$24,000 of borrowing capacity across all licensed lenders combined.

The second band of borrowers earns roughly S$4,000 to S$7,000 a month. They technically qualify for a bank loan, but profile complications push them into the licensed-lender market: high buy-now-pay-later use, variable income, a stretched debt-servicing ratio, or an existing licensed-lender loan. At the 6x limit, that is roughly S$24,000 to S$42,000 of capacity.

FundBright also serves borrowers who want a single soft enquiry before any lender runs a hard pull, and borrowers consolidating existing debt (credit cards rolling over month after month, or a stack of small licensed-lender loans) into one lower-rate loan.

What You Need to Apply

Age: you must be at least 21 years old to apply for a licensed lender loan through FundBright. CIMB accepts applicants aged 21 to 70.

Documents for licensed lender loans:

• Singapore Citizens and PRs: Physical NRIC; proof of income, such as your latest payslips, CPF contribution history or latest Income Tax Notice of Assessment; and your last 3 months of bank statements showing your salary credited. Singpass MyInfo can supply your CPF contribution history and Notice of Assessment.
• Foreigners: Passport, valid work pass, proof of income (last 3 months of payslips and bank statements to show salary credited), and proof of your Singapore residential address (e.g., utility bill).

Documents for CIMB: Singaporeans and PRs applying with Singpass MyInfo usually need no further documents. Malaysians need their Malaysian NRIC, passport (at least six months' validity), latest three months' payslips, proof of Singapore address and a Foreign Exchange Notice declaration form.

Who FundBright Is Not For

FundBright does not work with unlicensed moneylenders or loan sharks. Every licensed moneylender in Singapore is listed on the Registry of Moneylenders' register, and FundBright works only with licensed ones. Borrowers already at or above their aggregate loan limit are declined. They are not rerouted, sliced or creatively structured. The limit is the limit. No offshore or cross-border lending of any kind.

How much personal loan can I get on a S$3,000 salary?

On a S$3,000 monthly salary, you can borrow up to S$18,000 across all licensed lenders combined, which is the 6x monthly income aggregate loan limit. With CIMB, our bank partner, the limit is up to 4x your monthly income, or S$12,000, because S$36,000 a year falls in CIMB's S$30,000 to S$119,999 income band. S$3,000 a month sits in the core income band FundBright is built for. On S$4,000 a month, the licensed lender limit rises to S$24,000.

What is the minimum salary for a personal loan in Singapore?

Banks set a minimum annual income of S$20,000 to S$30,000 for Singapore Citizens and PRs, about S$1,667 to S$2,500 a month. CIMB and DBS start from S$20,000; UOB and Standard Chartered from S$30,000. Licensed moneylenders set no flat minimum salary: the 6x aggregate loan limit applies once you earn S$20,000 a year or more, and lower limits apply below that. Check your own figures with the FundBright eligibility checker.

What happens if I am already at my 6x monthly income aggregate loan limit?

Licensed lenders cannot offer you a further unsecured loan, so FundBright declines the application. FundBright does not reroute, restructure the application, or find a way around the limit. The limit is the limit.

Is a licensed moneylender the same as a bank?

No. Licensed moneylenders are regulated by the Ministry of Law under the Moneylenders Act 2008. Banks are regulated by the Monetary Authority of Singapore (MAS). Different statute, different permitted fees, different application process. FundBright compares licensed lender offers, and personal loans from CIMB, our bank partner, are available through FundBright.

The Moneylenders Act 2008 and the Moneylenders Rules cap every permitted charge on a licensed-lender personal loan in Singapore:

The only other charge a court can order is legal costs. A licensed lender that charges any other fee, whether labelled "processing", "insurance" or "service", is in breach. Bank loans are not covered by this schedule; each bank sets its own fees, shown in the bank table above.

FundBright charges the borrower nothing. No comparison fee, no application fee, no processing fee, no success fee. Licensed lenders pay FundBright on disbursement, under the inverse commission model described above. The lender that offers you the lower rate pays FundBright the lower commission. You pay nothing to compare, nothing to receive a quote, and nothing to walk away.

The permitted-fees schedule is published by the Ministry of Law's Registry of Moneylenders (rom.mlaw.gov.sg).

Does FundBright charge me anything?

FundBright charges the borrower nothing. No comparison fee, no application fee, no processing fee, no success fee. Licensed lenders pay FundBright on disbursement through the inverse commission model.

FundBright differs structurally from other personal loan comparison platforms in Singapore on one axis: how the lender is charged for the borrower.

Inverse commission is the only structural mechanism in the Singapore market that gives a lender a reason to offer a lower rate. Flat-commission platforms are paid independently of the borrower's actual disbursed rate, so the borrower's outcome and the platform's revenue never intersect.

How is FundBright different from other comparison platforms?

FundBright is the only platform in Singapore where the lender's commission drops when the lender offers the borrower a lower rate. On every other platform, the lender pays the same fee regardless of the rate quoted, so pricing at the ceiling is the rational response. FundBright's inverse commission removes that incentive. The result: what you see is closer to a lender's actual best offer.

FundBright's authority rests on the Moneylenders Act 2008, the inverse commission agreements with licensed lenders across the network, and a verifiable regulatory source chain. The following regulatory sources govern the claims on this page:

• Moneylenders Act 2008 (Singapore Statutes Online): the statute defining permitted fees, the 4% monthly interest cap and the licensing regime.
• Moneylenders Rules and the Registrar's Directions: govern how licensed moneylenders operate and present information to borrowers.
• Personal Data Protection Act 2012 (PDPA): governs how FundBright handles borrower data. Only the lender you choose sees your full profile.
• Moneylenders Credit Bureau (MLCB): the credit bureau licensed lenders check to apply the aggregate loan limit across all licensed lenders at any one time.
• Credit Bureau Singapore (CBS): the credit bureau banks reference to assess creditworthiness.

Licensed lender offers through FundBright show the inverse commission at work: between 29 July and 27 October 2026, nearly 9 in 10 borrowers got at least one offer below the 4% monthly maximum, and the lowest offer was 2.5% a month. See the offer figures at the top of this page.

Is my data shared with every lender in the network?

No. FundBright follows PDPA-compliant routing. At the start, your request is anonymised (containing only the details a lender needs to quote a rate) and matched with a subset of lenders. Only when you choose to proceed with a specific lender does that lender receive your full profile to complete the application.