Learn how much personal loan you can borrow in Singapore based on your income, credit score, and financial profile.
Are you wondering how much personal loan you can borrow in Singapore? From surprise medical bills to sprucing up your home or simply making ends meet. A personal loan in Singapore can be a quick and convenient way to get the financial breathing room you need, right when you need it most.
This article will guide you through everything you need to know to get the best personal loan in Singapore with low interest and fast approval.
Who Is Eligible for a Personal Loan in Singapore?
Eligibility for a personal loan in Singapore largely depends on your age, citizenship status, income level, and creditworthiness. While criteria can vary slightly between banks and licensed moneylenders, here are the general guidelines:
| Financial Institutions | Age | Residency | Minimum Income | Credit Score |
| Banks | 21 to 65 years old | Singapore Citizens, PR, Foreigners | >$20,000 | Based on your CBS report |
| Licensed Moneylenders | >21 years old | Singapore Citizens, PR, Foreigners | No minimum (loan amount restrictions apply) | Flexible |
- Singaporean citizens, permanent residents, and foreigners with a valid work pass are eligible to apply.
- Foreigners typically need to meet a higher income threshold (>$40,000 annually) to qualify for bank loans.
- You must be employed full-time or have a stable source of income.
Even if you do not meet bank requirements, you may still be eligible for a loan through licensed moneylenders. This can be especially helpful if you are self-employed, earn irregular income, or have a less-than-perfect credit history. Licensed moneylenders often assess loan applications more flexibly, looking beyond traditional criteria like CPF contributions or credit scores. Instead, they may consider your overall repayment ability or recent income activity.
How Much Can You Borrow in Singapore?
For individuals with an annual income exceeding $20,000, the maximum loan amount quantum you can obtain from all licensed moneylenders in Singapore is limited to 6 times your monthly salary. Banks are capped at 12 times your monthly income for all unsecured loans. This includes personal loans, credit cards, credit lines, and other similar products.
Personal Loan Quantum Table in Singapore
| Annual Income | Across All Banks | Across All Licensed Moneylenders |
| <$20,000 | – | $3,000 |
| $20,000 – $30,000 | – | Up to 6x of monthly income |
| >$30,000 | Up to 12x of monthly income | Up to 6x of monthly income |
Other factors that affect borrowing limits:
- Credit score
- Total debt servicing ratio (TDSR) — your monthly debt obligations vs income
- Length of employment or business history (for self-employed)
- Existing loans with other financial institutions
- Repayment history (late payment, bad debt)
Borrowers with higher incomes and stronger credit histories often qualify for larger loan amounts because they present lower risk to lenders. A higher income demonstrates a greater ability to repay the loan, while a strong credit history shows a consistent track record of managing debt responsibly.
What to Consider Before Applying for a Personal Loan in Singapore?
While a personal loan can be an excellent way to meet your financial needs. Taking the time to understand your borrowing needs and the loan terms can save you from unnecessary debt and financial stress.
- Loan Amount
Make sure you only borrow what you need. Over-borrowing can lead to financial strain when it comes to repayments. - Repayment Plan
Ensure that the repayment plan fits comfortably within your monthly budget. Consider your current financial obligations and whether you can manage the additional loan repayments without difficulty. - Interest Rates
Personal loan interest rates can vary widely, so it is important to shop around and compare offers before deciding on a loan.
Loan City makes this easier by allowing you to compare multiple loan offers from banks and licensed moneylenders in one place. - Loan Tenure
The loan tenure is the period over which you will repay your loan. A longer loan tenure means smaller monthly repayments, but it may also mean paying more in total interest.
Additionally, carefully reviewing the interest rates, fees, and loan tenure will help you avoid surprises later. A loan with low monthly repayments might come with a longer tenure and higher overall interest costs, so finding the right balance is key. Before you apply, make sure you have a clear plan for how you will use the loan and how you will repay the loan on time.
Where Can You Apply for Personal Loans?
In Singapore, you have multiple options to apply for a personal loan, each catering to different financial needs and credit profiles.
- Banks & Financial Institutions
Banks such as DBS, UOB, and Standard Chartered offer personal loans with relatively low interest rates, especially for salaried individuals with good credit. However, the application process is more stringent, and approval can take a few days. - Licensed Moneylenders
If you need fast loan approval in Singapore or do not qualify for bank loans, licensed moneylenders can be a reliable option. They typically approve loans within hours and have more flexible eligibility requirements.
Always verify that the moneylender is on the official Registry of Moneylenders by MinLaw. - Loan Comparison Platforms
Loan City allows you to compare multiple loan offers in one place, saving you time and increasing your chances of approval. A few clicks is all it takes to find the right loan option tailored to your needs.
Compare the Best Personal Loan Offers in Minutes
Singapore’s personal loan market is filled with many choices. But not all offers are created equal. Instead of applying one by one to different banks and licensed moneylenders (which can negatively affect your credit score). Use a digital loan comparison platform like Loan City.
With Loan City, you can:
- Instantly compare loan offers from trusted banks and licensed moneylenders.
- Find the best loan rates in Singapore.
- Get personalised offers based on your credit profile and income level.
- Enjoy faster loan approvals.
- 100% online loan application.
Whether you are searching for a low interest personal loan or simply the best personal loan in Singapore. Loan City helps you find and apply for the right loan in just a few clicks.
