Bank Loan Comparison

Today’s money lending market in Singapore has a great diversity to offer: banks and non-bank money lending institutions provide a broad range of products such as personal loans, lines of credit, fast cash and many more. Traditionally, banks are interested in giving larger loans with long-term repayment periods whereas non-bank moneylenders prefer working with smaller amounts of money with a short-term repayment.

Choose your most suitable personal loan trough a quick comparison between three lines of credit from the following three banks in Singapore – HSBC, ANZ and DBS – in terms of interest rates, amounts of money and repayment terms. Check out our moneylenders personal loan comparison here.

HSBC Loans 

The interest rates offered by HSBC’s personal loan, for instance, are affordably low. Depending on the approved amount of money and loan tenure, HSBC’s customers can enjoy between 10% p.a. and 11% p.a. on all loan tenures. Additionally, HSBC charges a processing fee of $88 for all loan applications that have been approved.

HSBC’s customers can expect extra cash for their credit loan of up to four times their monthly salary or up to $100.000 – whichever sum of money is lower – and use it for any purpose they wish.

HSBC’s personal loan tenure can be prolongated to seven years where customers can choose themselves a repayment period that is right for them: a flexible loan tenure between one to seven years.

ANZ Loans

ANZ MoneyLine offers a flexible credit line for personal loans in Singapore and gives customers more flexibility with their term loans and lines of credit, which allows ANZ’s customers to get extra fast cash for whenever they need it. The interest rate of ANZ’s line of credit lies at 17.28% p.a.

ANZ offers the same conditions as HSBC when working with lines of credit and personal loans, which allows fast cash of up to four times customer’s monthly income (or up to $100.000) at the above mentioned interest rate.

ANZ credit line in Singapore offers customers various attractive term loan plans including different repayment tenures from 12 to 48 months in combination with relatively low interest rates already mentioned above.

DBS Loans

DBS Cashline offers a relatively low interest rate starting with 1.48% per month or 17.76% p.a. where customers pay an interest only on the amount of money they had actually used.
In turn, if you are earnng approximately $1.700 per month or more, you can easily apply for DBS Cashline which offers an easy access to fast cash with fast approval and flexible repayment options. The amount of money DBS customers can apply for is up to four times their monthly income with a maximum of $200.000.

DBS Cashline offers flexible and reasonably terms on low monthly repayment too where customers pay when they have actually used their fast cash or only the minimum amount of borrowed money.

Bank

Cash line Interest rate Max loan amount
HSBC HSBC’s personal loan 10% – 11% p.a $100.000
ANZ ANZ MoneyLine 17.28% p.a. $100.000
DBS DBS Cashline 17.76% $200.000

The result of this short comparison of Singapore’s main bank and non-bank moneylenders loans leads to the conclusion that banks are a better choice for those customers who require larger loans with a long-term repayment schedule and lower interest rates. Whereas licensed moneylenders in Singapore are more convenient for those who need quicker and smaller credit loans or simply fast cash with a short-term repayment periods allowing them to pay off greater interest rates.

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