• 3.88% p.a. Interest Rate
• 7.56% p.a. EIR
• Minimum Annual Income of $20,000 and above
• 1% Processing Fee
• Suitable for low income borrowers and people who need cash immediately

POSB offers one of the fastest cash disbursements among the local banks in Singapore. For customers with an Existing Cashline or Credit Cards with POSB or new customers whose salaries come via DBS/ POSB deposit accounts, the bank offers an instant payout on their personal loans for online applications. Other banks may process the loan request on the same day but only disburse the loan amount on the next day.

POSB also offers one of the lowest interest rates of 3.88% p.a. with EIR of 7.56% p.a. The bank offers a loan amount of 10 times a person’s monthly salary while the loan tenure varies between 12-60 months. A 1% processing fee will be applied. Should the loan amount be greater than $30,000, processing fees of up to $1000 will be waived. Most people will be able to qualify for a loan as the minimum annual income required is $20,000, one of the lowest income thresholds in the industry. However, it should be noted that the actual interest rate charged and final cost may differ for each individual as the banks will adjust based on the borrower’s portfolio.