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Why Compare Singapore Personal Loans At GoBear?

  • Free and Unbiased - We cut out the middleman and don’t play favourites with banks.
  • Simplicity - No hoops to jump through. 3 steps is all it takes.
  • Personalised Search - Skip the brochure-talk. We get personal.
  • Time saver - Widest loan options. Don’t waste time looking around.
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UOB Personal Loan

Enjoy 4.5% p.a. for loan tenures of 12, 24 and 36 months

For new UOB CashPlus customers only

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Get the GoBear Exclusive | UOB Personal Loan

Fast track your Renovation, Education and Personal plans with advance cash.*

Renovation – Even after spending a hefty sum on your crib, you are still one step short of calling that empty shell a home. A Personal Loan can take care of your renovation needs, which adds value to your life and property.

Education – Get ahead of the pack and finance your university or post-graduate studies. A Personal Loan can fund your education, which enables you to increase your earning power and ensure longevity in your career.

Personal – Need some extra cash to tide through emergencies or having difficulty keeping track of your mounting debts? A Personal Loan allows you to consolidate all the tiny loans into one big loan so you can focus on just paying that one loan.

*We compare personal loans with tenure between 1 and 10 years. Depending on your personal loan purposes and financial circumstances, the Effective Interest Rate (E.I.R.) ranges between 4.38% and 43.00%. This is an example of what it may cost: A loan of $10,000 for renovation at 4.38% for 5 years will have a monthly payment of $186 and total payments of S$11,353, including the processing fee.

Compare and apply for Personal Loans from Singapore's most trusted banks on GoBear.
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  • 1.What can I use Personal Loan for?
    A personal loan is an unsecured installment loan that you can use for pretty much whatever you want. You can use it to finance a medical emergency, a family holiday or even that new laptop you’ve been eyeing on. There are more specialised loan products available if you need to finance your renovation or education.
  • 2.Who can get a personal Loan?
    To qualify for a Personal Loan you need to be: - A Singaporean/PR or foreigner. - Aged between 21–65. Also, you will need to earn at least - $20,000 per year if you are a Singaporean or PR. - $40,000 per year if you are a foreigner.
  • 3.What documents are required for a personal loan application?
    - Photocopy of your NRIC (both sides) - If you are a salaried employee, you’ll need your latest e-statement, or your CPF contribution history statement for the last 12 months, or your latest Income Tax Notice of Assessment. - If you are self-employed, you’ll need your latest two years of Income Tax Notice of Assessment. - For education and renovation loans, you will need to provide extra documentation for verification of the loan purpose.
  • 4.How much can you borrow with a personal loan?
    You can borrow anywhere from 2–6x your monthly income, up to a cap of $200,000.
  • 5.What is my Loan tenure?
    The tenures for personal loans can range from one to seven years. Renovation loans are limited to five years and education loans can be up to 10 years. The length of the loan, or tenure in jargon, is an important determinant. The longer the tenure, the more interest you will pay.
  • 6.Are there additional bank fees with personal loans?
    Some banks charge a fixed processing fee and other banks charge up to 3% of the approved loan amount. In addition, you can also incur late payment fees or early repayment fees.
  • 7.What is the lowest personal loan interest rate?
    Banks revise their personal loan rates from time to time. Personal Loan rates usually range from 4%–10% per annum. This is the Flat interest rate – more importantly, is the effective interest rate, which shows the actual cost of borrowing.
  • 8.What is the Effective Interest Rate and why is it important?
    The effective interest rate takes into account the fact that you are repaying your principal, but your total interest paid will not be reduced. Sounds complicated right?

    We’ll give you a short example here.

    Imagine you borrow $1000 for two years to buy a new mobile phone at a “flat interest rate” of 5%.
    You will be paying $87.50 per month for one year (effective interest rate of 9.10%).
    Why is the effective interest rate almost twice as high?

    Let’s look at the two different calculations:
    1. The loan balance is reduced every month.
    ((interest rate(%)/12) x loan amount) / (1-((1+interest rate(%)/12))(-loan tenure x 12)
    2. The loan balance remains the same during the tenure
    ((Interest Rate x Years)+1)/(years x 12)) x Principal.
  • 9.Why does GoBear not include the Effective Interest Rate?
    The Effective Interest rate is introduced by moneysense to provide a clearer overview of the cost of borrowing. However, banks have some liberty in definition of effective interest rate and include or exclude certain factors to lower these rates. It is mandated by law for banks to notify you on the Effective Interest Rate. When comparing loans of the same tenure, it is easier to look at the total payment you will be making on a loan. At GoBear we include all costs associated with the loan and break it down for you in easy categories so you can see what you are paying at a glance.
  • 10.How does GoBear break down the costs?
    When getting a loan, transparency about costs and repayments is often lacking. To provide you with a better overview, we have broken down all the costs that are associated with your loan: Monthly payment: your monthly payment for the total duration of the loan (this includes interest payments and principal repayment. Total Payment: Includes all interest paid, all principal repaid and loan servicing costs. Interest Payments: All interest that you will pay during the duration of the loan Servicing costs: All non-interest payments such as processing fee, servicing costs or annual fees. The total payment includes all costs that you will pay when taking the loan plus the repayment of the loan.

If you find these answers helpful? Check out our FAQs for other products to learn more.