During times of uncertainties, it is highly likely for people to be short on the budget due to many contributing factors. Given that emergencies can happen anytime, most people resort to getting personal loans as it is the most ideal solution for sudden expenses- may it be for existing and upcoming bills, even house to car repairs.
When choosing for personal loans, keep in mind that the lower the interest rate, the better. While there is a wide selection of borrowing deals one can choose from in Singapore, many may not be aware there are actual banks offering promotional 0% interest rate in personal loans for short-term loans. Although these tend to come with high processing fee/s, meaning you will still be paying the bank for the loan. It is just that rather than collecting in interest payments, later on, the bank racks up your money upfront.
If you are interested in finally filing an application for financial assistance on your next purchase, Instant Loan has listed down four banks that borrowers and customers can consider for their potential interest-free loan Singapore:
Citi Quick Cash Loan
Citi Quick Cash allows borrowers and customers in Singapore to convert their Citi Credit Card or Citi Ready Credit available credit limit into cash. This is guaranteed payable in monthly instalments along with their monthly payment.
This can be used in various ways, from big-ticket purchases to car repairs and home renovations. This may also be utilized whenever urgent expenses come into place, such as medical or hospital bills, business deals and other unexpected expenses. Enjoy 0% p.a. interest rate with 3.5% processing fee (EIR 7.85% p.a.) for a limited time only. This is applicable to new Citi Credit Card or Citibank Ready Credit account holders on 12-month personal loan tenure.
How to Qualify?
If you are a Singapore Citizen or Singapore Permanent Resident who is 21 – 65 years old, you are eligible for this personal loan. You are also qualified for Citi Quick Cash if there is a Citi Quick Cash option available in your Citi Mobile® App or Citibank Online. For foreigners, you must have a minimum annual income of $42,000 or above.
How to Apply?
Via Citi Mobile® App
- Login to the Citi Mobile® App
- Select Credit Card or Ready Credit (‘Credit Line’ in the dashboard) and tap Get Citi Quick Cash
- Key in the loan amount of money you need and select the Repayment Plan
- Select your Citi account to receive your personal loan proceeds instantly, or if you prefer another bank of your choice, key in the details.
- Check and confirm your City Quick Cash and tap ‘Get Cash Now’
- Your funds will then be credited into your Citi account. For non-Citi account holders, it may take five working days to get the funds.
- Click on the link provided and select your account type. Key in the last four digits of your Citi Credit Card Number of Citibank Ready Credit account number and your registered mobile number.
- Enter the personal loan amount and select the monthly repayment period then tap ‘Get this Loan’
- Select Payee, Bank Name, Account Number and submit. OTP PIN will be delivered to your number. Enter the OTP PIN and tap ‘Authorize.’
- Verify your details and click ‘complete the booking.’
- Your funds will then be disbursed into your pre-populated Citi account. For non-Citi account holders, it may take five working days to get the funds.
Standard Chartered
Borrowers, or shoppers rather, can indulge in their purchasing pleasures with Standard Chartered’s interest-free monthly instalment plan. They can select tenures from 6, 12 or 24 months for all the transactions that are over SGD$500 at no extra charge and fee.
How to Qualify?
If you are a Singaporean Citizen or Singapore Permanent Resident who is 21 – 65 years old, you are eligible for this personal loan. To participate in this 0% Interest Instalment Plan, you must be either a principal or supplementary cardholder holding a Standard Chartered credit card issued in Singapore which is valid and in good standing. Your credit card account should also not be deemed as delinquent or unsatisfactorily conducted. Note that this deal is also offered for a limited time and it excludes all corporate credit cards, Standard Chartered Platinum Access credit cards, cards with a credit limit of S$500.
How to Avail?
- Visit a participating merchant store.
- Choose a product or service you wish to purchase for a minimum SGD$500.
- Select from the available tenures at the participating merchants and make payment with your eligible Credit Card.
DBS
For a limited time, you can buy now and pay later. DBS will let you split your purchases into interest-free monthly instalments for better money management. Whether it is a new fridge for the family, an online course for your career or your annual insurance premium, ease your cash flow with DBS Payment Plans. With this, you can choose from flexible payments over 3, 6, 12, 18 or 24 months. Customers can easily apply directly at participating merchants or through the digibank mobile/online.
How to Qualify?
If you are an existing DBS Credit/Cashline customer, a Singaporean Citizen or Singapore Permanent Resident who is 21 – 65 years old, you are eligible for this plan. You will be qualified for this deal if you own a DBS/POSB Credit Card. For foreigners, you must have a minimum annual income of $40,000 or above and Employment Pass with at least 12 months validity.
How to Avail?
- Activate at a cashier or via the online checkout.
- Ask the cashier for DBS Payment Plans at participating stores or select DBS Payment Plans and tenure if you’re shopping online.
- Activate after you have paid.
- Go to digibank mobile or online and choose ‘Pay by instalments.’
- Select up to 10 transactions in your credit card accounts.
- Convert into 0% interest instalments, on your credit card.
POSB
Enjoy 0%* interest rate for up to 12 months for a limited time with paying from as little as S$50 or 2.5% of the statement balance. You can also consolidate all your other credit card balances into a DBS Credit Card for your financial control.
How to Qualify?
If you are an existing DBS Credit or Cashline customer, a Singaporean Citizen or Singapore Permanent Resident who is 21 – 65 years old, you are eligible for this POSB plan. For foreigners, you must have a minimum annual income of $40,000 or above and Employment Pass with at least 12 months validity.
How to Apply?
The application goes the same with the DBS process. For customers with Credit Card and/or Cashline accounts. No documents are required.
- Ask the cashier for DBS Payment Plans at participating stores or select DBS Payment Plans and tenure if you are shopping online.
- Activate after you have paid.
- Go to digibank mobile or online and choose ‘Pay by instalments.’
- Select up to 10 transactions in your credit card accounts.
- Convert into 0% interest instalments, on your credit card.
Note: The POSB effective interest rate is calculated taking into consideration the administration fee and based on the assumption of a minimum monthly payment of 2.5% for Cashline / 3% for DBS or POSB Credit Card(s) of the outstanding and full payment in the final month of the promotional period.
Things You Should Consider When Getting a Personal Loan
Given that finding a loan is already difficult, choosing the best one after you are given multiple choices that have been trimmed down may still be a bit tricky. There are lots of factors that you must take note whenever deciding which deal secures your financial worries.
Like on any other deals, Instant Loan suggests you review what you will get. This goes not just for the interest rate but the processing fee when applying for a personal loan. We also highly encourage that you check whether you are getting the loan amount that is suitable for the monthly repayment, loan tenure and/or repayment period offered. Note that these factors are relevant and here, we have listed our reasons why:
1. Interest Rate/s and Processing Fee/s
Read the existing terms and conditions so you are mindful of all the associated charges and processing fee/s that may occur, from processing fee, pre and post ones as well. Consider this upon shopping around to find the loan that best fits your demands. Always keep in mind that you can easily compare deals with Instant Loan’s online tools.
2. Loan Amount
Double-check whether the said loan amount can cover all the necessary purchases, expenditures or processing fee/s- if necessary. If you think it would not be enough for a potential buying or transaction, you may look for other deals that can best cater to your financial demands.
3. Monthly Repayment
Verify if you will be able to repay what you are due monthly upon borrowing and/or availing a specific deal to avoid living in debt. Remember that it is useful if a loan also allows additional lump-sum or regular repayments.
Loan List of Interest-Free Personal Loans in Singapore (For a Limited Time Only!) Tenure or Repayment Period
It is vital to be aware of a borrower’s repayment period as it usually varies per financial institutions or bank. This can help you a lot in ensuring that you are able to meet your dues on time.
To check more personal and other loan options, head over to Instant Loan. Borrowers can easily receive at least three quotes from the top financial institutions here in Singapore with the help of the comparison and matchmaking tool. People can simply fill in our quick form and we will scrutinise the suitable offers on your behalf. Over the years, this is guaranteed to be easy, fast and reliable.
With Instant Loan, you can also be sure of a quick response and a high client satisfaction rate. We will tailor our search results to account for your desired payment plan, interest rates and credit history. And with our strong reputation across the industry, we are ideally placed to put borrowers in touch with the best financial institutions in Singapore.
