How Much Personal Loan Can I Take In Singapore?


Did you know that a personal loan can meet your needs whenever you run into an emergency?

That’s right, and you can get some tailored to your various needs. More importantly, you can secure the best personal loan in Singapore without having to put your car, home, or any other valuable asset as collateral.

Are you saying something like, ‘OK, that’s nice, but how much personal loan can I take?’ at this point? We get you.

You can get the best personal loans if you meet the required criteria.

In this article, we take you through essential details such as whether you qualify for single or multiple personal loans, the exact amount you can get, what you can use the loan for, and critical considerations before applying for these loans.

How Much Personal Loan Can I Take?

If you are eligible for a personal loan, you can get from two-to-six times your monthly income. However, since the loan is unsecured, there’s a limit. So, you can get $200,000 or between two and six times your monthly income, whichever is lower.

Some banks can offer slightly higher than this.

Let’s say you earn a monthly salary of $20,000.

Your bank can multiply this by six to get $120,000, which is the amount you can get.

However, if you earn $40,000 monthly, your lender can multiply it by six and get $240,000. In this case, you get $200,000 instead of $240,000.

Does this conclusively answer your question, ‘how much personal loan can I take in Singapore?’ Perhaps you are looking for more, which is justifiable. Your credit score and existing credit facilities greatly determine the exact amount you can secure.

We’ll discuss all these below to give you a better picture of how much personal loan you can get.

What Can A Personal Loan Be Used For?

While many people use personal loans for emergencies like settling medical bills, you can take them out for many reasons.

Here are good reasons for taking out the best personal loan:

Weddings And Vacations

If you are looking for the best loan in Singapore that you can use to pay for your life’s biggest events like weddings, a personal loan suits you.

Other than emergencies like accidents and other health issues, the lowest interest personal loan can help you to plan a lovely wedding without putting pressure on your cashflow.

It can also cover the cost of your vacation expenses, giving you the freedom you need to enjoy the trip.

Debt Consolidation

Credit cards are expensive, but life can get tougher if you have several unpaid credit card debts. To avoid this, you can take out the lowest-interest personal loan and use it to pay off all these debts.

Education Expenses

If you’re a student, you can secure a personal loan designed with your education needs in mind. The best personal loans in Singapore can cater to your college fees and textbooks.

As we mentioned before, unlike specific purpose loans like home renovation loans, you can use your personal loan for almost anything without contravening the law or any regulations.

Do You Qualify For A Personal Loan?

If you are a Singaporean, permanent resident (PR), or foreigner residing in the country, you may qualify for a personal loan.

Here are the main factors determining your eligibility:

Annual Income

Singaporean or PR: As a Singaporean or PR, you could be eligible for a personal loan if your annual income is at least $20,000.

However, if you want the best personal loan, your annual income should be above $30,000.

Foreigners: Foreigners living in Singapore must earn at least $40,000 annually to be eligible for personal loans. Like in the above case, you can get lowest-interest personal loans if you earn about $60,000.

Note that some money lenders are more flexible than banks and don’t apply this income requirement strictly.


You should be aged between 21 and 65 years old.

Credit Score

Lenders typically take precautions when working with borrowers with a score close to 1,000. So, if you fall under this category, you might not be eligible for personal loans. However, some lenders can still offer you a loan, but the interest rate might be high.

Can You Take Multiple Personal Loans?

Yes, you can take multiple personal loans if you meet the requirements.

If you know that you are eligible for a personal loan but are still asking the query, ‘how much personal loan can I get,’ find out in the next few paragraphs whether you qualify for several personal loans.

Unsecured Credit Borrowing Limit

The Monetary Authority of Singapore (MAS) implements the Unsecured Credit Borrowing Limit, which can hint at how many personal loans you can get at any given time. This limit allows you to take up to 12 times your monthly salary. In other words, you can get a personal loan 12 times if you are eligible.

However, it’s important to note that banks and other financial institutions often consider factors such as your ability to repay and creditworthiness before approving these loans.

So you are not guaranteed 12 times your monthly income or 12 personal loans worth the same value.

At the same time, exceeding this limit for three consecutive months might prevent you from getting even a single unsecured loan.

Other Important Eligibility Requirements For Multiple Personal Loans

Eligibility for multiple personal loans depends on your credit score. Assuming you have a bad credit score, you aren’t likely to secure multiple unsecured credit facilities.

Let’s use a simple example to illustrate how many personal loans you can get from your bank.

In this case, let’s assume you earn $8,000 per month and have an impressive credit score of about 1,900. Also, you don’t have any outstanding unsecured debt.

Let’s also assume that your bank is generous and has agreed to award you the maximum unsecured credit borrowing limit. So in this case, you qualify for $8,000 by 12, which gives you $96,000.

If you take a single personal loan worth $8,000, you still qualify for 11 loans.

Besides your credit score, your annual income and residence status also matter. The example below gives a practical example of the total amount you might qualify for, depending on your current economic situation and residency status.

While most banks require your annual income to be about $30,000, some licensed money lenders won’t focus much on your income, as shown in this example.

Borrower’s Annual IncomeSingaporean And Permanent ResidentForeigner Residing In Singapore
Below $10,000$3, 000$500
From $10,000 to any figure below $20,000$3, 000$3, 000
$20,000 and above6x monthly salary6x monthly salary

This table attempts to answer this, ‘how much personal loan can I take’ conclusively. However, it also helps you to know the number of loans you can secure.

For example, if you are a PR earning below $10,000, the table shows that you might take out three or more personal loans worth $3,000.

While the MAS’s regulation theoretically promises you more than this, this table provides something closer to what your licensed money might be willing to offer.

What To Consider Before Applying For A Personal Loan

Before applying for a personal loan, ensure you’ve chosen the best loan designed to meet your needs. Find out the factors that you should consider to help you do so below.

Processing Time

Unlike before, you can apply for a loan from anywhere and save time. Lenders also can approve applications in minutes. So, if you want to fix an emergency, shop for a lender that processes loans extremely fast. Most of them allow you to apply online and require a few documents.

Interest Rate of the Loan

You can get the lowest interest personal loan if you conduct basic research before accepting an offer.

For example, if you are taking a loan from a bank, you can look at its effective interest rate instead of the advertised rate. The effective interest rate gives the real picture of the cost you’ll have to bear because it includes processing and other fees.

Conversely, if you want to borrow from a licensed money lender, be sure the monthly interest is 4% or less, irrespective of your financial status.

Ideal Loan Amount

Sometimes, your bank or money lender can be more than willing to give you more money than you need.

Remember that some banks offer up to about 10 times their client’s monthly salary, but most money lenders often provide about six times their customer’s monthly income.

The best thing to do is get the lowest offer based on what you can afford. So before you apply for the best personal loan, get to know your financial situation and avoid the temptation to take more than necessary.

Repayment Schedule

Although your lender can offer flexible repayment terms, you should stick to a schedule you can easily manage. To be safe, read the Note of Contract carefully before signing along the dotted line.

Loan Tenure

Don’t forget that the best loan tenure in Singapore is the shortest but most manageable one. Do you want the lowest-interest personal loan? You are likely to succeed if you use this method.

However, before making the borrowing decision, consider your financial situation.

Take Personal Loans Depending On Your Ability To Repay

Before applying for a personal loan in Singapore, be sure you understand your financial situation and ability to repay. It’s the best way to determine how much you should borrow.

Now that you’ve gotten the answer to your question, ‘how much personal loan can I take,’ and know what to do, you can apply for the right personal loan.

Remember, most licensed money lenders offer more flexible terms than banks.

If you need professional help, our friendly financial advisors at Katong Credit will assist you. Contact us now or apply for a loan that best suits you.

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