Which Loan Costs Least?

Our Method

How This Comparison Works

We spread your loan into equal monthly instalments over the tenor you pick, using the bank’s published effective interest rate (EIR) as a monthly rate, and add up the interest. The EIR already includes the processing fee for most banks; where the bank says its EIR leaves a fee out (Standard Chartered’s S$199 first-year fee), we add it. Renovation loans publish a monthly-rest rate instead, so we use that rate and add the upfront fees. Lower total cost ranks higher. Most banks publish only their lowest “from” rate, often for a different amount or tenor, so these are best-case figures; your own rate depends on your credit and income. Credit lines charge daily interest on what you use, so they cannot be compared on one number and are listed without a rank. Records we could not confirm on the bank’s own page are listed with the reason. Cashback, vouchers and lucky draws are left out.

Only products we checked in the last 30 days can rank. Expired offers are left out. Paid links never change the order. We compare a selection of products, not every product on the market.

General information, not financial advice or an offer of credit. Most figures are best-case “from” rates: banks set your actual rate after checking your credit and income, and some rates need you to be an existing customer. Rates marked “Promotional rate, may change” have no published end date. Late, early-repayment and cancellation fees are not included. Borrow only what you can repay; a loan for spending costs more than it saves. Check the bank’s current terms before you apply.

Spot an error? Tell us on the contact form. Are you one of these providers? Send a provider reply or correction. We check the official source before we change anything.