Which goals do you want to achieve this year? Are you planning to go on a vacation or pursue your dream career, but you don’t have the finances?

You shouldn’t worry because you can get the best personal loan in Singapore.

But before applying for a loan, it would be good to ask, ‘how much personal loan can I take?’ Knowing the amount you can borrow will help you plan your spending and how you will pay the loan.

Let’s explore how much lowest interest personal loan you can take, what you can use it for, and whether you qualify.

Also, you will find out whether you can take multiple loans or not and what to consider when applying.

How Much Personal Loan Can I Take?

You can borrow about two to six times your monthly income from licensed money lenders in Singapore. On the other hand, banks can give you up to 10 times your monthly income.

You are not always guaranteed the maximum amount when borrowing. The exact amount of the best loan you can get in Singapore depends on the following:

Your Income

The amount you earn in Singapore influences the amount of personal loan you can take. You may find that you can only qualify for an amount two or three times your monthly income.

Here is a table to illustrate more;

Your Annual IncomeSingaporean/ Permanent ResidentForeigners Living In Singapore
Less than $10,000$3,000$500
$10,000 to less than $20,000$3,000$500
$20,000 and aboveSix times your monthly incomeSix times your monthly income

Your Credit Score

If you want to take a personal loan from a bank, your credit score should be close to 2,000. Banks will likely deny you a loan if your credit is poor.

However, licensed money lenders are more lenient. You can get a specialised loan offer with a poor credit score. If a lender approves your loan application with a bad credit rating, it would be wise to borrow the lowest loan amount available.

Your Existing Debts

Do you have other existing credit facilities? If you have, it will affect the amount you can borrow.

You can service debts up to 55% of your monthly income in Singapore. This means that your existing debts plus the personal loan repayment should be at most 55% of your monthly salary.

What Can A Personal Loan Be Used For?

The best thing about a personal loan with a low interest rate is that you can use it for whatever purpose. Lenders do not specify how you will use the money, unlike other loans such as a home renovation loan.

You can get a personal loan for the following reasons:


Emergencies such as accidents are unpredictable. They can happen anytime, and you may not have saved enough to cover the cost.

You can find the best personal loan from a lender in such scenarios.

Consolidating Debts

You can consider a personal loan such as a Debt Consolidation Plan (DCP) or balance transfer if you have multiple debts from different lenders. This will allow you to combine your debt into a single loan, making it easier to repay.

Vacation Or Wedding

Going on a vacation or doing a wedding requires thousands of dollars, which may not be possible to save at once. However, you can still have your dream wedding or take your family for a holiday outside Singapore.

You only need to apply for a loan after inquiring, ‘how much personal loan can I take?’

Paying Your Education Expenses

You may want to pursue your dream career in a local university or abroad, but finances may not allow it. You shouldn’t lose hope because you can take a personal loan to cover some expenses. For example, you can pay the tuition and accommodation fees or buy textbooks.

Do You Qualify For A Personal Loan?

This is an essential question to ask yourself before you apply for a loan.

Remember, sending multiple personal loan applications over a short period may raise a red flag- it shows you are desperate.

Whether you are a Singaporean, permanent resident, or foreigner, you can apply for the best loan in Singapore. You must be at least 21 years and not older than 65.

If you are a Singaporean or permanent resident, you need a minimum income of $30,000 per year to qualify for a personal loan from a bank.

However, if you earn less than this amount, you can get a personal loan offer but at a higher interest rate.

For foreigners, you should earn at least $40,000 to $60,000 per year to apply for a personal loan in a bank.

The eligibility criteria for licensed money lenders may be different. If you earn a lower amount, for example, $10,000 per year, and want a personal loan, you can approach a lender like Credit 21.

You will get a specialised offer to help you cater to your emergency.

Can You Take Multiple Personal Loans?

As you ask, ‘how much personal loan can I take in Singapore?’ it would be good to know whether you can take multiple loans.

Taking more than one personal loan at once is possible.

However, the number of the best personal loans in Singapore you can get varies.

According to the Monetary Authority of Singapore (MAS), you can borrow up to 12 times your monthly income. This applies to unsecured loans such as personal, credit cards, student, and personal lines of credit loans.

If you exceed this borrowing limit three consecutive times, you will not be allowed to access more unsecured loans in Singapore.

Usually, licensed money lenders allow you to take a loan worth six times your monthly salary, while banks give up to 10 times. This means you can take several loans at once.

Here is an example of how you can borrow multiple personal loans:

Let’s say you earn $6,000 monthly and have a good credit score without any existing unsecured loan. This means you can borrow up to $36,000 based on your monthly salary. Therefore, you can take six loans of $6,000 each or two worth $18,000 each.

Remember not to exceed your borrowing limit when taking multiple loans. Also, multiple debts can be a challenge to repay. Therefore, evaluate your financial ability first before applying for these loans.

What To Consider

Before applying for a personal loan in Singapore, it would be good to consider the following:

Interest Rates

Usually, personal loans have a higher interest rate than secured loans. Unlike secured loans, where you provide collateral, personal loans have no collateral. In some cases, the loan has a higher rate than credit cards.

Therefore, making a personal loan comparison in Singapore will be perfect. Shop around from different lenders to see how much interest rate they charge. This will help you find the lowest interest rate for a personal loan in Singapore.

Repayment Plan

Before you take a loan, be sure you can pay it back. If you fail to repay your personal loan, you will affect your credit score and attract penalties. This will reduce your chances of getting a loan in the future.

Therefore, weigh your financial capability and ask yourself, ‘how much personal loan can I take and be comfortable paying?’. You can determine this amount depending on your monthly income. For example, how much can you commit to service a loan after deducting your monthly income?

Remember, you will pay the initial amount you received, interest, and additional charges from your lender.

Good Financial Habits

Good financial habits are a must, whether you take a loan or not. This will help you to budget wisely and avoid getting into more debt.

When applying for a personal loan, choose a flexible payment plan. As a result, you will adhere to the payment schedule. For example, you can commit to paying monthly or weekly.

With such a repayment plan, you can find a personal loan with a low interest rate and pay within the agreed time.


Even though the best personal loan in Singapore can help you fix your financial needs, sometimes it is good to consider other alternatives. This is because this loan type has its challenges, such as the high interest rates and eligibility criteria that not everyone can meet.

Instead, you can approach friends or family members for a loan. However, you should tell them why you need the money and how you plan to pay. If they accept, well and good because some may not charge interest; if they do, it can be lower.

The Amount Of Personal Loan You Can Take In Singapore

At some point in your life, you can have an emergency that needs urgent financial attention. During such times, personal loans come in handy.

Before you send your loan application, it would be good to ask, ‘how much personal loan can I take?’

You can borrow up to six times your monthly income from a licensed money lender, while banks allow you to take up to 10 times your monthly salary. However, the exact amount you can get depends on your annual income, credit score, and existing debts, if any.

If you have a financial challenge that needs quick fixing, don’t hesitate to engage Credit 21. We are one of the best licensed money lenders providing any Singapore resident with a personal loan at the lowest interest rate.

All you need to do is apply for a loan through our official website or contact us, and we will be glad to help you.