With effect from 1 October 2015, the maximum interest rate moneylenders can charge is 4% per month. This cap applies regardless of the borrower’s income and whether the loan is an unsecured or secured one. An upfront administrative fee of not more than ten per cent (10%) of loan principal is applicable.
For secured loans, you can obtain a loan of any amount. For unsecured loans, please refer to the table below for the total maximum amount that you may borrow at any time across all licensed moneylenders in Singapore:
|Borrower’s Annual Income||Singapore Citizens and Permanent Residents||Foreigners Residing in Singapore|
|Less than S$10,000||S$3,000||S$1,500|
|At least $10,000 and less than S$20,000||S$3,000||S$3,000|
|At least S$20,000||6 x Monthly Income||6 x Monthly Income|