Don’t say bojio! Personal Bank Loan Promotions (Mar 2023)!

February 28, 2023
Pebbles Lee
Don’t say bojio! Personal Bank Loan Promotions (Mar 2023)!

NEED TO KNOW: Difference between Marketed Interest rate and Effective Interest Rate (EIR)

  • The Marketed Interest rate is a simple way of calculating your interest by taking the total interest payment and dividing it by your principal. The EIR actually measures how much you pay based on a reducing loan balance and has a compounding effect. Because of that, the EIR will be higher than the Marketed interest rate. 

While there is no saying which is more accurate as it depends on the individual preferences, it is important to make sure you compare apples to apples. Do not make the mistake of comparing the marketed interest rate to EIR. 

Credits: SCB, DBS

Now that we sorted that out, let’s walk you through a couple of bank promotions and we’ll do a quick summary of which is the best at the end.. Wait for it… 

We will use Ah Boy who wants to borrow S$10,000 with a 5 year tenure for all examples.

DBS Bank (3.88% p.a., EIR 7.28%)

First up, we have our very own local bank DBS! Its an online exclusive, all you have to do is to apply for DBS Personal Loan today with promo code “LENDP” and receive up to 2% unlimited cashback on your approved loan amount! On top of that, Lendingpot is giving away an additional $20 Grab Voucher if you apply via link here and use Promo Code “LENDP”.  Valid for loan amount of S$10,000 and above. This promo ends on 31st march 2023 so don’t dilly dally already lah, just chiong!

Tier 1 approved loan amount: S$10,000 to S$29,999 - 1 % cashback
Tier 2 approved loan amount: S$30,000 & above - 2% cashback
*Additional $20 Grab Voucher when you apply through Lendingpot only

How it works: If Ah Boy wants to take part in this promotion, he would fall under tier 1 and get a 1% cashback (S$100) + $20 Grab Voucher form Lendingpot. 

Standard Chartered Bank (3.48% p.a., EIR 7.56%)

Next up, is Standard Chartered with their CashOne Personal Loan Cashback Promotion! Enjoy full cashback on the first 2 months interests upon approval.

Additionally, New clients will get a S$100 cashback bringing the total cashback of up to S$3,100 depending on your approved loan amount Valid till 31st march 2023.

How it works: Following the chart above, if Ah Boy wants to take part in this promotion, and is a new client, he will have a total cashback of approximately S$207.95 with the total interest cashback (installment 1 & 2) subjected to some change depending on actual interest charged in your statement. However, if Ah Boy is an existing  client he will only get a total cashback of approximately S$107.95.

HSBC (4.00% p.a., EIR 7.50%)

Last but not least, we have HSBC, offering multiple ongoing promotions!

Existing Premier customers can enjoy a preferential interest rate of 3.4% p.a. (EIR 6.5% p.a.)
Cashback Promotion up to 1.5%, capped at S$3000, min approved loan amount of S$10,000 and min 3 year tenor

Don’t know which bank to choose? Let us compare!

Let’s take the example of Ah Boy, who wants to borrow S$10,000 with a 5 year tenor to compare the loans between all three banks, with and without promotions to choose the best deal.

Final Verdict

For those that are taking part in the promotion, and are a new customer of Standard Chartered Bank, taking their CashOne personal loan would be the cheapest option (S$11,731.25). However, if you are an existing customer of Standard Chartered, then HSBC’s personal loan with the online exclusive promotion offer (S$11,873) would be the cheapest option. 

And finally, all premier HSBC customers should take their personal loans from HSBC as the special rates offered by HSBC would give them the best deal!!

*All promos require a min loan amount of S$10,000 and a min tenor of 3 years. ‘

What’s more apply via the SCB link below and get an additional 0.5% cashback from Lendingpot when you get approved. T&Cs apply.

Lendingpot is working on making your search for financial products an easy one. Apply on our platform for personal loans, business loans and mortgage refinancing to get access to exclusive rates with our partners. On top of that, we aim to bring you insights & reviews on the latest financial products available.

Pebbles Lee

Pebbles is a fashion enthusiast with a passion for Brazilian Jiu-Jitsu. When she is not keeping up with the latest fashion trends or practicing her tosses, she loves talking to anyone about personal finance and helping shape the fintech industry

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