Maximum loan limit: What is the maximum personal loan I can get?

Maximum loan limit: What is the maximum personal loan I can get?


Find out how much maximum personal loan I can get
Find out how much maximum personal loan I can get

Keeping up with the rising costs of living can be stressful. When we require personal loans, sometimes we might be unsure if we are able to get the loan amount we need.

If you are wondering how much maximum personal loan you can get, this article is for you. Here, we outline the different types of personal loans you can take and their loan limits.

What are the types of personal loans I can take with banks and licensed money lenders?

Personal loans are versatile loans you can take for various personal uses, such as weddings, medical expenses, funerals, vacations or paying off other urgent bills and expenses. They can be either secured or unsecured. Here are a few common types of personal loans:

Payday loans

If you find yourself in need of cash to pay off some urgent bills before your payday arrives, payday loans might be suitable for you. As the name suggests, they are meant to tide you over for a month until your payday – which is when you need to repay the loan, together with interest. Payday loans are usually capped at your one month’s salary.

Urgent cash loans

Urgent cash loans are quick cash options that allow you to receive the money as quickly as within the day and are provided by both licensed money lenders and banks. Approval time may vary between the two, depending on the institution’s requirements.

12 month cash loans

12 month cash loans have a loan tenure of 12 months, so you have ample time to repay your debt comfortably with monthly installments.

Wedding loans

Weddings are big ticket items and it can be tough for the couple to fork out a lump sum to cover all their expenses. A wedding loan allows you to borrow an amount to cover all your wedding expenses while repaying your loan in comfortable installments.

Study loans

Study loans typically come at a relatively low interest rate. If you’re a Singaporean or Permanent Resident, repayment only begins after you graduate, during which no interest rate is incurred until some months after graduating.

Renovation loans

Renovating your home can be taxing when it comes to footing the bill for all the new furnishings, decor and miscellaneous costs – which is why a renovation loan can be a life-saver. Like wedding loans, you don’t need to fork out a lump sum and can repay your lender in more comfortable installments.

Taking personal loans from banks vs licensed money lenders: How are they different?

Borrowing from a bank versus a licensed moneylender is rather different. Banks usually have more stringent requirements before disbursing a loan, hence it is worthwhile noting their differences before deciding where to borrow from:

Borrowing from banks Borrowing from licensed money lenders
What is the maximum loan I can take? Up to 12 times monthly income Up to 6 times monthly income
What is the repayment period? (Personal loan) Up to 5 years Up to 12 months
Approval rate Up to 2 weeks Can be less than a day
General requirements
  • Stable income
  • Good credit scores
  • Must be employed
  • No history of defaulting on prior loans
Interest rate 3.5-11% per annum 1-4% per month (up to 48% per annum)
Application process Online or physical application Face-to-face verification required
Processing fee Interest, processing and other fees can add up to 6.5-20% p.a. Up to 10% of loan principal

Loan limit: How much loan can I take?

With banks, borrowers can borrow up to as much as 12 times their monthly income. Do refer to MAS’ guidelines for the latest updates.

For licensed moneylenders, you can borrow up to 6 times your monthly income if you’re a Singaporean or Permanent Resident and earn at least $20,000 annually. Singaporeans and PRs with an annual income of less than $20,000 may only borrow up to $3,000.

However, this also depends on your credit history, and whether you have existing credit that has yet been repaid.

Licensed moneylenders would typically do a check on the Moneylenders Credit Bureau (MLCB) platform to check your existing borrowing and repayment history, to ensure that the loan to be granted to you does not exceed the loan limits set by the Ministry of Law, as well as to help the lender determine its risk of extending a loan to you.

What if I need more money than the maximum personal loan I can get?

If borrowing up to 12 times your monthly income (with a bank) or up to 6 times your monthly income (with a licensed moneylender) is not enough, you may wish to consider a secured loan.

Secured loans require collaterals (in the form of property, car or other assets) – you can loan up to 60-75% of the value of the collateral pledged, and if you fail to repay the loan, these could be seized by the lender.

Why you should only borrow what you can afford

In a recent news report, personal debt among young adults has been on the rise. Excessive borrowing, when not well-managed, can lead to dire consequences.

Some may find it harder to pay off debt on time, as fees and interest rates accumulate and snowball into one big debt.

Defaulting on a loan will also affect your credit scores and have a negative impact on your future loan applications when you really need it. Hence, it is always better to borrow within your means after careful calculation.

Prosper Credit helps you maximise the loans you can take

At Prosper Credit, we take your needs into consideration and help you maximise the loan amount you can take within legal means, so you don’t under-borrow or over-borrow. Apply for a personal loan with us now.


While all reasonable efforts are made to include accurate and up-to-date information on this website, errors or omissions may still occur. We are not liable for any loss or damage caused by the use of this website. The information on this website is for general information only and should not be taken as professional advice.