Best Credit Lines in Singapore (2020)

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UOB CashPlus

UOB CashPlus

Best Value
UOB CashPlus
S$120
Annual Fee
S$750
Min. Monthly Repayment
0%
Prevailing Interest Rate
Best Value:
Enjoy prevailing interest rate from as low as 0% p.a, for new customer.
HSBC Personal Line of Credit

HSBC Personal Line of Credit

HSBC Personal Line of Credit
S$60
Annual Fee
S$900
Min. Monthly Repayment
18.5%
Prevailing Interest Rate
Maybank CreditAble

Maybank CreditAble

Maybank CreditAble
S$80
Annual Fee
S$900
Min. Monthly Repayment
19.8%
Prevailing Interest Rate
DBS Cashline

DBS Cashline

DBS Cashline
S$120
Annual Fee
S$750
Min. Monthly Repayment
20.5%
Prevailing Interest Rate
OCBC EasiCredit

OCBC EasiCredit

OCBC EasiCredit
S$80
Annual Fee
S$900
Min. Monthly Repayment
20.9%
Prevailing Interest Rate
Citibank Ready Credit

Citibank Ready Credit

Citibank Ready Credit
S$100
Annual Fee
S$300
Min. Monthly Repayment
20.95%
Prevailing Interest Rate
SingSaver compares the best Personal Loans in Singapore that range from 1-year to 7-year tenures. The effective interest rate (EIR) you can enjoy from the loans on our site range from 7.0% p.a. to 18.72% p.a. The EIR of your loan will depend on the annual interest rate (or bank advertised nominal interest rate) and the tenure of your loan. For example: a loan of S$10,000 over 3 years at 3.88% p.a. nominal interest would equate to monthly repayments of S$310.11, and the total cost of the loan that you pay back would be S$11,164. This is not inclusive of any administrative or processing fees that may apply.

What is the purpose of a credit line?
A credit line (also known as line of credit) is a type of unsecured loan that allows you to draw on funds when you need it, at up to 4 times your monthly income. Unlike a personal loan where you lock in your loan amount, tenure and interest rate upfront, a credit line charges interest only on the amount you drew down. You also pay fees for opening and maintaining a credit line.

Why do people use a credit line?
A credit line provides flexibility, especially when you need to borrow money multiple times. Rather than taking up a few different personal loans, a credit line allows you to borrow from the same credit account up until the given credit limit.

Read more: 3 advantages of a credit line and how they can benefit you.

What are the downsides to using a credit line?
A credit line could lead to over-borrowing. There are a couple of situations where a credit line might not be ideal:

  • You know how exactly much you need to borrow and you know there won’t be stark changes to the situation that called for the loan.
  • You are a spendthrift or if you lack discipline. Having access to additional funds that you might not require could tempt you to borrow more than you need. With no fixed repayment period, you could end up snowballing your interest by delaying repayments.

In such scenarios, a personal loan could do the trick.

Need some help?

No worries, we've got you covered!

What is a Credit Line (also known as Line of Credit) and how does it work?

What is the difference between the loan and a line of credit?

What is the limit on your credit line?

How do you repay a line of credit?

Who should choose a personal line of credit?

How much can I borrow from a personal line of credit?

What is the interest rate for a personal line of credit?

Who shouldn't apply for a personal line of credit?

What are the advantages of having a line of credit?

What are some of the limitations of a line of credit?

Should I apply for a personal line of credit for my small business?

Which bank offers the best personal line of credit?

What are the fees incurred when you get a line of credit?

Tips for using a line of credit:

When not to use a line of credit?

What are the eligibility criteria and requirements for getting a line of credit?

Confused by terms used in Personal Loan?

Glossary terms to know for first-time personal loan applicants

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