One-time processing fee: For balance transfer offers, banks usually charge a one-time processing fee of between 1% to 5% of your approved amount. For a personal loan, this is usually between 1% to 2%.
Length of the repayment period: Balance transfer repayment periods in Singapore are shorter and typically range from 3 to 24 months, while a personal loan can be between 1 to 5 years.
Applied interest rate: Typically banks in Singapore offer a 0% interest rate for a balance transfer at the start. For a personal loan, this can be between 4.5% to 7%.
Answering these questions can help you evaluate the best balance transfer offers in Singapore and find the best option for you.