Best Loans in Singapore 2021

Interested in obtaining the most affordable loan possible? Our team's research makes this process simple by identifying the best loans in Singapore by category.

Best Personal Loans
Best Home Loans Best Car Loans
Best Education Loans
Best Renovation Loans
Best Debt Consolidation Loans
Best Balance Transfer Loans Best Personal Line of Credit

Best Personal Loan: HSBC Personal Loan

PROMO: Get S$100 Cashback
Consider this if you need the most affordable personal loan available
  • Eligibility
    • S$30,000 of annual income
    • Max. Loan Amount
      • 4x monthly salary for income S$30,000 to S$120,000; 8x monthly salary for income > S$120,000; S$200,000 Maximum Loan Size (2x monthly salary for foreigners)
      • Min. Loan Amount
        • S$5,000
        • Processing Fee
          • S$88, waived for online applicants
          • Approval Time
            • 1 minute approval, receive cash in one business day
            Loan DurationFlat RateProcessing FeeEIRMonthly InstalmentTotal Cost
            1 year3.7%S$07%S$864.17S$370
            2 years3.7%S$07%S$447.50S$740
            3 years3.7%S$07%S$308.61S$1,110
            4 years3.7%S$07%S$239.17S$1,480
            5 years3.7%S$07%S$197.50S$1,850
            6 years3.7%S$07%S$169.72S$2,220
            7 years3.7%S$07%S$149.88S$2,590
            *Assuming S$10,000 loan and income of S$30,000; includes processing fee waiver (Note that rates above are not indicative of your customised loan offer)

            HSBC's personal loans are the cheapest available for most consumers. For example, the bank charges rates from just 7% EIR (effective interest rate) and tends to offer competitive promotions. Additionally, HSBC is the only bank to offer 7-year loans, which can be helpful for those that need to spread out the total cost of their loan. Lastly, HSBC personal loans work well for foreigners residing in Singapore, because the bank has the lowest income requirement for these borrowers (S$40,000).

            Best Home Loan Interest Rates as of December 5, 2021

            When it comes to choosing a home loan, it is most important to choose a loan with a competitive interest rate. To make things easy for you, our team has identified the best mortgage interest rates in the tables below. It is important to keep in mind that some home loans begin with very low interest rates, but eventually charge much higher rates. With that in mind, the tables below show introductory rates, but are sorted by estimated total cost of borrowing. To learn more about choosing a home loan or refinancing your existing loan, please refer to our free guides.

            Bank1st Yr InterestLock-in PeriodApply Now
            DBS SORA0.96%2 years
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            DBS Board1.00%3 years
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            DBS Board1.00%2 years
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            DBS Board1.10%3 years
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            DBS Board1.10%2 years
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            Bank1st Yr InterestLock-in PeriodApply Now
            DBS SORA0.96%2 years
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            DBS Board1.00%3 years
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            DBS Board1.00%2 years
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            DBS Board1.10%3 years
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            DBS Board1.10%2 years
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            Bank1st Yr InterestLock-in PeriodApply Now
            SCB SORA1.04%0
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            DBS SORA1.04%0
            {"endpoint":"https:\/\/redbrick.valuechampion.sg\/api\/redbrick","inputs":{"filter_bank":[""],"filter_interest_type":"both","filter_lock_in":"false","individual_or_company":"individual","loan_tenure":25,"loan_type":"new_loan","property_type":"private","sort":"total_interest_cost","construction_status":"under-construction","loan_amount":500000,"property_purchase":"yes"},"loan":{"bank_name":"DBS","name":"SORA","interestRateYear1":"0.88","interestRateYear2":"0.88","interestRateYear3":"0.88","interestRateYear4":"0.88","interestRateYear5":"0.88","interestRateYear6Plus":"0.88","lockInPeriod":0,"features":"1 x Free Conversion from disbursement to 6month from T.O.P\r\n","additionalInformation":"","propertyType":"private-under-construction,hdb-under-construction","loanType":"new","minLoanAmount":500000,"rt1":"3m SORA","rt2":"3m SORA","rt3":"3m SORA","rt4":"3m SORA","rt5":"3m SORA","rt6":"3m SORA","rt1r":"0.16","rt2r":"0.16","rt3r":"0.16","rt4r":"0.16","rt5r":"0.16","rt6r":"0.16","rt1r_first_day":"0.1572","rt2r_first_day":"0.1572","rt3r_first_day":"0.1572","rt4r_first_day":"0.1572","rt5r_first_day":"0.1572","rt6r_first_day":"0.1572","sumYear1":"1.04","sumYear2":"1.04","sumYear3":"1.04","sumYear4":"1.04","sumYear5":"1.04","sumYear6":"1.04","sum":"1.04","y2":"$1,893","y3":"$1,893","y4":"$1,893","y5":"$1,893","y6":"$1,893","y1":"$1,893","monthly_installments":"$1,893","total_interest_cost":67900,"metadata":{"_id":18,"collection":"home_loans","apply_now_text":"Check Rates","apply_now_icon_hidden":true,"apply_now_redirect":false,"pros_label":"Pros","cons_label":"Cons"}}}
            SCB SORA1.09%0
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            DBS SORA1.11%0
            {"endpoint":"https:\/\/redbrick.valuechampion.sg\/api\/redbrick","inputs":{"filter_bank":[""],"filter_interest_type":"both","filter_lock_in":"false","individual_or_company":"individual","loan_tenure":25,"loan_type":"new_loan","property_type":"private","sort":"total_interest_cost","construction_status":"under-construction","loan_amount":500000,"property_purchase":"yes"},"loan":{"bank_name":"DBS","name":"SORA","interestRateYear1":"0.95","interestRateYear2":"0.95","interestRateYear3":"0.95","interestRateYear4":"0.95","interestRateYear5":"0.95","interestRateYear6Plus":"0.95","lockInPeriod":0,"features":"1 x Free Conversion from disbursement to 6month from T.O.P\r\n","additionalInformation":"","propertyType":"private-under-construction,hdb-under-construction","loanType":"new","minLoanAmount":300000,"rt1":"3m SORA","rt2":"3m SORA","rt3":"3m SORA","rt4":"3m SORA","rt5":"3m SORA","rt6":"3m SORA","rt1r":"0.16","rt2r":"0.16","rt3r":"0.16","rt4r":"0.16","rt5r":"0.16","rt6r":"0.16","rt1r_first_day":"0.1572","rt2r_first_day":"0.1572","rt3r_first_day":"0.1572","rt4r_first_day":"0.1572","rt5r_first_day":"0.1572","rt6r_first_day":"0.1572","sumYear1":"1.11","sumYear2":"1.11","sumYear3":"1.11","sumYear4":"1.11","sumYear5":"1.11","sumYear6":"1.11","sum":"1.11","y2":"$1,909","y3":"$1,909","y4":"$1,909","y5":"$1,909","y6":"$1,909","y1":"$1,909","monthly_installments":"$1,909","total_interest_cost":72700,"metadata":{"_id":18,"collection":"home_loans","apply_now_text":"Check Rates","apply_now_icon_hidden":true,"apply_now_redirect":false,"pros_label":"Pros","cons_label":"Cons"}}}
            DBS Board1.25%0
            {"endpoint":"https:\/\/redbrick.valuechampion.sg\/api\/redbrick","inputs":{"filter_bank":[""],"filter_interest_type":"both","filter_lock_in":"false","individual_or_company":"individual","loan_tenure":25,"loan_type":"new_loan","property_type":"private","sort":"total_interest_cost","construction_status":"under-construction","loan_amount":500000,"property_purchase":"yes"},"loan":{"bank_name":"DBS","name":"Board","interestRateYear1":"1.05","interestRateYear2":"1.05","interestRateYear3":"1.05","interestRateYear4":"1.05","interestRateYear5":"1.05","interestRateYear6Plus":"1.05","lockInPeriod":0,"features":"1 x Free Conversion from disbursement to 6month from T.O.P\r\n","additionalInformation":"","propertyType":"private-under-construction,hdb-under-construction","loanType":"new","minLoanAmount":100000,"rt1":"FHR6 (DBS)","rt2":"FHR6 (DBS)","rt3":"FHR6 (DBS)","rt4":"FHR6 (DBS)","rt5":"FHR6 (DBS)","rt6":"FHR6 (DBS)","rt1r":"0.20","rt2r":"0.20","rt3r":"0.20","rt4r":"0.20","rt5r":"0.20","rt6r":"0.20","rt1r_first_day":"0.2000","rt2r_first_day":"0.2000","rt3r_first_day":"0.2000","rt4r_first_day":"0.2000","rt5r_first_day":"0.2000","rt6r_first_day":"0.2000","sumYear1":"1.25","sumYear2":"1.25","sumYear3":"1.25","sumYear4":"1.25","sumYear5":"1.25","sumYear6":"1.25","sum":"1.25","y2":"$1,941","y3":"$1,941","y4":"$1,941","y5":"$1,941","y6":"$1,941","y1":"$1,941","monthly_installments":"$1,941","total_interest_cost":82300,"metadata":{"_id":18,"collection":"home_loans","apply_now_text":"Check Rates","apply_now_icon_hidden":true,"apply_now_redirect":false,"pros_label":"Pros","cons_label":"Cons"}}}
            Bank1st Yr InterestLock-in PeriodApply Now
            DBS SORA0.96%2 years
            {"endpoint":"https:\/\/redbrick.valuechampion.sg\/api\/redbrick","inputs":{"filter_bank":[""],"filter_interest_type":"both","filter_lock_in":"false","individual_or_company":"individual","loan_tenure":25,"loan_type":"refinance","property_type":"hdb","sort":"total_interest_cost","current_financer":"WESTPAC","current_interest_rate":5,"existing_loan_amount":500000},"loan":{"bank_name":"DBS","name":"SORA","interestRateYear1":"0.80","interestRateYear2":"0.80","interestRateYear3":"1.00","interestRateYear4":"1.00","interestRateYear5":"1.00","interestRateYear6Plus":"1.00","lockInPeriod":"2 years","features":"","additionalInformation":"","propertyType":"private-loan,hdb-loan","loanType":"new,refinance","minLoanAmount":300000,"rt1":"3m SORA","rt2":"3m SORA","rt3":"3m SORA","rt4":"3m SORA","rt5":"3m SORA","rt6":"3m SORA","rt1r":"0.16","rt2r":"0.16","rt3r":"0.16","rt4r":"0.16","rt5r":"0.16","rt6r":"0.16","rt1r_first_day":"0.1572","rt2r_first_day":"0.1572","rt3r_first_day":"0.1572","rt4r_first_day":"0.1572","rt5r_first_day":"0.1572","rt6r_first_day":"0.1572","sumYear1":"0.96","sumYear2":"0.96","sumYear3":"1.16","sumYear4":"1.16","sumYear5":"1.16","sumYear6":"1.16","sum":"0.96","y2":"$1,875","y3":"$1,916","y4":"$1,916","y5":"$1,916","y6":"$1,916","y1":"$1,875","monthly_installments":"$1,875","total_interest_cost":73816,"metadata":{"_id":18,"collection":"home_loans","apply_now_text":"Check Rates","apply_now_icon_hidden":true,"apply_now_redirect":false,"pros_label":"Pros","cons_label":"Cons"}}}
            DBS Board1.00%3 years
            {"endpoint":"https:\/\/redbrick.valuechampion.sg\/api\/redbrick","inputs":{"filter_bank":[""],"filter_interest_type":"both","filter_lock_in":"false","individual_or_company":"individual","loan_tenure":25,"loan_type":"refinance","property_type":"hdb","sort":"total_interest_cost","current_financer":"WESTPAC","current_interest_rate":5,"existing_loan_amount":500000},"loan":{"bank_name":"DBS","name":"Board","interestRateYear1":"0.80","interestRateYear2":"0.85","interestRateYear3":"0.90","interestRateYear4":"1.00","interestRateYear5":"1.00","interestRateYear6Plus":"1.00","lockInPeriod":"3 years","features":"Interest Capped 1.80% for 3 years\r\n\r\nWaiver of Penalty due to sale","additionalInformation":"","propertyType":"private-loan,hdb-loan","loanType":"new,refinance","minLoanAmount":500000,"rt1":"FHR6 (DBS)","rt2":"FHR6 (DBS)","rt3":"FHR6 (DBS)","rt4":"FHR6 (DBS)","rt5":"FHR6 (DBS)","rt6":"FHR6 (DBS)","rt1r":"0.20","rt2r":"0.20","rt3r":"0.20","rt4r":"0.20","rt5r":"0.20","rt6r":"0.20","rt1r_first_day":"0.2000","rt2r_first_day":"0.2000","rt3r_first_day":"0.2000","rt4r_first_day":"0.2000","rt5r_first_day":"0.2000","rt6r_first_day":"0.2000","sumYear1":"1.00","sumYear2":"1.05","sumYear3":"1.10","sumYear4":"1.20","sumYear5":"1.20","sumYear6":"1.20","sum":"1.00","y2":"$1,895","y3":"$1,906","y4":"$1,926","y5":"$1,926","y6":"$1,926","y1":"$1,884","monthly_installments":"$1,884","total_interest_cost":76684,"metadata":{"_id":18,"collection":"home_loans","apply_now_text":"Check Rates","apply_now_icon_hidden":true,"apply_now_redirect":false,"pros_label":"Pros","cons_label":"Cons"}}}
            DBS Board1.00%2 years
            {"endpoint":"https:\/\/redbrick.valuechampion.sg\/api\/redbrick","inputs":{"filter_bank":[""],"filter_interest_type":"both","filter_lock_in":"false","individual_or_company":"individual","loan_tenure":25,"loan_type":"refinance","property_type":"hdb","sort":"total_interest_cost","current_financer":"WESTPAC","current_interest_rate":5,"existing_loan_amount":500000},"loan":{"bank_name":"DBS","name":"Board","interestRateYear1":"0.80","interestRateYear2":"0.90","interestRateYear3":"1.00","interestRateYear4":"1.00","interestRateYear5":"1.00","interestRateYear6Plus":"1.00","lockInPeriod":"2 years","features":"Waiver of Penalty Due to Sale","additionalInformation":"","propertyType":"private-loan,hdb-loan","loanType":"new,refinance","minLoanAmount":500000,"rt1":"FHR6 (DBS)","rt2":"FHR6 (DBS)","rt3":"FHR6 (DBS)","rt4":"FHR6 (DBS)","rt5":"FHR6 (DBS)","rt6":"FHR6 (DBS)","rt1r":"0.20","rt2r":"0.20","rt3r":"0.20","rt4r":"0.20","rt5r":"0.20","rt6r":"0.20","rt1r_first_day":"0.2000","rt2r_first_day":"0.2000","rt3r_first_day":"0.2000","rt4r_first_day":"0.2000","rt5r_first_day":"0.2000","rt6r_first_day":"0.2000","sumYear1":"1.00","sumYear2":"1.10","sumYear3":"1.20","sumYear4":"1.20","sumYear5":"1.20","sumYear6":"1.20","sum":"1.00","y2":"$1,906","y3":"$1,927","y4":"$1,927","y5":"$1,927","y6":"$1,927","y1":"$1,884","monthly_installments":"$1,884","total_interest_cost":77332,"metadata":{"_id":18,"collection":"home_loans","apply_now_text":"Check Rates","apply_now_icon_hidden":true,"apply_now_redirect":false,"pros_label":"Pros","cons_label":"Cons"}}}
            DBS Board1.10%3 years
            {"endpoint":"https:\/\/redbrick.valuechampion.sg\/api\/redbrick","inputs":{"filter_bank":[""],"filter_interest_type":"both","filter_lock_in":"false","individual_or_company":"individual","loan_tenure":25,"loan_type":"refinance","property_type":"hdb","sort":"total_interest_cost","current_financer":"WESTPAC","current_interest_rate":5,"existing_loan_amount":500000},"loan":{"bank_name":"DBS","name":"Board","interestRateYear1":"0.90","interestRateYear2":"0.90","interestRateYear3":"0.90","interestRateYear4":"1.00","interestRateYear5":"1.00","interestRateYear6Plus":"1.00","lockInPeriod":"3 years","features":"Interest Capped 1.80% for 3 years\r\n\r\nWaiver of Penalty due to sale","additionalInformation":"","propertyType":"private-loan,hdb-loan","loanType":"new,refinance","minLoanAmount":100000,"rt1":"FHR6 (DBS)","rt2":"FHR6 (DBS)","rt3":"FHR6 (DBS)","rt4":"FHR6 (DBS)","rt5":"FHR6 (DBS)","rt6":"FHR6 (DBS)","rt1r":"0.20","rt2r":"0.20","rt3r":"0.20","rt4r":"0.20","rt5r":"0.20","rt6r":"0.20","rt1r_first_day":"0.2000","rt2r_first_day":"0.2000","rt3r_first_day":"0.2000","rt4r_first_day":"0.2000","rt5r_first_day":"0.2000","rt6r_first_day":"0.2000","sumYear1":"1.10","sumYear2":"1.10","sumYear3":"1.10","sumYear4":"1.20","sumYear5":"1.20","sumYear6":"1.20","sum":"1.10","y2":"$1,907","y3":"$1,907","y4":"$1,927","y5":"$1,927","y6":"$1,927","y1":"$1,907","monthly_installments":"$1,907","total_interest_cost":77380,"metadata":{"_id":18,"collection":"home_loans","apply_now_text":"Check Rates","apply_now_icon_hidden":true,"apply_now_redirect":false,"pros_label":"Pros","cons_label":"Cons"}}}
            DBS Board1.10%2 years
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            Best Car Loans in Singapore

            Car loan rates vary for new and used vehicles. The loans below represent the best options for vehicle financing in Singapore.

            Best Loans for New Cars: Hong Leong Finance Car Loan

            Consider this if you need a car loan to purchase a new vehicle
            • Interest Rate
              • 2.48%
              • Maximum Principal
                • Up to 60% or 70% of car price
                • Maximum Term
                  • 7 years
                  Duration (Years)Flat RateEIRMonthly PaymentTotal Interest Cost
                  12.48%5.38%S$5,978S$1,736
                  22.48%5.11%S$3,061S$3,472
                  32.48%5.00%S$2,089S$5,208
                  42.48%4.92%S$1,603S$6,944
                  52.48%4.86%S$1,311S$8,680
                  62.48%4.82%S$1,117S$10,416
                  72.48%4.77%S$978S$12,152
                  Assuming loan of S$70,000

                  Hong Leong Finance provides the cheapest car loans for new vehicles. The lender charges just 2.48% p.a. on loans for new cars—the lowest rate available in Singapore. Additionally, HLF's car loans cover up to 70% of your car’s price and are available for tenures of 1 to 7 years.

                  Read Our Full Review

                  Best Loans for Used Cars: DBS Car Loan

                  PROMO: Get 1.68% interest for green cars
                  Consider this if you require a car loan to purchase a used car
                  • Interest Rate
                    • 1.99%
                    • Maximum Principal
                      • Up to 60% or 70% of car price
                      • Maximum Term
                        • 7 years
                        Duration (Years)Flat RateEIRMonthly PaymentTotal Interest Cost
                        11.99%3.67%S$5,949S$1,393
                        21.99%3.78%S$3,033S$2,786
                        31.99%3.82%S$2,061S$4,179
                        41.99%3.82%S$1,574S$5,572
                        51.99%3.81%S$1,283S$6,965
                        61.99%3.81%S$1,089S$8,358
                        71.99%3.79%S$949$9,751
                        Assuming loan of S$70,000

                        DBS charges the lowest interest rates for car loans for used vehicles, making it the best lender for this type of financing. The bank charges just 1.99% p.a. for used car loans, and provides loans of up to 70% of the car's purchase price and up to 7 years in tenure.

                        Read Our Full Review

                        Best Education Loans in Singapore

                        Finding an affordable education loan can enable students to pursue their dreams without incurring unnecessary costs. Here, we've highlighted the best study loans available.

                        Best Student Loan for Local & International Studies: OCBC Frank Education Loan

                        Consider this if you require a study loan for university outside of Singapore
                        • Early Repayment Fee
                          • 1% of loan prepaid
                          • Late Payment Fee
                            • S$50
                            • Age
                              • 17 & Above
                              OCBC FRANK Education Loan
                              Processing Fee2.5%
                              Interest Rate4.50%
                              Tenure1-8 Years
                              Max PrincipalS$150,000 or 10x monthly income of guarantor
                              Annual Income Requirement of GuarantorS$24,000

                              OCBC's FRANK Education Loan is the cheapest student loan for local and international university studies. This is due to its interest rate of 4.5%, which makes it the cheapest option for financing studies in Singapore or abroad. The bank also offers loans of up to S$150,000, giving students the means necessary to finance increasing tuition rates abroad.

                              Read Our Full Review

                              Best Education Loan Promotion: Maybank Education Loan

                              Consider this if you are able to obtain Maybank's promotional interest rates
                              • Early Repayment Fee
                                • 1% of loan prepaid
                                • Late Payment Fee
                                  • 3% min $30
                                  • Age
                                    • 18 & Above
                                    Maybank Education Loan
                                    Processing Fee2%
                                    Interest Rate4.45%
                                    Tenure1-8 Years
                                    Max PrincipalS$200,000 or 8x monthly income of guarantor
                                    Annual Income Requirement of GuarantorS$30,000

                                    Maybank's education loan is one of the most affordable due to its current promotion. The bank's promotional interest rate of 4.45% p.a. and a processing fee of 2%, are among the cheapest available. Additionally the bank offers its promotion to students that study locally or abroad. Maybank also provides loans of up to S$200,000 or 8 times the borrowers monthly income, making it a great choice for those that require a large study loan.

                                    Read Our Full Review

                                    Best Renovation Loans in Singapore

                                    Renovating your home can greatly increase its value, but it is also an expensive endeavor. Depending on the size of your project, you may prefer a different renovation loan. Those listed below represent the top renovation loans in Singapore.

                                    Cheapest Short-Term Renovation Loan: CIMB Renovation Loan

                                    Consider this if you require a small renovation loan that you can repay in 3 years or less
                                    • Maximum Principal
                                      • 6x Monthly Income or S$30,000
                                      • Rest Rate
                                        • 4.20%
                                        • Cashier Fee
                                          • 3 free, S$10/each after
                                          MaturityProcessing FeeInterest Rate (Rest Rate)Monthly InstalmentTotal Cost
                                          1 Year1%2.98%S$1,270S$393
                                          2 Years1%3.87%S$651S$762
                                          3 Years1%4.18%S$444S$1,136
                                          4 Years1%4.34%S$341S$1,517
                                          5 Years1%4.44%S$279S$1,904
                                          *Assuming loan of S$15,000

                                          CIMB provides some of the most affordable renovation loans in Singapore. The bank charges competitive interest rates and lower processing fees than its competitors. Not only that, CIMB's renovation loans are available to more people. For example, most other banks require an annual income of at least S$30,000, whie CIMB requires just S$24,000.

                                          Read Our Full Review

                                          Best Large, Long-Term Renovation Loans: DBS Renovation Loan

                                          Consider this if you seek a large renovation loan with a tenure of 4 or 5 years
                                          • Maximum Principal
                                            • 6x Monthly Income or S$30,000
                                            • Rest Rate
                                              • 3.88%
                                              • Cashier Fee
                                                • Free 1st, S$5 fee after, max 4
                                                MaturityProcessing FeeInterest Rate (Rest Rate)Monthly InstalmentTotal Cost
                                                1 Year2%3.88%S$1,276S$617
                                                2 Years2%3.88%S$614S$914
                                                3 Years2%3.88%S$442S$1,214
                                                4 Years2%3.88%S$338S$1,518
                                                5 Years2%3.88%S$275S$1,826
                                                *Assuming loan of S$15,000

                                                The DBS Renovation Loan is a great choice for those seeking a large renovation loan or one with a longer tenure. For example, DBS charges 3.88% p.a., which is the lowest interest rate for 4 and 5 renovation loans. Therefore, these loans are great for those that will require a larger renovation scale project. With that said, DBS charges higher than average fees (1% handling fee + 1% insurance premium) and does not offer the best short-term rates. Therefore, those who need a smaller renovation loan would be better off choosing a different lender.

                                                Read Our Full Review

                                                Best Renovation Loan Promotion: Maybank Renovation Loan

                                                Consider this if you require a large renovation loan and will apply online
                                                • Maximum Principal
                                                  • 6x Monthly Income or S$30,000
                                                  • Rest Rate
                                                    • 4.20%
                                                    • Cashier Fee
                                                      • 1st free, S$5/each after deducted from loan proceeds
                                                      MaturityProcessing FeeInterest Rate (Rest Rate)Monthly InstalmentTotal Cost
                                                      1 Year1%4.33%$1,280S$504
                                                      2 Years1%4.33%S$654S$836
                                                      3 Years1%4.33%S$445S$1,172
                                                      4 Years1%4.33%S$341S$1,513
                                                      5 Years1%4.33%S$278S$1,859
                                                      *Assuming loan of S$15,000

                                                      Maybank offers competitive renovation loan pricing as well as an enticing promotion. For example, the bank's 4.33% interest rate is among the lowest for loans of at least 3 years long, and it is currently offering S$100 in shopping vouchers to online applicants. Additionally, Maybank charges an interest rate of just 2.88% to its current home loan customers.

                                                      Read Our Full Review

                                                      Best Debt Consolidation Plans

                                                      Debt consolidation loans can be useful for those that need to reduce their personal debt over a longer period of time. These loans give borrowers the chance to consolidate all of their existing debt with one loan at a lower interest rate than other types of debt.

                                                      Lowest Promotional Rates: Maybank Debt Consolidation Plan

                                                      PROMO: Rates as low as 3.88% p.a.
                                                      Consider this if you qualify for the bank's lowest rates
                                                      • Balance to Income Ratio
                                                        • More than 12x monthly income
                                                        • Early Repayment Fee
                                                          • 5% of outstanding balance or S$800, whichever is greater
                                                          • Late Payment Fee
                                                            • 5% of the minimum monthly repayment or S$80, whichever is higher
                                                            • Processing Fee
                                                              • N/A
                                                              Maybank Debt Consolidation LoanDetails
                                                              Processing FeeN/A
                                                              Flat RateAs low as 3.88%
                                                              Min EIR6.92%
                                                              Tenure1-10 Years

                                                              Maybank is currently charging promotional interest rates of 6.92% EIR (flat rate: 3.88% p.a.)—the lowest advertised effective interest rate available. It is also offering a cashback promotion (S$388 upon approval), another great incentive for borrowers. However, the bank does not guarantee its lowest rates to all applicants, which means some will receive better rates from other lenders.

                                                              Read Our Full Review

                                                              Best Guaranteed Rate: HSBC Debt Consolidation Plan

                                                              PROMO: Get 5% Cashback on refinancing
                                                              Consider this if you qualify for the bank's lowest rates
                                                              • Balance to Income Ratio
                                                                • More than 12x monthly income
                                                                • Early Repayment Fee
                                                                  • 5% of redemption amount
                                                                  • Late Payment Fee
                                                                    • S$75
                                                                    • Processing Fee
                                                                      • S$88 or 1%, waived for online applications
                                                                      HSBC Debt Consolidation LoanDetails
                                                                      Processing FeeWaived
                                                                      Flat Interest Rate 1-7 Years4.0% (7.5% EIR)
                                                                      Flat Interest Rate 8-10 Years5.7% (10.0% EIR)

                                                                      HSBC's debt consolidation loan is the best choice for most borrowers because it offers the lowest guaranteed interest rates and is currently waiving its processing fee. For instance, for HSBC charges a flat rates of 4% (1-7 years) and 5.7% (8-10 years), both of which are much lower than most of its competitors. Finally, while some banks advertise lower interest rates than HSBC, these banks use non-committal language (e.g. "as low as"), which suggests not all borrowers will receive their best rates.

                                                                      Read Our Full Review

                                                                      Best Balance Transfer Loan: UOB Balance Transfer

                                                                      Promo: Discounted processing fee of 4.28% for 12 month balance transfers
                                                                      Consider this if you seek an affordable balance transfer loan
                                                                      • Processing Fee
                                                                        • 4.28%
                                                                        • Maximum Principal
                                                                          • 95% of credit line
                                                                          • Interest Free Period
                                                                            • 12 months
                                                                            Interest-Free PeriodProcessing FeeEIR with UOB Credit CardsEIR with UOB CashPlus
                                                                            6 months2.5%5.34%5.27%
                                                                            12 months4.28%4.95%4.82%

                                                                            The UOB Balance Transfer is the cheapest available for most individuals. For example, the bank charges a market leading processing fee of 4.28% for transfers with a 12-month interest free period. Additionally, UOB offers a cashback promotion of up to S$160. For these reasons, most individuals seeking to repay their debt within one year will find UOB to be the cheapest option.

                                                                            Best Personal Credit Line Loans

                                                                            A line of credit is a loan that only charges borrowers interest on the flexible amount they've actually borrowed. The options below represent the best personal lines of credit currently available in Singapore.

                                                                            Best Overall Personal Credit Line: HSBC Personal Line of Credit

                                                                            Consider this if you need a personal line of credit for a few years
                                                                            • Eligibility
                                                                              • S$30,000 of annual income
                                                                              • Max. Credit Limit
                                                                                • 4x monthly salary (8x for annual income > S$120,000; Foreigners 1x), up to S$200,000
                                                                                • Annual Fee
                                                                                  • S$60, waived for 1 year
                                                                                  • Prevailing Interest Rate: 18.5%
                                                                                  • Annual Fee: S$60 (waived for 1 year)
                                                                                  • Revolution & Advance Interest Rate: 16.5%
                                                                                  • Revolution & Advance Annual Fee: S$60 (waived for 2 years)
                                                                                  • Premier Interest Rate: 12%
                                                                                  • Premier Annual Fee: Waived

                                                                                  HSBC's personal line of credit stands out due to its low interest rates and fees. For example, the bank's effective interest rate is the lowest available (18.5%) in Singapore. Additionally, HSBC's annual fee is lower than its competitors and waived for 1 year (2 years for Revolution & Advance customers). For these reasons, HSBC's personal line of credit is the most affordable for those seeking to obtain a credit line for a few years.

                                                                                  Read Our Full Review

                                                                                  Best Short-Term Personal Line of Credit: Maybank CreditAble

                                                                                  Consider this if you require a cheap, short-term personal line of credit
                                                                                  • Eligibility
                                                                                    • S$30,000 of annual income
                                                                                    • Max. Credit Limit
                                                                                      • 4x monthly salary
                                                                                      • Annual Fee
                                                                                        • S$80, waived for 2 years
                                                                                        • Promotional First-Year Interest Rate: 9.0%
                                                                                        • Prevailing Interest Rate: 19.8%
                                                                                        • Annual Fee: Waived for 2 years (S$80)
                                                                                        • Maximum Credit Limit: 4x monthly salary

                                                                                        Maybank's personal line of credit is by far the cheapest for short-term use, due to its incredibly low rate of 9% in the first year. The bank is also currently waiving its annual fee (S$80) for 2 years. With that said, Maybank CreditAble becomes less competitive over the course of several years, as its interest rate rises to 19.8% following the first year. Therefore, it is best to view Maybank's credit line as a short-term financing option.

                                                                                        Read Our Full Review

                                                                                        William Hofmann

                                                                                        William is a Product Manager at ValueChampion Singapore, helping consumers and SMEs find the best banking products through comprehensive analysis of data. He previously was an Economic Consultant at Industrial Economics Inc, where he conducted a variety of research and economic analyses. He graduated from University of Vermont with degrees in Economics and Psychology. His work has been featured on a variety of major media such as the Straits Times, the Business Times, the Edge, DailySocial, the Entrepreneur and more.

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