Best Personal Lines of Credit 2019

A personal line of credit is a loan you use like a credit card. A bank approves your entire "loan" at once, but you only "draw" however much you need at any given time, and pay interest only on what you've actually borrowed. Here, we discuss the best personal line of credit offerings in Singapore to help you compare the offerings and make the best financial decision.

Table of Contents

Best Personal Line of Credit: HSBC Personal Line of Credit

Consider this if you expect to need a personal line of credit for a few years

Eligibility S$30,000 of annual income
Max. Credit Limit 4x monthly salary (6x for annual income > S$120,000), up to S$100,000
Annual Fee S$60, waived for 1 year

If you are looking for a longer-term personal line of credit, HSBC's personal line of credit is the way to go. First, its annual fee is waived for only 1 year (or 2 years for Revolution customers or higher). Not only that, its fee in subsequent years is substantially lower than all other banks at S$60. Furthermore, its effective interest rate is the lowest in the market at 18.5%, compared to 20% charged by other banks. Therefore, if you are looking to open a personal line of credit that you will need to use over a few years, HSBC's offer can be the most effective and the cheapest option for you.

It's also worth mentioning that HSBC's rates become even cheaper for HSBC's loyal customers who have either a HSBC Revolution Card or Advance/Premier status with the bank. For more information regarding HSBC's personal line of credit, read our full review.

Summary of HSBC's Personal Line of Credit

Customer StatusAnnual FeeInterest Rate
RetailS$60, waived for 1 year18.5%
RevolutionS$60, waived for 2 years16.5%
AdvanceS$60, waived for 2 years16.5%
PremierN/A12%

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

Maybank's CreditAble is one of our top two picks for the best personal line of credit in Singapore. First, its annual fee of S$80 is waived for 2 years, which is the best option we've seen in the market. Although its effective interest rate is in line with the market average around 19.8%, it actually offers a super low rate of 9% for the 1st year. Because of these two features, Maybank's CreditAble is by far the cheapest short-term option for someone who is looking for a personal line of credit in Singapore. For more information read our full review.

Summary of Maybank CreditAble

Annual FeeInterest RatePromotional First-Year Interest RateMaximum Credit Limit
S$80 (waived for 2 years)19.8%9%4x monthly salary

Best Personal Line of Credit for Low Income Borrowers: DBS Cashline

DBS Cashline

Consider this if you require a personal line of credit with a low annual income requirement

Eligibility S$20,000 of annual income
Max. Credit Limit 2x monthly salary (4x for annual income > S$30,000; 10x for annual income > S$120,000)
Annual Fee S$100, waived for 1 year

DBS Cashline is the best line of credit for with a minimum income requirement below S$30,000. DBS stands out as a lender offering personal line of credit loans to individuals with annual incomes of at least S$20,000 because it waives its first annual fee and due to its current Grab voucher promotion. Additionally, DBS Cashline charges interest rates of 29.8%, the same rate charged by competitors for low income borrowers. To learn more about the details of DBS Cashline, please see our full review of the product.

Summary of DBS Cashline

Annual IncomeInterest RateCredit Limit
$20,000 to S$30,00029.8%2 times monthly salary
S$30,000 to S$120,00019.8%4 times monthly salary
S$120,000+19.8%10 times monthly salary

Visual Comparison of the Best Personal Line of Credit in Singapore

Below, we compare the total cost, including annual fee and interest, of different personal lines of credit from each bank in Singapore. This assumes a scenario where you take out a S$10,000 of line of credit for 1 month.

this graph compares the total cost of different personal line of credit products from each bank in Singapore, assuming a loan of S$10,000 over 1 month

Summary Table of the Best Personal Line of Credit in Singapore

If you are interested, below is a summary table of the best personal line of credit products in Singapore.

Annual Income RequirementAnnual FeeInterest RateMaximum Credit Limit
Maybank CreditAbleS$30,000S$80, waived 2 years9% 1st year, 19.8% subsequently4x monthly salary
HSBC Personal Line of CreditS$30,000 (S$40,000 for foreigners)S$60, waived 1 year18.5%2x monthly salary
Revolution & Advance CustomerS$60, waived 2 years16.5%2x monthly salary
Premier CustomerS$012%2x monthly salary
DBS CashlineS$20,000S$100, waived 1 year29.8%2x monthly salary
S$30,000S$100, waived 1 year19.8%4x monthly salary
S$120,000S$100, waived 1 year19.8%10x monthly salary
OCBC EasiCreditS$20,000S$8029.8%2x monthly salary
S$30,000 (S$45,000 for foreigners)S$80, waived 1 year19.98%4x monthly salary
S$120,000 (S$120,000 for foreigners)S$80, waived 1 year19.98%6x monthly salary
UOB CashPlusS$30,000S$10019.8%4x monthly salary
S$120,000S$8019.8%6x monthly salary
Citibank Ready CreditS$30,000 (S$42,000 for foreigners)S$100, waived 1 year20.95%4x monthly salary
Duckju Kang

Duckju is the Senior Vice President of ValueChampion Singapore. He covers the financial services industry, consumer finance products, budgeting, and investing. He previously worked in the financial services industry, including at such hedge funds as Tiger Asia and Cadian Capital.

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