Table of Contents
Our Picks for the Best Personal Lines of Credit
A personal line of credit (PLOC) is a loan that functions like a credit card. Once your bank approves your borrowing limit, you are able to borrow however much you need at any given time and will only pay interest only on what you've actually borrowed. We've identified personal credit lines with the lowest interest rates by loan tenure, allowing you to choose the time frame for your borrowing needs.
Best Personal Line of Credit: HSBC Personal Line of Credit
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 Status||Annual Fee||Interest Rate|
|Retail||S$60, waived for 1 year||18.5%|
|Revolution||S$60, waived for 2 years||16.5%|
|Advance||S$60, waived for 2 years||16.5%|
Best Short-Term Personal Line of Credit: Maybank CreditAble
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 Fee||Interest Rate||Promotional First-Year Interest Rate||Maximum 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 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 Income||Interest Rate||Credit Limit|
|$20,000 to S$30,000||29.8%||2 times monthly salary|
|S$30,000 to S$120,000||19.8%||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.
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 Requirement||Annual Fee||Interest Rate||Maximum Credit Limit|
|Maybank CreditAble||S$30,000||S$80, waived 2 years||9% 1st year, 19.8% subsequently||4x monthly salary|
|HSBC Personal Line of Credit||S$30,000 (S$40,000 for foreigners)||S$60, waived 1 year||18.5%||2x monthly salary|
|Revolution & Advance Customer||S$60, waived 2 years||16.5%||2x monthly salary|
|Premier Customer||S$0||12%||2x monthly salary|
|DBS Cashline||S$20,000||S$100, waived 1 year||29.8%||2x monthly salary|
|S$30,000||S$100, waived 1 year||19.8%||4x monthly salary|
|S$120,000||S$100, waived 1 year||19.8%||10x monthly salary|
|OCBC EasiCredit||S$20,000||S$80||29.8%||2x monthly salary|
|S$30,000 (S$45,000 for foreigners)||S$80, waived 1 year||19.98%||4x monthly salary|
|S$120,000 (S$120,000 for foreigners)||S$80, waived 1 year||19.98%||6x monthly salary|
|UOB CashPlus||S$30,000||S$100||19.8%||4x monthly salary|
|S$120,000||S$80||19.8%||6x monthly salary|
|Citibank Ready Credit||S$30,000 (S$42,000 for foreigners)||S$100, waived 1 year||20.95%||4x monthly salary|