Best Personal Lines of Credit 2021

A personal line of credit is a loan that allows you to pay interest only on the amount you've "drawn" (actually borrowed). Our research team analysed every line of credit in Singapore to help you find an option with a low processing fee and interest rate.

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 most affordable credit line depending on your preferred borrowing time frame.

Best Personal Credit Lines: Cost Comparison

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

Best Personal Line of Credit: 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
        • Standard Prevailing Interest Rate: 14%
        • Standard 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

        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 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 14%, 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.

        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: S$80
              • Maximum Credit Limit: 4x monthly salary

              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.

              Read Our Full Review

              Best Personal Line of Credit for Low Income Borrowers: 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
                    Annual IncomeInterest RateCredit Limit
                    $20,000 to S$30,00020.5%2 times monthly salary
                    S$30,000 to S$120,00020.5%4 times monthly salary
                    S$120,000+20.5%10 times monthly salary

                    DBS Cashline is the best line of credit 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 and due to its current promotion. Additionally, DBS Cashline charges a low interest rates of 20.5%.

                    Read Our Full Review

                    Best Personal Line of Credit for Promotion: UOB CashPlus

                    Consider this if you seek a very short-term line of credit with a competitive promotion
                    • Eligibility
                      • S$30,000 of annual income
                      • Max. Credit Limit
                        • 4x monthly salary (max S$200,000)
                        • Annual Fee
                          • S$100
                          • Prevailing Interest Rate: 20.5%
                          • Annual Fee: S$100
                          • Maximum Credit Limit: 4-6x monthly salary
                          • Promotions: Receive discounted UOB CashPlus Funds Transfer loan: 0% interest

                          UOB's CashPlus is currently worth considering due to its competitive promotion which includes 0% interest for 3 months and a processing fee waiver (worth S$100). Following the promotional period, this product is not as competitive, with a prevailing interest rate of 20.5%. Still, those that seek a very short-term source of funding may find UOB's CashPlus to be a good fit.

                          Read Our Full Review

                          How to Choose a Personal Line of Credit

                          When choosing a personal line of credit it is important to have a rough idea about how long you would like to have access to financing. For example, some borrowers would prefer to have access to funds for several years, while others simply need the ability to borrow over the span of a few months. Once you've identified the period of time that works best for your circumstances, you can easily select the cheapest credit line from our list. We narrowed our list based on the total cost of borrowing, which takes into account prevailing interest rates and processing fees.

                          Should You Get a Personal Line of Credit or a Personal Loan?

                          While personal lines of credit function as revolving credit lines and charge interest based on the flexible amount the borrower draws, on_current="true" url="/best-personal-loan-interest-rate-singapore"personal loanson_current="true" charge a set interest rate based on a lump sum loan principal. Many personal loans have an early repayment penalty, so you might consider a personal loan if you don't expect your cash flow to improve in the near future.

                          A personal line of credit, is a revolving credit line and will charge interest as you draw money from it. You will notice the interest rates are much higher than a typical personal loan and often lower than a traditional credit card. Since there is no repayment penalty and you can get approval fairly quickly, this is a great option for individuals certain of their future cash flows who are looking for a short term loan option.

                          Frequently Asked Questions

                          While personal lines of credit function as revolving credit lines and charge interest based on the flexible amount the borrower draws, personal loans charge a set interest rate based on a lump sum loan principal. For more information, please refer to our full guide.

                          In most cases, borrowers will find that car loans are cheaper than personal lines of credit for purchasing a vehicle. The best car loans charge interest rates of just 2-3%, making them more affordable than personal lines of credit especially longer tenures.

                          Startup founders and other small business directors may be interested pursuing personal loans or lines of credit as an alternative to business financing. Our research indicates that the best SME lines of credit are a better fit for these organisations, as they tend to offer larger maximum financing amounts and more competitive interest rates without strict eligibility requirements.

                          The banks on this page currently offer the best personal lines of credit. To determine which banks make our list, we compare a number of key factors including interest rates, processing fees and eligibility requirements.

                          Summary Table of the Best Personal Line of Credit Rates 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
                          Stephen Lee

                          Stephen Lee is a Senior Research Analyst at ValueChampion, specializing in insurance. He holds a Bachelor of Arts degree in International Studies from the University of Washington, and his prior work experience include risk management and underwriting for professional liability and specialty insurance at Victor Insurance. Additionally, Stephen is a former US Peace Corps Volunteer in Myanmar (serving between 2018-2020), where he continues to provide business development consulting services to HR companies in Asia Pacific.

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