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Updated April 8, 2024

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Lowest Credit Lines Interest Rates (April 2024)

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*Today's Credit Lines Rates - 08 April 2024

Types of Personal Loans

  • Credit Line Loans Basics

  • Tips and Hints

  • FAQs

How Exactly Does a Line of Credit Work?

A Credit line is also referred to as a personal line of credit. Your credit line is a limited amount of money that you can borrow and return at flexible times. You can draw whatever portion of it you need at any time then return it as quickly or slowly as you want.

Once you reach your credit limit, you won’t be able to borrow any more until you repay some of it. Interest rates are average and there tends to be a slight annual fee

How can I Choose the Right Personal Credit Line?

Before choosing a credit line, you need to know what it is for and the approximate amount that you may need for that purpose. You must also consider whether you will need this credit line for a long period of years or just a few months.

Once you’ve determined the answers to all of these questions, you should have an idea of what personal credit line to choose.

What are the Best Credit Lines Offered by Banks?

Some banks don’t offer credit lines at all. The main lenders in Singapore that offer them are the following:

  • • DBS
    • UOB
    • HSBC
    • OCBC
    • Maybank
    • Citibank

The best credit line from each lender is determined by the annual fee, interest rate, and minimum monthly repayment. These factors differ between each bank and can fluctuate from time to time. Keep an eye on them before making a decision.

Lowest Credit Line Rates in Singapore (updated April 2024)

Credit LinePerks
Maybank CreditAble4 times your monthly income.
HSBC Personal Line of Crediteffective rate of interest is 18.5% each year
DBS Cashlineborrow 10 times the income (above S$120k income)
OCBC EasiCreditAnnual fee waived for the first year
Credit Line Fees

There are a few other fees that come with your credit line:

  • • Annual Fee (Between $60 and $120)
    • Late Payment Fees (Between $75 and $125)
    • Overlimit Fee (Between $40 and $50)
    • Handling Fees ($40)
Personal Line of Credit VS Personal Loan

A personal line of credit gives you a specific amount that you can borrow at any time, while a personal loan is one fixed amount. You can repay your line of credit whenever you choose to without triggering fees and then reborrow it. A personal loan needs to be repaid over a fixed amount of time.

Personal Line of Credit Eligibility

You must be at least 21 years of age and earn a minimum annual income of $30,000 to be eligible for a personal line of credit. You can sometimes get a small personal line of credit if you earn between $20,000 and $29,999.

Some lines of credit are only available to Singapore nationals and permanent residents.

What Are The Advantages of Personal Line of Credit?

Unlike a personal loan, a credit line gives you the flexibility to borrow a portion on whatever day you need it rather than taking the full amount all at once. You can also choose your own repayment schedule instead of following a pre-set format.

Aim to Make Repayments Periodically

While a line of credit doesn’t have any specific repayment schedule, it is still best to make repayments in a scheduled manner. Your bank will keep track of how often and how much you repay. If you take too long during certain months, they may decide you aren’t trustworthy with your line of credit.

On the other hand, if you make regular payments, the bank may even increase your credit limit.

Provide Logical Reasoning

If you want to increase your credit limit, make sure you have a good reason. You can’t just walk in and ask for it for the sake of a ‘just in case’ kind of attitude. Tell your bank or lender exactly what you intend to use the extra increase on. This will improve the odds of your request being approved.

If the increase is because of a big contract you just landed, show them proof. If they can see the opportunity you have to earn, they will be happy to increase your credit limit as they know you will be able to return it.

Use Your Credit Line Regularly

If you aren’t using your credit line very often, your bank will be unlikely to increase your credit limit, no matter your reasoning. A borrower who doesn’t take advantage of their line of credit isn’t necessarily a trustworthy client.

If you don’t reach your limit, the bank will assume you don’t need an increase, even if you ask for one. They might assume your reasoning is to lend the excess to a friend, which is strictly prohibited.

Do your best to use the line every couple of months at the least, while also keeping up with regular repayments. This will improve your odds in the long run

Don’t Be Hasty

Asking for a credit limit increase after a few months is obviously a ridiculous request. You need to prove your worth over time before even considering asking for an increase.

Typically, you should hold a stable credit line for at least a year before asking to increase it. Most banks review your credit line after one year of use, anyway.

Asking too early is dangerous. If your request is denied, it reduces the chances of a positive outcome for your next request.

Ask for a Reasonable Increase

The more you ask for, the lower your chances of acceptance. The best aim is between 10 and 25% of your current credit limit. Aim closer to 10% if you tend to make your repayments in an unsteady manner.

If you have strong proof that the increase is needed, you can aim a little higher. However, if you’re not 100% certain about the returns, try to aim for a lower increase request.

Keep Your Date Accounts and Financials Up to Date

These factors are of extreme importance when making a credit limit increase request. Without them, you stand little to no chance of getting one.

The bank needs to see that your profits are increasing over time if they are going to consider increasing your credit limit. Without this data, it would be a shot in the dark for them.

What is My Credit Line Limit?

Your credit line limit is for times your monthly income. You may be able to get eight months for your credit line limit if your annual salary is above $120,000.

Your credit line isn’t like a personal loan. You don’t just receive the full sum of a loan right away. You borrow what is needed at the time. You can do this as often as you like until the credit line reaches its limit. This is incredibly useful if you end up not needing the full loan amount.

How Do I Repay My Line of Credit?

Lines of credit usually have quite flexible schedules of repayment. In the same way that you can borrow anytime, you can also repay anytime without additional fees. Obviously, there will still be fees for late payments.

There are certain banks that allow you to leave the credit line open, so long as you pay the interest every time you borrow from it. This way you can borrow as much as you want then repay it and borrow it again.

Here are some of the ways in which you can make repayments:

  • • ATMs
    • Internet Banking
    • Cheques
    • AXS
    • SingPost
    • Directly Via Your Bank
How Much am I Allowed to Borrow from a Personal Line of Credit?

Most banks offer a limit between two and eight months, depending on your annual salary. It will also depend on your citizenship and credit score.

What can I Expect My Personal Line of Credit’s Interest Rate to be?

Typically, interest rates sit between 18% and 22%. Credit cards usually charge 26% to 28%, making a personal line of credit a slightly cheaper option. Some banks also allow you to pay lower interest rates for the first few months.

Should I Apply for a Personal Line of Credit?

A personal line of credit is great if you like the flexibility of an unfixed repayment period and the ability to take a portion of your credit line whenever you need it. If you tend to borrow small amounts and repay quickly, then it is an excellent choice.

On the other hand, if you tend to spend more than you can handle, it would be better to get a personal loan. That way, you won’t be able to overspend more than you’ve borrowed.

What Limits can I Expect from a Line of Credit?

Credit lines give you insane flexibility when compared with other loan types. That being said, the interest levels tend to be higher. Credit lines will cost you more in interest than the average personal loan.

If you tend to be late with payments, a credit line will reduce the excess interest you need to pay. However, if you pay on time, a personal loan will cost less in interest.

Should I Utilize a Personal Line of Credit for My Small Business?

If you mean to borrow money in small bursts over time for your business, a personal line of credit would be the right call for you. If that doesn’t sound ideal, you should look into an SME loan instead.

When Should I Not Use a Line of Credit?

If you have an exact amount that you need to loan as a one-off, a line of credit is unnecessary. A personal loan costs less interest when loaning on a single occasion. If you are good at paying on time, personal loans are much cheaper. Personal loans also tend to have bonus offers and cashback rewards that lines of credit do not offer.

Personal Loan Total Interest Payments Overview ($10,000)

Personal Loan Total Interest Payments Overview Singapore
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Citibank Ready Credit

3.4Good to Excellent
  • Enjoy promotional interest rate of 3.99% p.a. (EIR 7.5% p.a.) for Citibank Ready Credit PayLite with min. loan amount of $20,000 and loan tenure of 3 years only
  • High loan amount of up to $150,000 or 4x monthly salary (whichever is lower)

on Citibank's website

Account Information

  • Base Interest Rate

  • AmountInterest Rate (p.a.)

Fees and Charges

Cheque Book Fee


  • Age requirement21 - 65 years old

HSBC Personal Line of Credit

4.0Good to Excellent
  • Borrow up to 8x of your monthly salary if your annual income is above $120,000 or 4x of your monthly salary if your annual income is lower than $120,000, subject to a cap of $200,000.
    Foreigners can only borrow up to 4x your monthly salary, capped at $100,000.
  • Prevailing interest rates are dependent on your banking relationship with HSBC.
    HSBC Premier customers: 12% p.a
    HSBC Advance, Visa Platinum or Revolution credit card customers: 16.5% p.a
    All other customers: 18.5% p.a

on HSBC's website

Account Information

  • Base Interest Rate

  • AmountInterest Rate (p.a.)

Fees and Charges

Cheque Book Fee


  • Age requirement21 - 65 years old

Maybank CreditAble

3.8Good to Excellent
  • High loan amount of upto 4x monthly salary (whichever is lower)
  • Flat Interest Rates as low as 9% p.a. for first year

on Maybank's website

Account Information

  • Base Interest Rate

  • AmountInterest Rate (p.a.)

Fees and Charges

Cheque Book Fee


  • Age requirement21 - 65 years old

DBS Cashline

3.6Good to Excellent
  • Loan up to 4x your monthly salary or 10x if your monthly salary is more than S$120,000.
  • You can link your Current/Savings account to your Cashline account to enjoy auto top-up service if your Current/Savings account balance falls below a pre-set level

on DBS's website

Account Information

  • Base Interest Rate

  • AmountInterest Rate (p.a.)

Fees and Charges

Cheque Book Fee


  • Age requirement21 and above

OCBC EasiCredit

3.5Good to Excellent
  • Get instant approval and cash when you apply with MyInfo
  • Easy access to cash with mobile/internet banking, islandwide ATMs and cheque.

on OCBS's website

Account Information

  • Base Interest Rate

  • AmountInterest Rate (p.a.)

Fees and Charges

Cheque Book Fee


  • Age requirement21 and above