Compare the Best
Medical
Loans
in Singapore (June 2024)

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Updated June 18, 2024

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MEDICAL LOAN CALCULATOR
Calculate your repayments

Loan Amount
34

$1,000

$200,000

Term
3

3 Months

48 Months

Monthly Interest
Your Monthly repayment will be
$9,700.88
Total Repayment

$58,200.00

Total Interest

$13,200.00

List of Medical Loan Providers in Singapore (June 2024)

Moneylender Max. Loan Amount (Singaporeans) Max. Loan Amount (Foreigners) Monthly Interest Rate Google Reviews
1 Fullerton Credit 6 times monthly income 6 times monthly income 1-4% 5.0
1st Credit SG 6 times monthly income 6 times monthly income 1-4% 5.0
365 Credit Solutions 6 times monthly income 6 times monthly income 1-4% 5.0
Orange Credit 6 times monthly income 6 times monthly income 1-4% 5.0
Quick Credit 6 times monthly income 6 times monthly income 1-4% 5.0
Raffles Credit 6 times monthly income 6 times monthly income 1-4% 5.0
A1 Credit 6 times monthly income 6 times monthly income 1-4% 4.9
Abm Creditz Singapore 6 times monthly income 6 times monthly income 1-4% 4.9
Bugis Credit Up to $50,000 Up to $30,000 1-4% 4.9
Capital Funds Investments 6 times monthly income 6 times monthly income 1-4% 4.9
GS Credit 6 times monthly income 6 times monthly income 1-4% 4.9
Horison Credit 6 times monthly income 6 times monthly income 1-4% 4.9
Katong Credit 6 times monthly income 6 times monthly income 1-4% 4.9
Credit 21 6 times monthly income 6 times monthly income 1-4% 4.8
Aero Credit 6 times monthly income 6 times monthly income 1-4% 4.3
JR Credit 6 times monthly income 6 times monthly income 1-4% 4.0

*Today's Moneylenders Rates - 18 June 2024

  • Medical Loans Basic

  • Tips and Hints

  • FAQ

Funding Medical Bills

Medical loans help patients pay essential health expenses and medical bills usually not fully covered by insurance or personal savings. These types of personal loans cover costs for critical medical procedures, treatments, surgeries, hospital stays when financial circumstances are challenging.

Comparing Medical Loan Options

With borrowers often under both financial and health stress, lender practices require revision around critical factors including:

Interest Rates
The most reputable money lenders offer reasonable rates given applicant vulnerabilities.
Approval Speed
Professional lending providers decide quickly so treatment delays do not impact patient health.
Allowed Usage
Loan amounts should cover any legitimate medical costs both short and long-term.
Lifeline and Obligations

By financing unforeseen treatment expenses, medical loans can provide an important lifeline. But steep borrowing expenses still remain.

Enabling Care
Medical loans help finance urgent medical procedures or follow-up requirements.
High Interest Expenses
With interest rates potentially exceeding 3% per month, borrowers must still budget responsibly for loan repayments following care.
Check Insurance Coverage

Contact your health insurance and get clarity if treatment, medication, or medical device qualifies for any coverage before applying for a loan.

Compare Interest Rates & Terms

Research and compare multiple lending options, repayment plans, loan amounts and approval requirements to identify the most economical option.

Discuss Payment Plans With Healthcare Providers

Many hospitals and clinics offer their own lending options or payment arrangements. Discuss whether they can split costs over time with low or zero interest to avoid taking on a high interest medical loan.

Consider Secured Loan Options

Besides unsecured personal loans, secured options that use an asset like a car as collateral may offer lower interest rates.

Check Charitable Assistance Eligibility

Many nonprofit groups, charities, religious organizations and community sources provide assistance grants for specific health costs.

Share Full Medical Details with Lender

Providing all details about your condition, required procedures, estimated costs, and impact on income will provide a clear picture to lenders.

What additional costs may come with medical treatments?

Apart from surgery fees, continued care like follow-up appointments, complications requiring longer hospitalization, long-term medications, and supplemental procedures can increase costs of medical treatments in Singapore.

Who can qualify for medical loans?

Medical loans are open to Singapore Citizens, PRs with minimum 12 months employment, and foreigners holding valid S Pass, EP, DP, or work permits that have been working in Singapore for at least 6 months.

What documents do applicants need?

All applicants should provide NRIC, FIN, proof of income statements, and employers’ letters verifying employment terms. Singaporeans might also need to provide CPF contribution history.

How long does the application process take?

Applications can be submitted online and applicants can finalise contracts and receive funds on the spot at local Singapore money lender branches right after signing the contract.

Can borrowers with existing debt qualify for a medical loan?

Yes, some reputable money lenders work with borrowers even with those with lower credit scores and existing debt.

Types of Personal Loans

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