A fixed rate loan can give you a way to finance what you want, while keeping your repayments the same for the duration of the loan term. There are a few different loan terms available. This guide will take you through two-year fixed rate personal loans, what types you can consider applying for and how you can compare your options.
DBS Personal Loan
DBS Personal Loan
Borrow from S$500
Repayment flexibility, subject to lending criteria
When you apply for a fixed rate loan, the rate on your contract stays in place for the duration of the two-year term.
Repayment schedules differ between lenders, but the options available are usually weekly, fortnightly or monthly. Fixed rate loans can be secured or unsecured and you can use them to pay for a car, a holiday, home renovations or even to consolidate debt.
What types of fixed-rate personal loans are available?
There are a few types of fixed-rate personal loans you can apply for, including:
Car loan Finance your new or used vehicle purchase and pay it off over a two-year period. As the loan is secured, you’ll find more competitive rates on offer.
Secured personal loan Besides a car, other high-value assets can be used a loan collateral – motorcycles, boats and even term deposits can be used as guarantees on a fixed rate loan. Find out more in our secured loans guide.
Unsecured personal loan If you need a flexible loan amount, want to finance a few purchases or you’re looking to consolidate debt, an unsecured fixed rate loan may be an option to consider.
How to compare your two-year fixed rate loan options
If you’re considering a fixed rate loan with a two-year term, the first step is comparing what options are available to you. Here are some features to keep in mind.
Interest rate. This rate will stay in place for two years, so make sure it’s competitive.
Fees. Is there an establishment fee? What about monthly or annual fees? These can add significantly to the cost of the loan over a two-year period.
Eligibility criteria. Are you eligible for the loan? This is one of the most important aspects to take into account. Check minimum age, employment and financial criteria.
Weigh up the benefits and drawbacks of these loans
Your repayments will remain the same for the entire two-year term
Fixed two-year terms will see your debt repaid in a relatively short period
Fixed rate personal loans generally come with more restrictive repayment terms, including charges or limits for additional repayments
Depending on how much you borrow, your ongoing repayments may be high
Still have questions about fixed rate personal loans?
You can apply for a fixed rate personal loan with terms of one, two, three, four, five, six or seven years.
Usually, no. Lenders place restrictions on fixed-rate personal loans because you benefit by locking in your rate. However, restrictions on repayments differ between lenders, so check reviews on finder Singapore before you apply.
The eligibility criteria differ between lenders. You will generally need to be over the age of 21, receiving a regular income and have good credit. Check the minimum eligibility criteria before you submit your application.
Elizabeth Barry is Finder's global fintech editor. She has written about finance for over five years and has been featured in a range of publications and media including Seven News, the ABC, Mamamia, Dynamic Business and Financy. Elizabeth has a Bachelor of Communications and a Master of Creative Writing from the University of Technology Sydney. In 2017, she received the Highly Commended award for Best New Journalist at the IT Journalism Awards. Elizabeth has found writing about innovations in financial services to be her passion (which has surprised no one more than herself).
How likely would you be to recommend finder to a friend or colleague?
Very UnlikelyExtremely Likely
Thank you for your feedback.
Our goal is to create the best possible product, and your thoughts, ideas and suggestions play a major role in helping us identify opportunities to improve.
finder.com is an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions. While we are independent, the offers that appear on this site are from companies from which finder.com receives compensation. We may receive compensation from our partners for placement of their products or services. We may also receive compensation if you click on certain links posted on our site. While compensation arrangements may affect the order, position or placement of product information, it doesn't influence our assessment of those products. Please don't interpret the order in which products appear on our Site as any endorsement or recommendation from us. finder.com compares a wide range of products, providers and services but we don't provide information on all available products, providers or services. Please appreciate that there may be other options available to you than the products, providers or services covered by our service.