Holiday Loans

Consider a loan to help you get to where you want to be.


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Holidays don’t usually happen after years of planning, in fact, most holidays we plan are at most a few months away. This often doesn’t give us enough time to save up the money we need.

If you’re planning to take a holiday but need some help covering the costs, consider a holiday loan. These unsecured loans give you access to funds to purchase tickets, pay for accommodation or to help with expenditure, and let you pay it off over an extended loan term.

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Receive a customised personal loan that meets your financial needs.

  • Quick application
  • Borrow up to S$100,000
  • Apply once and receive multiple personalised loan offers

Compare personal loans you can apply for today

Name Product Interest Rate From Minimum Loan Amount Maximum Loan Amount Processing Fee
DBS Personal Loan

EIR: 7.56%

Up to 10x your monthly salary
1% processing fee
Apply today and you could get an interest rate as low as 3.88% p.a. (EIR 7.56% p.a), plus a 1% processing fee. Loans of up to 10x your salary may be available.
Standard Chartered CashOne Personal Loan

EIR: 6.95%

Up to 4x your monthly salary, subject to a cap of S$250,000
Apply by 20 July 2020 to receive Cashback equivalent to 50% of your first month's instalment loan amount. T&Cs apply.
POSB Personal Loan

EIR: 7.56%

Up to 10x your monthly salary
Based on your personal credit and income profile
Enjoy a fast approvals service and an interest rate starting at 3.88% p.a. (EIR 7.56% p.a), plus a 1% processing fee.
HSBC Personal Instalment Loan

EIR: 7%

Get an S$88 processing fee waiver if you apply by 31 October 2020. T&Cs apply.
Citi Quick Cash Loan

EIR: 8.5%

Get cash starting at 4.55% p.a. (EIR 8.5% p.a.) on a 36-month loan tenure. The interest you pay will vary depending on factors such as your credit score.

Compare up to 4 providers

How do holiday loans work?

Holiday loans are personal loans that are flexible in the way you use the loan amount. Also referred to as unsecured personal loans, they can give you access to as much as 8 times your monthly income, letting you pay it back over a period that may be as long as seven years. If you are looking to take a holiday, but don’t have time to save up, then an unsecured personal loan might be a viable option.

Some providers also offer products that are tailored for travel. For example, you may be able to spread payments of a tour or travel package out over the few months before you leave or you could be given interest-free terms on a travel loan.

How much can I borrow?

This differs between providers, but ultimately you will only be approved for a loan that the lender determines you can afford. Most unsecured personal loans are available for amounts between S$1,000 and S$60,000, but if the funds are being used for a holiday, you may not be approved for the full amount available.

For specialised travel loan providers, the amount will be restricted to how much the tour or package costs.

Are there restrictions on how I use holiday loan funds?

As the loan is unsecured, there are no restrictions as to how you use the funds (as long as they are legitimate). When you apply for a holiday loan, a lender will ask you to list how you will use the funds, usually by selecting options from a drop-down menu. “Holiday” or “travel” is usually one of the options.

If you’re applying for a loan from a travel loan provider, such as with holiday payment deferment programs or with interest-free terms, you will be required to use the funds for what is set out in the terms.

relaxing on a holiday

How you can compare holiday loans

    • Cost of repayments.

    When calculating the cost of your repayments, you should take into account the interest rate you will be charged as well as any ongoing account-keeping fees, as these will contribute significantly to the cost of the loan. If you can afford higher repayments, then this could reduce the amount of interest you pay over the span of your loan. Using a repayment calculator can also give you a good indication.

    • Loan term.

    Personal loans terms start from a minimum of one year, but the maximum loan terms depend on the loan you choose. When you are deciding on the repayments, you can afford to adjust the loan terms to make the repayments more affordable.

    • Additional features.

    Take a look at the features being offered by some lenders and decide if you want to take advantage of them. You can then weigh these features up against the cost of the loan to determine their value. Some banks offer cheaper travel insurance with their holiday loans as a package deal. It may be worth looking into this and comparing the costs with other insurance providers.

    What should you consider before applying?

    Before you apply for a holiday loan you should determine the cost of your repayments and decide whether they will be affordable for you. You should also ensure that the amount you’re borrowing will be sufficient for your holidays and whether the loan terms will be manageable. Remember, as well, that you will likely have to make repayments while you are away, so make sure you budget for this.

    How you can apply

    Eligibility criteria differ between lenders, so check you meet the criteria before you apply.

    You will also need to provide certain information to apply. This may include personal details such as your name and address, financial details including your income, assets and debts and your employer’s name and contact details.

    Picture: Shutterstock

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