Flexible Funding for Your Renovation
BST Credit offers a renovation loan in Singapore with funds paid directly to you, not tied to a registered contractor or renovation permit. Apply with Singpass for a simple, transparent process from a licensed moneylender.
Apply for a Renovation Loan
Loan Purposes
A renovation loan gives you the flexibility to fund your project your way, whether or not it fits a bank's requirements.
Cover the cost of upgrading your kitchen, bathroom, flooring or other structural work, however you choose to carry it out.
Fund furniture, fixtures and finishing touches that bank renovation loans, which typically pay contractors directly, often won't cover.
Get funding for renovation work carried out yourself or through a contractor who isn't HDB or BCA-registered.
Cover cost overruns or last-minute additions that come up once work is already underway.
Funds paid to you, not restricted to a contractor:
Bank renovation loans usually require quotations from registered contractors and pay the funds directly to them, which can be restrictive if you’re doing some of the work yourself, using a smaller contractor, or your plans don’t fit neatly into a bank’s criteria. A BST Credit renovation loan is paid directly to you instead, giving you the flexibility to manage your renovation budget your way.
As a licensed moneylender, we still explain your loan contract clearly before you sign, covering the loan amount, interest rate, repayment schedule and fees, so you know exactly what you’re agreeing to.
The maximum you may borrow at any time, across all licensed moneylenders in Singapore combined, depends on your annual income and residency status, as shown below.
Not sure what your monthly repayments might look like? Try our Loan Calculator to get an estimate before you apply.
| Annual Income | Singapore Citizen and Permanent Resident | Foreigners Residing in Singapore |
|---|---|---|
| Less than $10,000 | $3,000 | $500 |
| $10,000 but less than $20,000 | $3,000 | $3,000 |
| $20,000 and above | 6 times the monthly income | 6 times the monthly income |
These limits apply specifically to unsecured cash loans in Singapore. Here’s what borrowers should keep in mind:
Renovation costs can add up quickly, so it helps to have a clear budget in mind before you apply. Borrowing only what you need for your project keeps repayments manageable and avoids adding financial pressure once the work is done.
Every loan we grant is calculated in line with the maximum limits set by the Ministry of Law. Our team will confirm your eligible loan amount during the verification stage, so there are no surprises later.
As a licensed moneylender, we are bound by strict limits set by the Ministry of Law. Here is what applies to your renovation loan:
A licensed moneylender’s renovation loan typically carries a higher interest rate than a bank renovation loan, since it’s an unsecured personal-style loan rather than a bank-administered renovation facility. Both are calculated on your reducing balance, meaning interest is charged only on what you still owe, not the full original amount, but the rate ceiling set for licensed moneylenders is higher than what banks typically offer.
It’s worth comparing your options and considering whether a bank renovation loan might suit your project first, particularly if your renovation involves a registered contractor and permanent works only. If flexibility, speed, or eligibility make a moneylender loan the better fit for your situation, take a moment to borrow only what you need. Our responsible borrowing checklist is a useful starting point before you apply.
Prepare Your Documents
Submit the necessary documents to verify your information, or apply with Singpass to have your particulars retrieved directly and skip manual uploads.
Are 21 years old or above
Singapore Citizen, PR, or valid Work Pass holder (EP, S Pass, WP)
Steady income, whether full-time, part-time or self-employed
NRIC (for Singaporeans/PRs) or Passport and Work Pass (for foreigners)
1. Last 3 months’ payslips
2. CPF contribution history
3. Income Tax Notice of Assessment
4. Bank statement showing salary crediting
1. Latest utility bill (within 3 months)
2. Tenancy agreement
3. Official letters sent to your home address
Loan Benefits
Renovation funding that works around your plans, not a contractor's paperwork.
Spend on your renovation your way, without being restricted to a registered contractor or pre-approved quotation.
Every rate and fee is disclosed upfront and capped within Ministry of Law limits, so you always know what you're agreeing to.
A practical option if your renovation plans, or your own eligibility, don't fit neatly into a bank's requirements.
Real people and real guidance, from your first question through to your final repayment.
Loan Application Process
Apply online first, receive a verification call, visit our licensed office to review and sign the
loan contract, then receive your funds after approval.
Submit your loan application online with your basic details and preferred loan amount.
Our team will contact you to verify your details, understand your loan needs and guide you on the next step.
Visit our licensed office for in-person verification. The loan amount, repayment schedule, interest and fees will be explained before you sign.
Once your loan is approved and the contract is signed, the approved loan amount will be disbursed to you.
What Borrowers Say
See why borrowers trust BST Credit for clear loan terms, helpful service and a smooth application process.
FAQ
Answers to common questions about borrowing for renovation costs in Singapore.
A bank renovation loan is typically disbursed directly to a registered contractor, based on quotations, and carries a lower interest rate. A BST Credit renovation loan is an unsecured cash loan disbursed directly to you instead, so you’re not restricted to a registered contractor or a specific renovation scope. This flexibility comes with a higher interest rate than a bank loan, so it’s worth comparing both options for your situation.
Yes. Since funds are disbursed directly to you rather than to a contractor, you have flexibility in how you use the loan for your renovation, including DIY work, materials, or contractors who aren’t HDB or BCA-registered.
The maximum you can borrow depends on your annual income and residency status, and this limit applies across all licensed moneylenders in Singapore combined, not per lender.
Licensed moneylenders in Singapore are regulated by the Ministry of Law to keep borrowing fair and transparent.
To apply for a renovation loan with BST Credit, you should be 21 years old or above, be a Singapore Citizen, PR, or valid Work Pass holder (EP, S Pass, WP), and have a steady income, whether from full-time, part-time or self-employed work.
You can check the official Registry of Moneylenders maintained by the Ministry of Law. Always apply only through official websites or verified contact channels to avoid unlicensed lenders. Read our full guide on how to check if a moneylender is licensed for a step-by-step walkthrough.
The Registry of Moneylenders cannot negotiate with lenders on your behalf, as this is a matter of private contract. If you’re facing financial difficulties, you may wish to approach a social service agency for credit counselling and help negotiating a repayment plan, such as Credit Counselling Singapore (6225 5227), which handles cases that also involve bank debts.
Yes. Unlike a bank renovation loan, which typically cannot be used for furnishings and is restricted to permanent renovation work, a BST Credit renovation loan is disbursed directly to you, so you’re free to use it for furniture, curtains, appliances, or any other renovation-related cost.
No. Bank renovation loans typically require a contractor’s invoice or quotation submitted with your application, since funds are paid directly to the contractor. Since a BST Credit renovation loan is disbursed to you, you don’t need to have a finalised quotation or a registered contractor before applying.
BST Credit doesn’t require a fixed minimum annual income to be eligible, unlike some bank renovation loans, which set a minimum income threshold (for example, S$24,000 a year) before you can apply at all. As a licensed moneylender, what matters is that you have a steady income, whether from full-time, part-time or self-employed work.
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