Cash woes? A personal loan to the rescue!

How to save money on dental expenses

Have you ever considered getting dental braces? Are you delaying it because you don’t have enough money to get them? If yes, then you are missing the bigger picture. It’s not just about getting your teeth straight. It’s about the confidence that comes with a healthy smile. After all, smiling with your mouth closed does show that you are unhappy with it.

So if you think your dental issues are affecting your confidence, don’t delay the treatment anymore. Consider getting a personal loan to pay for your braces. You may be thinking about taking a dental insurance policy or using your Medisave, but please note that these insurances generally don’t cover cosmetic treatments. So, unless you are sure about a plan that covers dental braces, taking a personal loan would be an ideal solution to your problem.

Personal loans are easy to secure, if you meet the eligibility requirements. The loan is generally approved within a day and you get the flexibility to repay it over a tenure that suits you. We know you may have a lot of questions about taking a personal loan for dental braces. We will try to give you as much information as possible in this guide.

How Much Does It Cost to Get Dental Braces in Singapore?

At Public Institutions

According to the Ministry of Health, the cost of getting dental braces at a public institution in Singapore can range between S$2,500 and S$6,000. Check out the dental braces fee charged by some of the most popular public institutes in Singapore:

Institution Name Fee Range (non-subsidised fee; excludes consultation and investigation charges)
Changi General Hospital S$4,500 – S$5,100
Khoo Teck Puat Hospital S$3,600 – S$4,200
National Dental Centre Singapore S$3,638 – S$5,157
Ng Teng Fong General Hospital S$4,500 – S$6,000
National University Hospital Single arch metal brackets: S$2,500 – S$3,200 Dual arch metal brackets: S$4,500 – S$4,800
Tan Tock Seng Hospital S$4,000 – S$4,500

At Private Clinics

According to the National Dental Centre of Singapore (NDCS), the cost of dental braces at private clinics in Singapore ranges from S$3,480 to S$8,000.

Types of Dental Braces and Their Costs

Apart from the institute (public or private) you choose, it’s also the type of braces you want that affects the treatment cost. Here are the four types of dental braces you can choose from and their approximate costs as per NDCS:

  • Traditional metal braces: Made with stainless steel and fixed to the external side of your teeth, it’s the cheapest of all options with prices starting from S$3,300.
  • Ceramic braces: These are designed to match the colour of your teeth and are usually suggested for front (upper) teeth. Prices start from S$3,630.
  • Lingual braces: These are similar to the traditional metal braces, except they are fixed to the internal side of the teeth that makes them invisible. These are also costlier than traditional metal braces.
  • Invisible aligners: These are also invisible and are designed in a way that you can easily remove them whenever you want to. The price starts from S$6,000.

Why You Should Consider Taking a Personal Loan for Dental Braces

Here are some of the reasons why personal loan could be a great option, in case you don’t have enough savings for this treatment:

  • Ease of applying: The process of applying for a personal loan is very simple and easy. All you have to do is check the eligibility criteria for whichever bank you choose to borrow from. If you are eligible, just walk-in to any nearest branch of that bank with all your supporting documents. Most banks in Singapore also allow you to apply online. In that case, you don’t even have to go to a branch.
  • No collateral required: Personal loans are unsecured loans. This means that you don’t have to provide any of your personal assets as collateral for the loan.
  • Flexibility to choose the tenure: In Singapore, most banks offer personal loans with tenure ranging from 1 to 5 years. You can choose a tenure that suits your requirement.
  • Fixed monthly payments: Depending on the amount you borrow and the tenure you choose, you will be paying a fixed amount every month towards the repayment of your loan. Generally, these are amortised loans, so your monthly payment will include both principal amount as well as the interest.
  • Cheaper than credit cards: Although using a credit card is much easier than applying for a personal loan, the former option can also burn a big hole in your pocket if you don’t repay the whole amount within the interest-free period. Once the interest-free period is over, the lender will add interest charges to your outstanding loan at a rate of 24%-28% p.a. On the other hand, the interest on personal loans usually ranges between 7%-15% p.a.

Things You Should Keep in Mind While Applying for a Loan

  • Don’t borrow more than you need: Figure out the cost of the treatment and borrow an amount that is just enough to cover it. Remember, these loans come at a cost. So if you borrow more than what you need, it will put unnecessary burden on your finances.
  • Keep the tenure as short as possible: Longer the tenure you choose, the more interest you will have to pay over time. So keep the tenure as short as possible, without putting too much burden on your monthly budget.
  • Shop around for the best rates: The rates on personal loans vary from bank to bank. Shop around to find the best rates possible for your requirement.
  • Consider other fees and charges applicable: There are various other charges involved, such as processing fee, late payment fee, early payment fee, overdue interest, etc. Consider all these costs as well before you sign up for a loan.
  • Know your credit score: Lenders check your credit score before approving your application. It is on the basis of your score that they determine your creditworthiness and, therefore, the terms of your loan.

Make sure you repay the loan on time. It will help improve your credit score. On the other hand, if you fail to make timely payments, it will impact your credit score.

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