Restructured Loan (Credit Card and Cashline Balances to Personal Loan)

Hi all,

Here I would to ask your opinions about my financial question. My annual income is SGD 59k and my total current loans are sgd 51k - not eligible for DCP.

I have personal loans with few banks, I am paying it off well and my balances are also reducing from time to time. I have around SGD 19k loan with a single bank in Singapore in the form of credit lines and credit card. The amount of interests are high, I am thinking if it is possible to request from bank on restructuring all the amount from credit lines and credit card into a single personal loan which will results with lower interests and the loan also will be payed off quickly.

The problem is, I get know from my friends, this restructured loan will be looking bad in credit history, other banks who are currently offered me personal loan may ask me to settle my current loan amount with them in full. Is this is true?

Do any of the Hardware zone member have gone through this route? Please could help to share your experiences. The Special Financial Relief Programs for Covid by the banks is finished (the interest rate is low around 7 %), will bank's interest rate for this restuctured loan also will be lower like SPRF program or the interest rate could be higher?

Please help me with my questions. Thank you,