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I have seen both function in Magento Files,

What is deference between both function. and also where I use one of them function.

Which is best to load Product Collection.

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Thanks Amit for the great links, but because we don't have the answer here yet, we can not close the questions a duplicate, so here is the answer:

Magento wants to introduce with Mage::getSingleton() the Singleton design pattern. If I understand it correctly it is not exactly a singleton, because Mage takes care of only ONE instance. But fact is, if you are using Mage::getSingleton, you get the same object over and over again throughout all your code.

Mage::getModel() is just a standard factory and returns a newly created object of whatever type

So depending on you want to write to the same or a different object, you use either getSingleton or getModel

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