The most sought-after personal loan in Singapore is DBS personal loan. Its interest rates are among the most competitive in the market. And it provides instant loan approval and cash disbursement for its existing customers.
If you aim for a fast and easy loan, you should take a DBS personal loan now!
But first, here are the essential details you need to know:
- Instant loan approval
- Large loan amounts
- Cheapest interest rate
- Instant cash when applying online
DBS Personal Loan Singapore
DBS personal loan offers a compelling option with its low-interest rate of 3.88% (7.56% EIR p.a.). A personal loan is desirable for borrowers who earn an annual income of S$20,000, which falls below the typical minimum requirement of S$30,000 offered by many other banks in the market.
|Interest Rate||From 3.88% p.a.||From 3.88% p.a.|
|EIR||From 7.56% p.a.||From 7.56% p.a.|
|Maximum Loan Amount||4X your monthly salary; 10X if your income is $120,000 and up||4X your monthly salary; 10X if your income is $120,000 and up|
|Minimum Annual Income||S$20,000||S$20,000|
|Loan Tenure||6 Months – 5 Years||6 Months – 2 Years|
Other Fees & Charges
- Processing Fee: One-time 1% of loan principal
- Maximum EIR: Up to 20.01% p.a. Ob loan amount, personal credit history, and tenure.
- Early Redemption Fee: S$250
- Late Payment Charge (Credit Card): S$100
- Late Payment Charge (Cashline PL): S$120
What are the eligibility requirements for getting a DBS personal loan?
DBS/POSB personal loans are available to Singaporeans, PRs, and foreigners residing in Singapore. To qualify, they must be at least 21 and 65 years old and make a minimum of S$20,000 yearly. Also, they must be a bank customer and have a deposit account with POSB.
- Age: 21 to 65 years old
- Minimum yearly salary: S$20,000
- Employment Status: Salaried Employee, Commission-based Employee, or Self-Employed
- Nationality: Singaporeans, PRs, & Foreigners with DBS/POSB Cashline or Credit Card account
Can all foreigners apply for DBS personal loan in Singapore?
The primary focus of DBS personal loans is Singaporean Citizens or Permanent Residents. For foreigners with work visas, such as EP holders, it may be best to approach other banks or licensed moneylenders like Accredit instead.
How much money can I borrow with DBS/POSB personal loans?
If DBS/POSB customers earn S$20,000 yearly, the maximum loan amount they can borrow is up to 4x their monthly income. But if they make a higher income of S$120,000, they can get a 10x their monthly income.
In addition, DBS/POSB personal loan offers one of Singapore’s lowest minimum loan amounts. It is perfect for low-income earners to borrow a minimum amount of S$500.
Singaporeans, PRs, & Foreigners
|Income Requirement||S$20,000||S$120,000 and above|
|Minimum Loan Amount||S$500||S$500|
|Maximum Loan Amount||4x monthly income||10x monthly income|
How to apply for a personal loan in DBS?
As a DBS customer, taking out a personal loan has always been easy. You can submit your application through the bank’s website or other convenient banking channels. Here’s how:
- Step 1: Log in using your digibank mobile/ digibank online/ ATM/ credit card/ debit card.
- Step 2: Select the loan amount and tenure you want.
- Step 3: Submit your online loan application and receive your fund instantly.
Note: If you need a DBS account to get your money immediately after the loan approval, you can create one by clicking here.
How to check the status of my DBS personal loan online?
The DBS Bank provides an online tracker for customers to see the progress of their loan status. Here are four simple steps to do it:
Go to the DBS official website, and on the Home Page, find the option that says “track status of your loan application” or click here.
After that, you’ll see two options: “Use my Card and PIN” or “Use my NRIC/Passport & Mobile number.”
You’ll see a form you must fill out, whichever choice you pick. It could be the identification number, NRIC, mobile number, etc.
Once you submit the necessary information, you can immediately check your loan status.
How to check the status of my DBS personal loan offline?
DBS customer can also check their loan status offline. They can visit the bank or call customer service for updates on their loan status.
Visit one of the DBS Bank branches where you took out a loan. And bring with you the following documents:
- Copy of loan application
- Reference number
The bank personnel will review all your documents, and once everything checks out, they will let you know about your loan status.
Another option to check your loan application status offline is with DBS customer service. You can contact them by dialling 1800 111 1111. But if you’re calling from outside Singapore, dial (65) 6327 2265.
These are the particulars you must know about DBS personal loans. If you’re a Singaporean Citizen, Permanent Resident, or foreigner with a work visa who cannot fulfil the requirements of DBS, consider taking out a personal loan from licensed moneylenders in Singapore.