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MoneySmart lists Personal Loan products that range between a minimum of 1 to a maximum of 7 years. The effective interest rate (EIR) of loan products on our site range from 8.5% p.a. to up to 20.0% p.a. The EIR of your loan will be dependent on the loan you apply for as well as your personal financial needs. For example, you would need to pay S$316/month for an S$10,000 Personal Loan with a loan tenure of 3 years. This would equate to a total payment of S$11,376 over 3 years. Please view each Personal Loan product in detail for a full breakdown of the interest rate chargeable, minimum and maximum loan tenure as well as processing fees (if applicable).
|Particulars||Singapore / PR||Foreigner|
|Interest Rate||From 3.88% p.a.||From 3.88% p.a.|
|Effective Interest Rate (E.I.R)||From 7.56% p.a.||From 7.56% p.a.|
|Processing Fee||One time processing fee of 1%||One time processing fee of 1%|
|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||$20,000||$45,000|
|Loan Tenure||1 - 5 Years||1 - 2 Years|
|Approval duration||Instant Approval and instant cash for DBS ibanking customers||Instant Approval and instant cash for DBS ibanking customers|
|Late payment charge||$100 for Credit Card, $105 for Cashline||$100 for Credit Card, $105 for Cashline|
|Early settlement penalty||No partial repayment allowed||No partial repayment allowed|
|Promotion||Up to $1,088 Cashback||Up to $1,088 Cashback|
DBS Personal Loan is one of the most popular personal loans in Singapore because it is serviced by one of Singapore’s highly rated banks and its interest rates are competitive.
To be eligible for a DBS Personal Loan, you have to be at least 21 years old and not more than 65 years old. Your minimum annual income should be $20,000 and above, and you must be either a Singaporean or a Permanent Resident.
You can apply via ibanking by simply logging in with your user ID and pin, or you can access an online personal loan application form where you can use your DBS/POSB card details to apply.
The current DBS personal loan interest rate is 3.88% per annum, or 7.90% Effective Interest Rate (EIR) The EIR takes into account processing fees, administrative fees and other charges to give you a better picture of how much you will end up paying.
DBS Personal Loan interest rate is fairly average. One good thing about DBS Personal Loan is that it has one of the lowest processing fees in Singapore.
You can use the DBS Personal Loan Calculator to calculate how much you have to repay monthly depending on your loan amount and loan tenure.
There are a few cashback promotions going on that you can benefit from if you want to take up a DBS Personal Loan. If you’re new to DBS, you get $200 cashback for a $10,000 loan, $888 cashback for a $30,000 loan and $1,088 cashback for a $50,000 loan.
If you’re an existing DBS customer, you get $688 cashback for a $30,000 loan and $888 cashback if you borrow at least $50,000.
MoneySmart is running an online promotion on DBS personal loans as well. You enjoy up to $1,088 cashback for a loan of minimum $10,000 (single application) if you apply before 31 December 2019.
However, no matter how attractive the promotions are, only take a personal loans as a last-resort measure to consolidate debt or manage cash flow.
To enquire more about DBS Personal Loans, you can call DBS bank personal loan contact number at 1800 111 1111 or if you’re calling from overseas, (65) 6327 2265.
If you are already a DBS/POSB account holder, you can check the DBS ibanking portal to see if your personal loan has been approved or not. If you’re an existing DBS/POSB credit card or cashline customers, and your application meets the bank’s requirements, you will get the cash instantly disbursed to your savings account.
If you aren’t a DBS/POSB account holder already, you’d have to open one before you can apply for a DBS personal loan. Account opening can be done online and it’s quick and easy.