DBS personal loans are based on either your credit card or personal line of credit

DBS personal loans are based on either your credit card or personal line of credit. Thus if you have DBS credit card or DBS Cashline and a DBS deposit account, you can apply through internet banking and get your loan processed immediately and credited instantly into your account. However if you don’t have a DBS credit card you can still get this loan, but you will have to furnish your income documents and obviously you won’t get the funds right away

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DBS Personal Loan

DBS Personal Loan provides a loan with one of the lowest interest rate and can be considered as one of the banks which offers a low interest rate per annum. Close to real-time processing as it can supply the funds you'd need at the shortest time possible.

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DBS Bank

DBS Bank Ltd, earlier known as The Development Bank of Singapore Limited and "people's bank" respectively, is a multinational banking and financial services corporation. DBS Bank is a technological forward bank that beliefs in continuously reinventing itself to provide simple, fast and contextual banking solutions and experiences. DBS is highly acclaimed for its leadership in digital and has garnered more than 20 global accolades. It was titled "World's best bank" by Euromoney in 2019 and also won Global Bank of the year from The Banker and Best Bank in the world from the Global Finance in 2018. All these victories make it the first bank in the world to hold three of the most prestigious global best bank honors at the same time. DBS operates in 18 markets globally, including six priority markets in Asia, namely Singapore, Hong Kong, China, India, Indonesia, and Taiwan. Hence it is the only Asian bank which operates in the three key axes of growth - Southeast Asia, Greater China

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After applying for a DBS Personal loan, what can I next step should I expect?

Yes after submitting and you get the approval of a DBS/POSB Personal Loan on your Cashline and/or Credit Card, you will receive an SMS confirmation that the DBS/POSB Personal Loan is approved. You should then proceed to check your designated account for the crediting of the approved loan amount. An approval letter for the DBS/POSB Personal Loan will be sent over to your mailing address within 3 working days after receiving the SMS message and if you applied for a Cashline account, you will receive a DBS ATM Card as part of Cashline application.

DBS Personal Loan

How is the interest on my DBS/POSB Personal Loan repaid across the monthly instalments?

Assuming that you are taking up a loan at $5,000 at 3.88% p.a. for 2 years (EIR 8.20% p.a. inclusive of 1% processing fee), your monthly instalment will come up to be about $224.50 and there will be no change to it throughout the tenure of the loan. Monthly interest and principal are apportioned differently; in the earlier instalments, a larger portion of your monthly instalment goes towards paying off the interest on the loan. The interest portion will be reduced gradually with each instalment.

DBS Personal Loan