You can do an online DBS/POSB Personal Loan application in 2 ways:
Learn how you can easily apply for a DBS Personal Loan here.
After applying for a Personal Loan, what can I expect?If you are an existing Cashline account or Credit Cardholder, you will receive:
For DBS/ POSB customers without Cashline or Credit Card.
After submitting and approval of a DBS/POSB Personal Loan on your Cashline and/or Credit Card, you will receive another SMS confirmation that the DBS/POSB Personal Loan is approved. Please check your designated account for the crediting of the approved loan amount.
What is a Cashline account and why is it used for DBS/POSB Personal Loan?Cashline is a standby line of credit account which the credit limit granted is utilized for DBS/POSB Personal Loan.
What is the Personal Loan repayment tenure that I can choose?For Singapore Citizen or Singapore Permanent Residents taking up loan amount of S$3,000 and above, you can choose to repay the loan over period of 6, 12, 24, 36, 48 or 60 months.
For non-Singapore Citizen/Permanent Resident and/or taking up loan amount of S$3,000 and below, you can choose to repay the loan over period of 6, 12 or 24 months.
What do I do with the remaining credit limit in the Cashline account?You have the flexibility to use the available credit limit (up to 95%) to take up another DBS/POSB Personal Loan or you can use the available credit limit as a standby credit line for short term usage.
There are no extra supporting documents required for these uses on your remaining credit limit.
You can use the available credit limit (up to 95%) to take up another DBS/POSB Personal Loan or use for other Credit Card purposes such as retail transactions.
I do not have a deposit account with DBS/POSB. How do I proceed?You can choose your desired account here and apply online. Once your account is opened, you can apply for the DBS/POSB Personal Loan.
How is the interest on my DBS/POSB Personal Loan repaid across the monthly instalments?Assuming that you are taking a loan of $5,000 at 2.68% p.a. + 1% processing fee for 1 year (EIR 6.72% p.a.), your monthly instalment will be approximately $427.83.
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 (see below for the repayment schedule illustration).
| Month | Principal | Interest | Monthly Instalment |
|---|---|---|---|
| 1 | $407.21 | $20.62 | $427.83 |
| 2 | $408.93 | $18.90 | $427.83 |
| 3 | $410.65 | $17.18 | $427.83 |
| 4 | $412.37 | $15.46 | $427.83 |
| 5 | $414.09 | $13.74 | $427.83 |
| 6 | $415.80 | $12.03 | $427.83 |
| 7 | $417.52 | $10.31 | $427.83 |
| 8 | $419.24 | $8.59 | $427.83 |
| 9 | $420.96 | $6.87 | $427.83 |
| 10 | $422.68 | $5.15 | $427.83 |
| 11 | $424.39 | $3.44 | $427.83 |
| 12 | $426.15 | $1.72 | $427.87 |
Note: The above table is meant for illustration. Actual figures may vary.
* The final instalment amount may vary slightly.
Why am I seeing a different rate in the application page?The interest rate and processing fee offered to you is based on your personal credit and income profile. Hence, it may differ from the published rate and the rate offered to other borrowers. E.g. if your annual income is below $30,000 and you are eligible for the loan, you will be offered a rate of 11.00%p.a. + 4% processing fee (E.I.R. 20.01%p.a.^).
^ E.I.R. is calculated based on a 5-year loan.
How do I read my DBS/POSB Balance Transfer and Personal Loan statements?Learn how to interpret the different sections of your Credit Cards and Cashline statements.