POSB Personal Loan
Enjoy fixed interest rate and monthly instalments to better manage your finances.
- Get cash of up to 4X1 of your monthly salary (10X1 if your annual income is S$120,000 and above).
- Fixed interest rates from as low as 5.88% p.a, with monthly instalments of 1 to 5 years. E.I.R* from minimum 11.32% p.a to maximum of 26.62% p.a
- Receive your application status immediately and get cash2 disbursed to your DBS/POSB deposit account straight away upon approval!
How to Apply
- Apply now at7.99%5.88% p.a (amount more than S$3,000 for 36-60 months) and get immediate cash2 disbursed to your DBS/POSB deposit account.
For new customer, please apply for a Credit Card or Cashline (Get S$80 FairPrice Vouchers when you apply for a DBS Cashline) account first and take up a Personal Loan when account applied is approved.
For Customers with annual income of at least S$30,000.
- Credit Cardholders
- Cashline account holders (for income S$30,000 and above)
Monthly instalment amount
for loan of S$5,000
Example: Suppose you have a Credit Card with an eligible credit limit of S$8,000 and you took up a Personal Loan of S$5,000 for 60 months on your Card. Assume S$5,000 Personal Loan amount is approved.
- A S$5,000 loan amount will be credited to your selected DBS/POSB deposit account
- Applied Interest Rate: 5.88% p.a
- Processing Fee: S$100 (charged separately from loan amount)
- Effective Interest Rate*: 11.32% p.a
- Instalment amount of S$108 will be reflected in your Credit Card statement on a monthly basis.
- Total cost of loan: $5,000 (loan amount) + $100 (processing fee) + ($294 x 60/12) (interest x no of years) = $6,570
For Customer with annual income of S$20,000 to less than S$30,000
- Cashline account (for income S$20,000 to below S$30,000)
Monthly instalment amount
for loan of S$3,000
Example: Suppose you have a Cashline (for income S$20,000 to below S$30,000) with an eligible credit limit of S$4,000 and you took up a Personal Loan of S$3,000 for 60 months on your Cashline account. Assume S$3,000 Personal Loan amount is approved.
- A S$3,000 loan amount will be credited to your selected DBS/POSB deposit account
- Applied Interest Rate: 11% p.a
- Processing Fee: S$120 (charged separately from loan amount)
- Effective Interest Rate*: 20.01% p.a
- Instalment amount of S$78 will be reflected in your Cashline statement on a monthly basis.
- Total cost of loan: $3,000 (loan amount) + $120(processing fee) + ($330 x 60/12) (interest per year x no of years) = $4,770
POSB Personal Loan Terms and Conditions.
From 1 April 2016, if you wish to have a free credit report, you may obtain it within 30 calendar days from the date of approval or rejection of this application via the credit bureau websites listed below. Alternatively, you may bring the approval or rejection letter and your NRIC to the following credit bureau’s registered office to obtain a free credit report.
Credit Bureau (Singapore) Pte Ltd 2 Shenton Way #20-02 SGX Centre 1 Singapore 068804 Tel: (65) 6565 6363
* Clarification: We would
like to clarify that “The free Credit Bureau Report” is limited only to application of a new product such as Cashline, Credit Card, Further Study Assist. Applications such as Credit Limit increase, Balance Transfer / Personal Loan disbursed from existing products and existing principal cardholders applying for another card(s) are not entitled to the free credit report.
Eligibility Nationality Singaporean or Permanent Resident Age 21 – 65 years old Minimum Annual Income S$20,000 and above Personal Loan Mandatory Documents
For DBS/ POSB customers without Cashline/ Credit Card account.
- How do I apply for a Personal Loan after I click on “Apply Now”?
You can do an online Personal Loan application in 2 ways:
- Using iBanking Login: Enter your iBanking username and password to apply for an online Personal Loan application.
- Using Card and PIN: Input your Debit or ATM Card Number and the PIN number (the same PIN that is used for ATM input). For customers with onlyPersonal Credit Cardand no Debit or ATM Card, please use Credit Card as your selection.
In the event that you encounter an error or cannot remember your iBanking acess or Card and PIN, please fill up the contact me form for us to assist you.
More details in FAQ for online application
- After applying, what can I expect?
If you are an existing Cashline account or Credit Cardholder, you will receive:
- A SMS confirmation that your Personal Loan is approved. Please check your designated account for the crediting of the approved loan amount.
- An approval letter for the POSB/ DBS Personal Loan will be sent over to your mailing address within 3 working days after receiving the SMS message.
For DBS/ POSB customers without Cashline or Credit Card.
- A SMS confirmation for an approved Cashline account (if applied for a Cashline account) and/or approval letter(s) of the applied Cashline or Credit Card.
- If applied for a Cashline account, you will receive a DBS ATM Card (if you do not have one) as part of Cashline application.
- After submitting and approval of a Personal Loan on your Cashline and/or Credit Card, you will receive another SMS confirmation that the 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 use for POSB/ DBS Personal Loan?
Cashline is a standby line of credit account which the credit limit granted is utilized for POSB/DBS Personal Loan.
- 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 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.
- How about the remaining credit limit in my Credit Card?
Similar to above question, you can use the available credit limit (up to 95%) to take up another Personal Loan or use for other Credit Card purposes such as retail transactions.
Thank you! We appreciate your feedback.
Category: Bank loan