DBS Personal Loan
DBS Personal Loan
- From 1.99%
- Interest Rate*
- S$10,268
- Total Amount Payable
- From 1% of Approved Loan Amount
- Processing Fee
All Details
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DBS Bank Personal Loan 2025
The DBS Personal Loan is a flexible and affordable loan option, promising one of the most competitive interest rates on the market, starting at 2.68% p.a. Currently, it’s even offering a DBS loan promo rate of 1.99% p.a. valid until 31 Mar 2025. With loan amounts up to $100,000 and flexible repayment methods, manage your finances according to your own pace while enjoying a simple application and repayment process.
Whether you’re seeking to consolidate debt, finance a major purchase, or cover unexpected expenses, we weighed the pros and cons to help you discern if the DBS Personal Loan is the right fit for you.
Pros & Cons of DBS Personal Loan
| Pros ✅ | Cons ❌ |
|---|---|
| Lower interest rates as compared to similar personal loans by other banks | Initial 1% processing fee of approved loan amount |
| Instant loan approval for DBS/POSB credit cardholders and savings accountholders | Higher effective interest rate of 6.72% |
| Competitive interest rate of 2.68% p.a. | Promo interest rate of 1.99% p.a. Only valid till 31 Mar 2025 |
| Lower minimum annual income requirement of S$20,000 | |
| Relatively lower total amount payable amount of $268 compared to other banks ranging from $288 to $400 | |
| Relatively lower late payment fee of $100 (credit card PL) and $120 (cashline PL) |
Check Out Our Review Of DBS Personal Loan In This Article!
DBS Personal Loan Eligibility, Interest Rates, & Fees
| DBS Personal Loan Requirements | ||
|---|---|---|
| Interest rate | From 2.68% p.a. | |
| Effective interest rate (EIR) | 6.72% p.a. | |
| Processing fee | $100 or 1% of approved loan amount, whichever is higher | |
| Monthly instalment | $856 | |
| Minimum annual income | $20,000 for Singaporeans & PRs | |
| Loan disbursement speed | Instant approval | |
| Loan tenures | Singaporeans & PRs: If amount < $3,000, up to 24 months only If amount > $3,000, available for 6, 12, 24, 36, 48, 60 months Foreigners: 6, 12, 24 months | |
| Documents required | For salaried employees |
Comparison: DBS Personal Loan vs SCB CashOne vs UOB Personal Loan
The DBS Personal Loan boasts a competitive interest rate of 2.68% p.a., which is relatively lower compared to the SCB CashOne Personal Loan and UOB Personal Loan. Furthermore, it boasts a lower total repayable amount of $268, making it more affordable compared to its counterparts where this amount can range from $288. Another standout feature it has is its instant loan approval benefit, making for both straightforward and efficient application and loan disbursement processes.
However, the DBS Personal Loan does fall short in its effective interest rate (EIR), coming in at a higher 6.72% p.a., which is higher than the 5.43% p.a. rate offered by SCB CashOne and UOB Personal Loans. It also has a potentially higher processing fee of $100 (for smaller loan amounts) or 1% of approved loan amount, whichever is higher. Although this is a one-time processing fee, it’s worth considering since the UOB Personal Loan doesn’t impose any fees whatsoever.
Despite these cons, the DBS Personal Loan remains as an attractive option due to its lower interest rates, instant loan approval, and flexible loan amounts of up to $100,000. That said, prospective borrowers should still weigh its EIR and processing fee against other available loan options.
| DBS Personal Loan | SCB CashOne Personal Loan | UOB Personal Loan | |
|---|---|---|---|
| Interest rate | From 2.68% p.a. | From 2.88% p.a. | From 2.88% p.a. |
| Effective interest rate (EIR) | 6.72% p.a. | 5.43% p.a. | 5.43% p.a. |
| Total repayable amount | $10,268 | $10,288 | $10,288 |
| Annual fee / Processing fee | $100 or 1% of approved loan amount, whichever is higher | $199 for first year, none from second year onwards | N/A |
| Minimum annual income | $20,000 for Singaporeans & PRs | $20,000 for Singaporeans, PRs, & foreigners | $30,000 for Singaporeans & PRs |
| Loan disbursement speed | Instant approval | Instant approval | Within 1 business day (if you have UOB credit card and apply between 8am to 9pm) |
| Late payment fee | $100 for credit card PL, $120 for cashline PL | $100 | $100 |
Frequently Asked Questions About DBS Personal Loan
Are there any fees if I take up the DBS Personal Loan?
- Yes, you can expect a $100 or 1% processing fee of the approved loan amount, whichever is higher. Additionally, do take note of the total interest payable of $268.
Am I eligible for the DBS Personal Loan?
- If you earn at least $20,000 per year and have a fairly decent credit score, you should qualify for a DBS Personal Loan.
If I’m late for my monthly instalment, how much do I have to pay?
- A late payment fee of $100 (for credit card PL) or $120 (for cashline PL) will be imposed
When will I receive the approved loan amount in my bank account?
- DBS Personal Loans can be approved instantly, and you can expect to receive the loan amount in your credit card or cashline account shortly after approval.
I am an existing DBS credit cardholder, will taking up the DBS Personal Loan affect my credit card limit?
- It might affect your overall credit profile in the following areas:
- Credit utilisation
- Debt-to-Income (DTI) ratio
- Loan and credit limit management
Are there any charges if I want to amend my DBS Personal Loan tenure?
- There may be a fee imposed, subject to DBS’s discretion. Please check with DBS directly.
What can I expect after applying for a DBS Personal Loan?
- For existing cashline account or credit cardholders
- Wait for an SMS confirmation for approved loan
- Check designated account for crediting of approved loan amount
- An approval letter will be sent over within 3 working days after the SMS is sent
For DBS/POSB customers without cashline or credit card- Wait for an SMS confirmation and/or letter of approved loan
- If applied for cashline account, you will receive a DBS ATM card
What is a Cashline account and why is it used for DBS Personal Loan?
- A cashline account is a standby line of credit account in which the credit limit granted is utilised for the DBS Personal Loan.
Can foreigners get a DBS Personal Loan in Singapore?
- Foreigners with an existing cashline and/or credit card account are eligible to apply for a DBS Personal Loan in Singapore.