Things you might not yet know about DBS Personal Loan Singapore
DBS has been in the business for years and provided satisfying banking services to Singaporeans. One of DBS’s bank services is the loan products and services. With such services, DBS has many to offer. Included is the bank’s in-demand product – DBS Personal Loan.
If you wish to apply for a DBS Personal Loan service, better read this simple and easy FAQs review about DBS Personal Loans. That’ll help you decide whether it’s worth it or not.
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What is a DBS Personal Loan?
Are you looking for a credit option that will help you achieve your financial goals? The DBS Personal Loan may be the perfect solution.
DBS has an attractive interest rate and is available to people who have good or excellent credit. You can use the loan for any number of purposes – from buying a house to financing a business venture.
Whether buying a new car or starting a business, DBS Personal Loan could provide the funds for whatever you need.
DBS Personal Loan is always available to people with excellent credit. If you’ve got a history of making payments on time and using your credit, this might be an option for you!
Who can apply with a DBS Personal Loan?
The DBS personal loan is for Singapore Citizens or Permanent Residents (PR) 21-75, earning an annual income of S$20,000.
If you wish to apply online, you may access the DBS/POSB online personal loan. Use your user ID and pin or log in to iBanking for a more convenient way.
Can foreigners apply for a DBS Personal Loan?
Foreigners who are 21-75 living in Singapore can also apply for a DBS personal loan. Foreigners with existing Cashline and credit card accounts may also apply. That is if they meet the S$20,000 income need.
How to use the DBS Personal Loan calculator?
To use the DBS personal loan calculator, you have to enter two things.
- Loan amount
- Tenure years
The loan calculator states the following information after you key in your desired loan amount and tenure:
Monthly Repayment refers to the minimum amount you must pay each month to comply with the loan agreement.
Total Repayment is the total amount you have to pay for the entire loan duration.
Interest Rate refers to the cost of borrowing money interests. It tells you how fast it will accumulate over time.
Effective Interest Rate (EIR) is an interest that reveals the consumer’s actual cost of borrowing. EIR is an interest rate commonly charged to consumers. Usually, it is higher than that displayed on the loan advertisement due to service fees or admin charges levied upfront.
A processing fee is a fee meant to cover the bank’s expenses in processing your loan.
Please note that the lender uses the borrower’s credit profile when offering interest rates and processing fees. It may differ from your published rates and those offered to other borrowers. Borrowers will get to see the actual rates stated in the online application form.
Use the DBS personal loan calculator to get an idea of how much monthly payment you will need to make to your loan.
What are the DBS Personal Loan Features and Benefits?
DBS offers personal loans up to four times your monthly salary. If you’re earning S$120,000 annually, you can get a loan up to 10 times your income.
DBS offers one up to five years monthly repayment terms.
With DBS, you can enjoy instant approvals and instant loan disbursement. Through a Cashline credit card, you can claim your loan proceeds. You can also get your loan if you have a DBS or POSB deposit account.
General Interbank Recurring Order (GIRO) payments are also available for more straightforward repayments.
Use GIRO to pay directly from your banking account to the billing organisation. It will then deducted from your DBS/POSB account every month and delivered to your billing organisation.
What are the DBS Personal Loan Rates and Fees that I need to know?
To understand what you’re paying, you need to know about different interest rates.
First is the Applied Interest Rate (AIR). Your loan will be charged interest based on this rate.
The computation goes like this:
Multiply the principal amount by the annual AIR using the flat rate basis. The result will be the yearly interest incurred in your loan. Then, multiply it by the loan tenor.
For example, you take a loan worth $10,000 with a 3.88% AIR payable for five years.
Multiply S$10,000 by 3.88%, and the result will be S$388. Multiply it by five (5) years, and you’ll get a result of $1,940.
Thus, if you take a $10,000 loan payable for five years, it’ll cost you S$1,940.
Next is the Effective Interest Rate (EIR). These rates reflect the actual cost of borrowing, expressed over a reducing balance basis. The effective interest rate can be used when comparing loans to get the lowest interest rate.
You can enjoy a super low 3.88% per annum applied interest rate or 7.56% effective interest rate with DBS.
How to Apply for a DBS Personal Loan?
You need to be an existing Cashline or credit card account holder to qualify for DBS Personal Loan. Also, you’ll need a DBS/POSB deposit account for the disbursement of the loan.
You will need the following documents if you have no Cashline or credit card account.
For employees, you’ll need:
- Front and back of your NRIC
- Latest computerised salary or payslip crediting to a DBS/POSB account. Or,
- Latest 1-year income tax Notice of Assessment (NOA). Or,
- CPF contribution statement for the last nine months. If you are a commission-based employee or self-employed, you’ll need:
- Front and back of your NRIC
- Latest 1-year income tax Notice of Assessment (NOA).
If you want to avoid delays in processing, make sure your documents are ready before you apply. Or, you could apply with SingPass through MyInfo.
What if I don’t have a DBS or POSB account?
It’s possible to apply for a DBS or POSB account online. Once your application has been approved, you can apply for a DBS personal loan.
What is a Cashline, and why do I need it?
DBS Cashline is a short-term borrowing facility for those who need a quick loan. Think of this as your emergency cash stash. Cashline is a standby credit line used by banks for DBS and POSB Personal Loan.
The Easier Way to Get a Personal Loan
If you are looking for an easier and faster way to get a loan, Cash Mart Singapore can help you.
Founded in 1969, Cash Mart is a moneylender providing several loan solutions tailored to each client’s needs.
Cash Mart offers:
With Cash Mart, you will enjoy a low-interest personal loan that is pretty easy to get. Personal loans from Cash Mart need fewer requirements.
Cash Mart’s goal is to speed up the process of getting a loan. It means providing the best loan experience by giving a straightforward approach. Also, a loan transaction that is free from any hassle.
If you need a cash flow boost for your business or need that initial business fund, a business loan can help. Cash Mart designed an instant cash loan arrangement, matching your business’s unique needs. Fast business loan approval by Cash Mart can help you with financial emergencies.
If you’re looking for a loan to finance a car purchase or meet your monthly payments, Cash Mart’s car loans are a good option. If necessary, you can use this loan to pay your vehicle’s insurance.
Being a moneylender for over decades, Cash Mart knows how hard it is for people of lower wages to get loans.
As a result, Cash Mart offers Flexi loans for them. Applicants who wish to apply for the Flexi loans must have an income not exceeding S$20,000 and a good credit rating.
Taking a Flexi Loan will relieve your short-term financial dilemmas. It can give you the financial flexibility to repay without any worries.
If you’re a foreigner looking for some quick cash, Cash Mart’s foreigner loans are an outstanding loan to get. With Cash Mart, foreigners can complete their loan applications with quick and easy approval. All they need to do is provide the documents required.
Most payday loans can be used for more than one thing. It is a short-term loan that you can use for an unexpected bill, a holiday treat, or as extra cash during a great sale. A payday loan could give you extra money if you need it.
Getting a payday loan from Cash Mart will help bridge the gap until your next paycheck arrives.
Get your payday loan approved in under five minutes and get the cash you need within an hour. It is excellent for urgent and emergencies.
Outstanding Loans in Three Easy Steps
Getting a loan from Cash Mart is easy as 1-2-3. You have to take three steps.
Step 1: Fill up an online form.
Fill up Cash Mart’s form through their online loan services. Cash Mart’s loan executive will respond to your application with a day.
Step 2: Wait for the loan approval.
Cash Mart’s loan executive will verify and process your online application.
Step 3: Claim your loan!
When your loan is approved, you’ll need to sign the loan agreement and receive your loan.
Easy as that.
Cash Mart provides risk-free loans. Also, they offer a 7-day unconditional service guarantee. Thus, protecting all Cash Mart loans.
With Cash Mart, you can borrow with confidence since you will know everything upfront. You can also make an early settlement and avoid a penalty fee.