DBS/POSB Personal Loan
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DBS POSB Personal Loan Review 2021
DBS and POSB jointly offer one of the best personal loans in Singapore, with competitive interest rates for both locals and foreigners. Here are its highlights:
- Low fixed interest rate from 3.88% p.a. and Effective Interest Rate (EIR) at 7.56% p.a.
- Fixed interest rate of 11% p.a., EIR 20.01% for borrowers with annual incomes of less tan S$30,000.
- Borrow from 4x - 10x your monthly salary
- Loan duration of 1 year - 5 years
- Relatively lower income requirement of S$20,000
- Minimum loan amount of S$500
- Enjoy an easy approval process and get cash instantly when you apply online with an existing DBS or POSB account
- Ideal for higher income borrowers (with at least S$30,000 annual income per annum), as they are offered much more competitive interest rates.
Plans (5)
POSB Personal Loan (1 Year Tenure)
8.89%
EFFECTIVE INTEREST RATE
3.88%
FLAT INTEREST RATE
1% of principal amount
PROCESSING FEE
4.0
1 Reviews
- 01 May 2020
Purchased
POSB Personal Loan (1 Year Tenure)
Easy to apply both online or at bank, Funds arrived quickly, got cashline added too so i can spend some more on a rainy day while repaying the loan.0
What are your thoughts?
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Interest Rates for DBS POSB Personal Loan
Minimum gross annual income | Effective Interest Rates (EIR) p.a. |
|---|---|
S$20,000- below S$30,000 | 29.8 % p.a. |
S$30,000 and above | 20.5% p.a. |
Effective Interest Rates (EIR) % p.a. dependent on annual income
Features: Pros and cons of DBS POSB Personal Loan
- Low fixed interest rate from 3.88% p.a. and Effective Interest Rate (EIR) at 7.56% p.a.
- Fixed interest rate of 11% p.a., EIR 20.01% for borrowers with annual incomes of less tan S$30,000.
- Borrow from 4x - 10x your monthly salary
- Loan duration of 1 year - 5 years
- Relatively lower income requirement of S$20,000
- Minimum loan amount of S$500
- Enjoy an easy approval process and get cash instantly when you apply online with an existing DBS or POSB account
- Ideal for higher income borrowers (with at least S$30,000 annual income per annum), as they are offered much more competitive rates.
How does DBS POSB Personal Loan compare?
- For borrowers with annual income below S$30,000, a rate of 11.00%p.a. + 4% processing fee (E.I.R. 20.01%p.a.) will be offered
- Maximum EIR may be up to 20.01% p.a., based on borrowers' loan amount, tenor and personal credit history.
- The maximum loan tenure for foreigners is 2 years
Other Fees: what else to look out for?
- Minimum monthly repayment: 2.5% of the outstanding balance for Cashline, or 3% of the outstanding balance of DBS/POSB Credit Card account ( or S$50, whichever is greater)
- Late payment fee: S$100 for Credit Card personal loan, S$120 for Cashline
- Early Termination fee: S$250
- Annual fee: S$120
- Overlimit fee: S$40
- Prevailing interest rates: 20.5% p.a. or 29.8% p.a.
Eligibility: who can apply for DBS POSB Personal Loan?
- 21 - 65 years old
- Have an annual income of at least S$20,000 for Singaporeans and PR
Contact
- Tel: 1800 339 6666 (POSB)
- Tel: 1800 111 1111 (DBS)
- Visit DBS or POSB's website for more information about the DBS POSB Personal Loan.
Contact us at [email protected] should you require any assistance or spot any inaccuracies.
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