DBS Bank is one of the leading banks in the world which was established in the year 1968 by the Government of Singapore. It was set up in order to take over industrial financing works from Economic Development Board. Currently, DBS Bank has spread all over the island and has more than a hundred branches. According to the assets it holds, DBS Bank is considered to be the biggest bank across South East Asia. The bank has got a very strong foothold in different financial sectors that include markets and treasury, securities brokerage, debt fund raising, equity, asset management and consumer banking. DBS cares about its customers and, hence, offers financial solutions that are extremely beneficial to them. The bank has been providing top class service since the day it commenced its operations. Even now, the bank never fails to offer products and services innovative, customisable and come at an affordable price.
With a personal loan from DBS Bank, you can avail an amount that is two times your monthly earning if your annual income is between SGD 20000 and SGD 30000. If your annual income is between SGD 30000 to SGD 120000, then you can get a loan amount of up to four times that of your monthly income. You can also enjoy a loan amount of up to ten times of your monthly income, considering the fact that your annual income is above SGD 120000.
In order to be eligible for a Personal Loan from DBS Bank, there are certain criteria that the applicant must meet. They are as follows –
- The applicant must be a citizen of Singapore or a Singaporean permanent resident as this personal loan from DBS Bank is offered to no one else other than the aforementioned people. Even the existing POSB Loan Assist, POSB Loan Assist Plus and DBS Cashline customers are not eligible for this particular personal loan scheme
- The minimum age to qualify for the dbs personal loan from DBS bank is 21 years, whereas, the maximum age requirement for the scheme is 65 years
- The applicant must have an income of SGD 20000 or more than that, on a yearly basis, to be eligible for the personal loan
Factors affecting DBS bank Personal Loan Eligibility criteria
- Nationality – DBS is a Singapore based bank and never fails to offer great financial solutions for the customers. The products come with a myriad of perks and features and are pretty much affordable too. However, the bank offers this product only for the permanent residents of Singapore and the Singaporean citizens. Hence, the nationality factor comes into play. For the applicant to be eligible for the personal loan scheme, he must be Singaporean citizen or a permanent resident.
- Age – Your age is a crucial thing that determines your eligibility towards the personal loan scheme offered by DBS Bank. This factor is taken into consideration by all banks when offering a service or a product. Being an applicant, you can apply for the personal loan at an age of 21 years when you are planning to start a career of your own, till the age of 65 years when you are, possibly, planning your post retirement plans.
- Credit Score – The credit score is a very important factor when it comes to loan eligibility. The score explains a lot about your financial status. Banks like to see a good credit score as it makes them believe that you have the capability to repay a debt or a loan. The score is based on the debt to income ratio that you have.
- Annual Income – All the banks need to know the applicant's income before they approve of a loan amount. You repayment capabilities are directly proportional to the income that you have. It is an obvious fact that the banks will not entertain potential defaulters. A sustainable and consistent income is the proof that the applicant can afford the rates of interest offered by the bank. To avoid any situation involving late payments or no payments by an applicant, DBS Bank has set a minimum income criteria to be eligible for the personal loan. If only a person earn at least SGD 20000 per annum then he can avail DBS personal loan
- Employer – When you make an application for a personal loan the bank may ask you to furnish documents about your current employer. The goodwill and reputation of your employer matters a lot in the process of loan approval. At DBS Bank, you will have to provide documents for CPF Contribution History, computerised payslips, etc. which will prove your employer’s existence.
- Employment – Whether you are self-employed individual or a salaried employee, you will have to produce required documents establishing the status of your employment when you are applying for a personal loan from DBS Bank. The status of your current employment will not only reflect your stability, but also, will prove the consistency of your income. Documents such as valid work permit, income tax assessment notice, payslips, etc. have to be furnished when you apply for a DBS personal loan.
How to increase your loan eligibility criteria?
If you find that your current income does not make you eligible for a personal loan from DBS Bank then you have to find ways you increase your income. You could think of changing a job or might as well wait for a hike. Your credit score also plays a very important role in deciding the eligibility for a personal loan. You must clear your credit card bills on time and avoid late payments as much as possible. Late payments not only add penalty charges but also affects your credit score and credit history. Check your credit report from time to time and work towards improving your credit score.
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Frequently Asked Questions
- Are existing DBS Cashline customers eligible for this personal loan?
No. DBS Cashline customers, along with POSB Loan Assist and POSB Loan Assist Plus customers are not eligible for this personal loan scheme.
- What is the minimum age requirement for an individual to apply for a DBS personal loan?
To be eligible for a DBS personal loan scheme, the applicant must be at least 21 years old.
- Can the foreigners apply for a personal loan from DBS Bank?
No, the foreigners cannot apply for a personal loan from DBS Bank. This personal loan is designed
- What is the maximum amount that I can avail from DBS bank personal loan scheme?
The maximum amount that you can get from a personal loan scheme offered by DBS Bank is ten times your monthly income, considering your annual income is more than SGD 120000.
- What is the minimum annual income limit to be eligible for this personal loan scheme?
The minimum income that a Singaporean permanent resident or a citizen of Singapore must be at least SGD 20000 per annum.
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