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DBS is a leading bank in Singapore that offers several personal and business banking solutions. Some of the products and services offered by DBS include investments, cards, insurance, loans, retirement plans, etc. The bank offers excellent personal loans for various purposes.
Atleast 21 years
Above 21 Years
Salaried or self-employed with regular income
Earn more than the minimum
Minimum income required
Max loan amount - up to 4X2 your monthly salary or up to 10X2 if your annual income is S$120,000 and above
EMIs of other loans lower
Pay off your credit card bills
Repayment Tenure - 5 years
|Interest Rate||7.99% p.a (5 years)|
|Max Loan Amount||up to 4 times your monthly income|
|Loan Tenure||5 Years|
|Processing Fee||Inclusive of 3% or 4% processing fee|
Let us take a look at the different types of personal loans offered by DBS:
Here are some striking features of the DBS Personal Loan:
Table 1: Find below the interest rates for credit cardholders and Cashline account holders whose annual income is S$30,000 and above and a loan amount of S$5,000:
|Loan Tenure||Applied Interest Rate (AIR) p.a.||Effective Interest Rate (EIR) p.a.||Processing fee|
Table 2: Find below the interest rates for Cashline account holders whose annual income is between S$20,000 and S$30,000 and a loan amount of S$3,000:
|Loan Tenure||Applied Interest Rate (AIR) p.a.||Effective Interest Rate (EIR) p.a.||Processing fee|
DBS Personal Loan is currently not available to foreigners. Only Singapore citizens and Permanent Residents are eligible to apply for this loan.
These are the fees and charges for DBS Personal Loans:
|Late payment fee||S$90 for a Cashline personal loan and S$80 for a Credit Card personal loan|
|Finance charge||Existing interest rate of 29.8% p.a. or 19.8% p.a. for DBS Cashline loan 25.9% p.a. for DBS Credit Card loan|
|Early termination fee||S$150|
These are the fees and charges for DBS Debt Consolidation Plan:
|Late payment fee||S$90|
|Early termination fee||5% of the unsettled loan amount|
These are the fees and charges for DBS Cashline:
|Late payment fee||S$90|
|Minimum interest charge||S$10|
|Minimum monthly repayment||Higher of S$50 or 2.5% of unsettled loan amount|
|Annual fee||S$100 (waived for the first year)|
These are the fees and charges for DBS Balance Transfer:
|Administration fee||6 months||12 months|
|Normal application||3.58% p.a.||6.38% p.a.|
|Online application||2.5% p.a.||4.5% p.a.|
Note: Interest rates are subject to change without prior notice.
The eligibility criteria for DBS personal loan are as follows:
Existing DBS or POSB customers who have a credit card account or a Cashline account are not required to submit any documents to apply for this loan. Customers who do not have any of the aforementioned accounts must submit the following:
You can apply for a DBS Personal Loan in the following ways:
Note: For any further queries regarding this personal loan or application process, you can contact DBS hotline number at 1800 111 1111.
DBS provides updates about the status of your personal loan application by sending an SMS confirmation to your registered mobile number. If you already have a Cashline account with DBS or a credit card issued by the bank, then an SMS will be sent to your mobile number confirming approval.
You can check the designated account to see if the loan amount has been disbursed. A letter of approval will be sent by DBS to your postal address within 3 working days of receiving the SMS.
If you do not have an existing Cashline account or credit card with DBS, an SMS approving your Cashline/card application will be sent to the mobile number you give to the bank at the time of application. Approval letters for the loan and/or DBS Cashline or credit card will also be mailed to you.
Once this is completed, you can apply for your DBS personal loan using your Cashline account or credit card. Checking the approval status of your loan will be the same as it is for pre-existing customers.
Q. What is the maximum loan amount I can borrow under a DBS Personal Loan?
A. The maximum loan amount you can borrow under this personal loan is 95% of your available credit limit.
Q. Will the status of my DBS Personal Loan application be reflected immediately after the bank has made its decision?
A. There is a downtime between 11:45 p.m. and 8:00 a.m. every day during which the status of your application will be in “pending” state. The rest of the day, you will receive your application status immediately.
Q. Can supplementary credit cardholders apply for a DBS Personal Loan?
A. No. Only principal credit cardholders are eligible to apply for the DBS Personal Loan.
Q. If I fail to make the payment on the DBS Personal Loan on time, will the interest on my loan be revised?
A. Yes. In the event that you do not make the repayment on or before your payment due date, your interest on the complete outstanding instalment will be revised to 25.9% p.a. in case of a credit card personal loan and to 19.8% p.a. or 29.8% p.a. for a Cashline personal loan.
Q. How can I cancel my DBS Personal Loan?
A. If you wish to cancel your DBS Personal Loan, you will have to provide the bank with a written notice 30 days in advance. After cancellation, the remaining loan amount will be debited from your DBS or POSB credit card or Cashline account.
Q. How do I apply for a DBS personal loan?
A. You can conveniently apply for a DBS personal loan using the following methods:
Q. I have applied for a personal loan. Why have I not received any update about my loan status?
A. You will receive an SMS update or a notification from the bank once your loan is successfully approved. In case you have not received any updates, you can contact DBS bank using the hotline number to obtain information about your loan status.
Q. How much money can I borrow for my personal loan?
A. You can get a personal loan up to 4 times your monthly salary. If your annual income is S$120,000 or more, you are eligible to get a personal loan of up to 10 times your salary.
Q. I am unable to submit my DBS loan application online. What should I do?
A. If you are unable to submit your personal loan application after clicking the “Apply Now” option, you can access the help and support section on the DBS website. Alternatively, you can download the contact form. You will need to fill up the details pertaining to your loan application and click on the submit tab. A bank representative will contact you to assist you further with your request.
Q. I am an existing DBS customer. How long does it take to disburse a personal loan?
A. You can get a personal loan in three simple steps if you are an existing DBS customer.
You will be notified once your loan is approved by the bank. Since you are existing DBS bank customer, you can expect instant cash into your account. You will receive an SMS once your loan is processed. An approval letter is sent from the bank after an SMS is sent to you. This may take up to 3 working days.
DBS has recently rolled out Jim, Southeast Asia’s first virtual bank recruiter, to mass-recruit relationship managers as it plans to further expand its presence in the region. The bank plans to hire 40% more wealth management officers in 2018 in line with its expansion plans for the vertical in its core markets of Singapore, Hong Kong, China, Indonesia, India, and Taiwan. Jim, an acronym for Jobs Intelligence Maestro, has been developed by Singapore-based startup Impress.AI with inputs and direct involvement from DBS’s Talent Acquisition team.
Being powered by AI, Jim can learn to make better judgements in screening of candidates over time. It has been run as a pilot project since April, and has helped DBS recruiters review resumes, collect answers to pre-screening questions, and has also helped conduct psychometric profiling of candidates. According to James Loo, Head of Talent Acquisition Group, Group Human Resources, Jim can help reduce the workload for the employees working in the human resources department by doing much of the pre-screening jobs that had to be done manually before its introduction. So far, 100 applicants have been asked for their feedback on Jim’s performance and 9 out of every 10 responses have been positive. The bank also plans to roll out Jim for high-volume recruitment assignments in Management Associate and Graduate Associate programmes.
15th June 2018
DBS, one of the largest banks in Singapore, has teamed up with Carousell to develop and set up CarouPay, the new mobile wallet from the online classifieds startup. DBS is well-versed with mobile wallets and has its own wallet, DBS PayLah!, which the bank launched in 2014. The bank has recently invested in Carousell with a view to making checkout processes in e-commerce transactions more seamless. Piyush Gupta, chief of DBS Bank, said that smartphone customers want better integration of banking facilities and e-commerce with their daily lives. He also stated that the bank welcomes the opportunity to make this possible and offer customers better banking services.
Having already launched three marketplaces online since last year, the bank’s investment in Carousell will help expand its ecosystem partnerships on the e-payment and e-commerce platforms. A DBS spokesman said that they have identified over 60,000 offline transaction points in Singapore that can benefit from their payment methods. As of now, many Carousell users make payments to each other using PayLah! CarouPay is a payment system integrated with Carousell’s app. Quek Siu Rui, Chief and Co-founder of Carousell, unveiled the new payment platform at the recently held Tech in Asia conference. It will most likely launch in June 2018. It gives buyers a way to pay sellers directly without relying on third-party platforms to transfer funds. A Carousell spokesperson said that the company aims to improve its features in order to become more beneficial to its customers. Since a majority of users feel that their current payment experiences limit online trade transactions, the company aims to make CarouPay an assured and convenient platform to complete transactions for their customers.
30th May 2018
DBS has announced a Chinese New Year lucky draw, where you can win S$88 with the PayLah! mobile app till 2 March 2018. The first 100 DBS customers stand a chance to win this cash prize. This promotion is available to all new and existing DBS account holders. To get one lucky draw chance, you need to send cash from your DBS wallet account to another individual recipient as an eAng Bao between 25 January and 2 March 2018. The winners for the lucky draw will be announced on 11 April 2018 at 3:00 pm and the amount will get credited by 31 May 2018. If you successfully refer your friend to download PayLah!, then you can earn S$5 for every referral. This amount will get credited to your PayLah! wallet within three business days. Upon successful registration, your referees will also receive S$5 in their wallet on the same day. This promotion is valid for the first 40,000 referrals till 28 February 2018.
20th February 2018
DBS has rejected the rumours of partnership with Jubilee Cryptocurrency Exchange to create a new cryptocurrency “DGCoin”. Media reports had speculated that DGCoin would create a decentralised online infrastructure for banking and financial services.
04th January 2018
DBS Bank in Singapore has partnered up with Equinox to transform its banking to cloud computing in one of its centres. By doing this, the bank aims to cut down the costs by 75%. Cloud computing refers to hosting, managing data over the internet for a specified fee.
Mr David Gledhill who is the chief information officer and head of technology and operations feels that cloud computing can help deliver more products to customers at a faster pace and bring down the carbon footprint significantly. In order to cut down the costs, DBS has been transforming its platform to cloud-based computing in recent years.
Cloud technology is already implemented by the DBS Digibank online mobile banking systems in India and Indonesia. DBS iWealth portfolio management and the DBS car market place is also incorporated into cloud technology. DBS aims to shift half of its computing workload to public cloud by next year. The bank stated that most of the DBS employees are currently using Microsoft-based cloud tools.
30th November 2017
One of Southeast Asia’s leading banks, DBS, claims to have the largest API (application programming interface) platform which has more than 155 APIs. It allows developers to plug in to these APIs to create an array of services.
DBS Bank’s executives revealed to the media that they have the world’s largest API platform, having counted their rival banks’ APIs. The CIO of DBS group said nine years ago they started working towards transforming themselves into this agile environment and improving their technology infrastructure.
To stay competitive and loyal to their customers, finance sectors are in a gold rush, since they are supposed to ramp up their fintech and digitisation proceedings.
With this achievement, DBS Bank is expecting customers from many other organisations that provide financial services like fund transfers, payments or payroll processing. DBS said more than 50 companies have already hopped onto their platform. This list includes companies like McDonald’s, AIG, PropertyGuru, Homage, soCash, and FoodPanda.
PropertyGuru is working with DBS’s API to assist their customers on instant loan affordability. McDonald’s is also using DBS’ API under the PayLah payments that enable PayLah payment option to McDelivery customers.
09th November 2017
To decide on the best financing option, it’s ideal to analyses the purpose for which you would need it. Asking yourself these question can help you decide on which one you want to use.
• What is the amount that you need? If it is a big amount, it could exceed your credit limit and you would have to consider a personal loan. At the same time, if the amount is small, maybe you could use your credit card instead.
• How long will you take to pay it back? Small amounts that you can pay back in a month or two can be taken care of by a credit card but if it’s a big amount, and you will take longer to pay it back, a personal loan could be more suited to the purpose.
• What is the interest rate? Credit cards come with higher interest rates than personal loans, so if you want to keep your expenses down, you should consider a personal loan over a credit card purchase.
31st October 2017
DBS offers customers the FHR9 package at a fixed deposit rate of 0.25% p.a. for a period of 9 months. The FHR9 is applicable for amounts ranging between S$1,000 and S$9,999 or any other amount specified by the bank. FHR is referred as a board rate as it is calculated internally.
Top benefits of DBS FHR9 package:
• Fixed deposit interest rate is simple to calculate
• Interest rates are available openly on DBS website
• You get to enjoy a fixed rate for a specific duration
• FHR9 is a transparent board rate in comparison to other banks
• Offers stability with fewer fluctuations
What makes FHR9 package the most preferred home loan rate?
The Singapore Interbank Offered Rate (SIBOR) is finalized with the help of minimum 8 banks. It varies on a daily basis. In comparison to SIBOR, the FHR9 is much simpler to determine. Also, the interest details are easily accessible on the bank’s website. SIBOR is more volatile when compared to the FHR9 package.
06th October 2017
Everyone wishes to make big-ticket purchases. Several electronic gadgets including laptops, home appliances, furniture and high-end smartphones usually cost more than the average. The question of how to effectively pay for these big ticket purchases is often posed. Here are some tips to effectively pay for big-ticket purchases while not feeling too burdened on the cost of the purchase.
Credit card instalment plans: Several banks offer credit cards that come with the 0% instalment plan feature. Under these plans, no interest is charged on the purchase and the entire cost of the product or service purchased, can be converted into easy monthly repayment options. In the recent past, credit card instalment plans have become quite popular in helping customers make big-ticket purchases.
A personal loan: While a personal loan for a big-ticket purchase isn’t too recommended, they do work well, as personal loans come with lower annual interests than credit cards. Moreover, most banks give you the option of pre-closing your personal loan, making a personal loan quite a good option to pay for big-ticket purchases.
Instalment plans offered by the merchant: In many cases, the merchant offers instalment plans to help customers pay for big-ticket purchases. Enquiring about available plans will help deal with these purchases effectively.
Balance transfers: Balance transfers are another effective way to cope with the financial impact after making a big-ticket purchase. Many banks that offer the balance transfer facility allow for a 6-month or 12-month interest free repayment period.
04th October 2017
DBS launches a banking integration driven by API along with Xero, an online accounting software company. With this partnership, SMEs (small and medium sized enterprises) can now get their financial information up-to-date without the requirement of entering any manual information or reconciling banking transactions.
This integration is one-of-a-kind because usually SMEs are usually required to apply to integrate their account by filling forms, a process that can take up to 10 days. Therefore, through this Fintech collaboration, businesses will be better informed with respect to their investment and other business decisions without making errors due to cash flow balances.
16th August 2017
Runtime - This is an ongoing promotion that is valid until June 30, 2016.
Particulars – Apply online for DBS Cashline within the promotion period and get SGD 20 cash into your Cashline account.
Terms and Conditions:
• Approved accounts will receive SGD 20 in their deposit accounts, 60 days after the elapse of the promotion.
• To be eligible, applicants must submit their applications through iBanking and the online form for Cashline and the application must be approved by July 15, 2016.
• For further details on this promotion or for more information on the terms and conditions, please contact DBS bank.
DBS has launched a new service wherein SMEs (small and medium enterprises) can apply for a banker’s guarantee directly online and it will be delivered straight to their doorstep. DBS has described their service as a “first in Singapore” where SMEs can get an instant indication of bank fees by using an indicative fee calculator online when submitting their online application. The bank is also of the opinion that this service is expected to benefit over 1000 SMEs in a year.
Although DBS did not get into the pricing details of this service, they did mention that SMEs can expect fee waivers of SGD 100 and free delivery service for the documents until the end of the year (December 31, 2016).
17th May 2016
DBS has launched an internal investigation to determine why its online banking services were down for a period of 3 hours the morning of 23 Dec, 2015. This downtime affected all the transactions that require the customers to provide a One Time password (OTP) generated with the help of their DBS security tokens and these services included paying bills, transferring funds and checking balances of accounts. When the users entered the OTP that was generated with the help of their security tokens, they got an error message which indicated that they had entered the wrong password.
23rd December 2015