Cash woes? A personal loan to the rescue!
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    We found 1 DBS Personal Loan Review: Enjoy Instant Approval and Fast Cash Disbursal
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    Interest Rate
    Loan Tenure
    Joining Perks
    From 3.88% p.a. EIR from 7.56% p.a.
    1-5 Years
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    Personal Loan BYTES FROM OUR KITCHEN

    DBS Personal Loan Review: Enjoy Instant Approval and Fast Cash Disbursal


    With the right credentials, securing a personal loan may not be difficult. But, how do you make sure that you have the right loan? With DBS loans, you may not have to worry as much because you’ll enjoy most of the benefits that you want — low interest rates, low fees and charges, fast approval, convenient payments schemes, and a large number of options to choose from. Whether you’re more comfortable with fixed monthly payments or with a standby cashline that offers a continuous supply of cash, you’ll find them all here.

    What Are the DBS Loan Options Available to You?

    Look around and you’ll realise that your reason for taking a personal loan and someone else’s reason for taking a personal loan is probably just as different as chalk and cheese. Whether an all-purpose personal loan truly exists is still open to debate. However, if decide to go for a DBS loan, here are your options:

    • DBS Personal Loan: This loan can be a great option for your big-ticket purchases or investments. You can borrow up to 10x your monthly income, subject to conditions, and get instant approval, provided you fulfil certain criteria. Interest rates can be as low as 3.88% p.a. on this loan.
    • DBS Debt Consolidation Plan: When you have accumulated substantial debt, clearing it at one shot can become extremely difficult because interest keeps on piling on top of the unpaid principal. This product can help you rein in on your debt. Nominal interest rate starts from 3.98% p.a. on this loan. The tenure can go up to 8 years.
    • DBS Cashline: This standby line of credit could be a great option for those who know that they may need money for a series of financial emergencies but aren’t sure when such needs would arise. Pay interest as low as 0.05% per day. No interest will be charged on unused credit. Get up to 10x your annual income with this loan, subject to conditions.
    • DBS Balance Transfer: Have you amassed a large debt on your credit cards? Why should you carry it like a millstone around your neck when you can simply transfer it to a DBS card and enjoy 0% interest? You can choose a 6-month tenure or a 12-month tenure. If you apply online, currently you’ll enjoy an exclusive administrative fee rate. It is 2.5% for 6 months and 4.5% for 12 months.

    Flexible Tenure, Competitive Rates: Can DBS Loans Be Useful to You?

    While it is true that you may only be able to appreciate the usefulness of a DBS loan once you have used it yourself, you can still form a fair idea of what to expect from these loans by checking out the following features and benefits of these loans:

    • Maximum loan amount: If you wish to use the bank’s balance transfer facility, you can use up to 93% of the limit available to you, subject to a maximum of S$200,000. For the instalment loan and line of credit, the loan amount may not exceed 95% of the credit limit available. For a DCP loan, the bank may grant an amount equal to the outstanding balance on your existing unsecured credit facilities and an additional allowance of 5%, if you’re applying for this type of loan for the first time. The bank reserves the right to decide upon the loan amount at its own discretion and can approve an amount lower than what you have applied for.
    • Minimum loan amount: With the bank’s instalment loan and the balance transfer arrangement, you may not be able to borrow any amount that is less than S$500. The loan amount for a DCP loan has to exceed 12x your monthly income in accordance with the DCP regulations in Singapore. If you have a line of credit, you can borrow as little as possible and whenever you want.
    • Loan repayment period: For instalment loans, the tenure can be between 1 year and 5 years. For a DCP loan, payments can’t be stretched beyond 8 years. You can choose one of the two tenure options with the bank’s balance transfer credit arrangement — 6 months or 1 year. For a credit line, there is no fixed tenure. Continue to pay the minimum amount due at the end of each month to keep the account active.
    • High interest savings: With DBS loans, you’ll enjoy low interest rates. This may help you lower your monthly payments appreciably.
    • Turnaround: Provided you have submitted a fully completed application and the bank has no further queries, the processing of your application may happen instantly. Cash disbursal, in most cases, is also very fast. For DCP loans, money won’t be credited to a savings account nominated by you but will directly be disbursed to your existing creditors for settlement of the interest-bearing dues.
    • Better financial planning: When you have one of these loans, you may be able to introduce better planning to your financial transactions and ensure that your monthly budgets look more balanced.
    • Promotional offers: The bank runs promotions for its new and existing loan customers from time to time. If you apply during the qualifying period of a promotion and satisfy the prerequisites, you may receive fee waivers, vouchers, cashback, lower interest rates, and more. Don’t forget to keep an eye out for the expiry dates.
    • Credit report: You may collect a FREE copy of your latest credit report from Credit Bureau of Singapore by submitting a letter of approval or rejection that you may have received from the bank. You may, however, have to do it within a specified number of days of loan approval/rejection.

    Borrow in a Cost-Effective Manner From DBS Thanks to Low Interest Rates

    High interest rates can neutralise the utility of a loan to a great extent. You’re probably not the only person who worries about high interest rates. You may want to keep DBS loans on your list of options if you wish to lower your monthly interest commitments.

    Here’s an interest rate range for various DBS loan products:

    Loan Product Applied Interest Rate Effective Interest Rate
    DBS Personal Loan Starts from 3.88% p.a. Starts from 7.56% p.a.
    DBS Debt Consolidation Plan Starts from 3.98% p.a. Starts from 7.23% p.a.
    DBS Cashline - Starts from 19.8% p.a. or 0.05% per day
    DBS Balance Transfer Currently 0% p.a. Between 5.06% p.a. and 5.34% p.a. currently (promotional offer)

    How Affordable Are the Fees on the DBS Loans? Get an Idea Here

    DBS usually charges certain fees on the personal loans offered by it. The fees that commonly apply to almost all its loans are:

    • A processing fee/administrative fee.
    • A late payment fee.
    • A prepayment charge.
    • An overlimit fee.
    • Service charges, where applicable (could be in relation to cheques, GIRO payments, etc).
    • Default interest charges.
    • Minimum monthly payments, where applicable.

    Refer to the specific personal loan pages on our website to know more about the fees that may apply.

    Cogitate on the Following: Interest Rate Offered to You Could Differ From Published Rates

    Before going through with your loan application, don’t forget to consider the following points:

    • The interest rate offered to you may depend on your personal credit profile and may be different from the published rates. The loan amount can also be lower than what you have applied for.
    • Instant loan approval are subject to conditions and will only happen if you fulfil them all.
    • The bank may not allow partial prepayment of a loan.
    • You’ll be held liable for expenses related to legal proceedings, if any.
    • Most of these loans have a lower and upper borrowing limit.
    • Transactions related to balance transfers or loan payments that you charge to your DBS/POSB cards may not be eligible for rewards.
    • Once your loan application has been approved, you may not be allowed to restructure it.

    For product-specific terms and conditions, please refer to the individual pages on our website.

    Check the Loan Prerequisites Before You Apply

    Your loan application may be rejected if you don’t fulfil one or more of the following criteria:

    • You’re a citizen or PR of Singapore. If you’re a foreigner, you may not be eligible certain personal loan products offered by DBS.
    • The minimum annual income requirement is:
      • Between S$30,000 and S$120,000 for DCP loans.
      • S$20,000 and above for personal loans.
      • S$20,000 and above for line of credit loans.
    • You have to be aged between 21 years and 65 years for most of these loans. For the Cashline loan, the bank may relax the maximum age criterion to 70 years.

    For more information on DCP loan eligibility criteria, please click here.

    You may have to submit the following documents to support your application:

    Want to Apply? Use Any of These Modes of Application

    To submit your application, you may:

    • Make an online application.
    • Contact the telesales division of the bank.
    • Leave your details with the bank. The bank will get in touch with you.
    • Apply on our website if you’re considering the DCP loan option.

    Life can become complicated with unsettled debts. A high debt burden ratio is something to be worried about. Forget the math, which is obviously scary! Can you enjoy life knowing that you owe someone out there some money? Movies, popcorn, or foreign holidays — nothing would probably feel as magical as they should. DCP loans can help you take back control of your life by solving some of the biggest financial concerns. Try them yourself to experience the convenience.

    News About DBS Personal Loan

    • DBS Introduces Southeast Asia’s First Virtual Recruiter Jim

      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 Ties-up with Carousell to Develop and Implement Mobile Wallet CarouPay

      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 and PayLah! Announce S$88 Lucky Draw for CNY

      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 Denies Reports of Partnership with Jubilee Cryptocurrency Exchange

      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 to cut down the costs with cloud-based technology in Singapore

      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

    • DBS Bank presents the world’s largest Fintech API platform

      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

    • How do you choose between a credit card and personal loan?

      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

    • How is DBS FHR Home Loan Rate Different from the Other Home Loan Rates?

      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

       
    • Means you can use to pay for big-ticket purchases

      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 continues to enhance digital practices

      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

    • DBS Cashline Promotion

      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 Launches Online Banker’s Guarantee Application Survive for SMEs

      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 Examining the Cause of 3-Hour Online Service Disruption

      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

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