Dash Advance personal loan is a personal loan product launched by a partnership comprising Standard Chartered Bank and SingTel. This is one of the new-age personal loans offered in Singapore. You can apply for this loan anywhere and anytime simply by using your mobile phone.
You may use this loan product to fund all your needs and requirements such as education, wedding, home renovation, etc. When you choose Dash Advance, you can get money instantly when you need it the most.
Features and benefits of Dash Advance personal loan
Let us take a look at the key features and benefits of Dash Advance personal loans:
- You will get funds of up to 4 times your monthly income.
- You can enjoy a flat interest rate of 5% p.a. when you apply for loan amounts that are lower than S$75,000 ranging over 3 years.
- The interest rates for Dash Advance personal loans are as low as 4.98% p.a.
- You do not have to stand in any long line at the bank to apply for this loan. You can apply for this loan simply by installing the Singtel Dash app on your smartphone. You only need to follow the step-by-step process to take the loan.
- The minimum loan amount is S$1,000 and the maximum loan amount is S$200,000.
- You can take this loan for 1 year. This is the minimum loan period.
- You can take the loan for up to 5 years.
- You can get this loan approved in a very short period. You will be able to obtain an approval-in-principle within just 1 minute.
- This loan product offers debt consolidation.
- If your annual income is S$30,000 and above, your loan amount will be 4 times your monthly income.
- If your annual income is S$20,000 and above, you can take a loan of up to 2 times your monthly income.
- You may also get gifts when you apply for this loan. Depending on how much you apply for your loan, you may win a Samsung Galaxy Tab 3, a Canon EOS, or an American Tourister DC Superlite II.
Let us take a look at the eligibility criteria for Dash Advance personal loans:
- You will have to be at least 21 years old and not older than 65 years old.
- You will have to be a Singapore citizen or a permanent resident.
- If you are a foreigner working in Singapore, you will need a valid employment pass.
- This personal loan product has a minimum income requirement. You should earn at least S$1,667 gross every month.
- If you are a Singapore citizen or a permanent resident, your annual income should be at least S$20,000.
- If you are a foreigner working in Singapore with an employment pass, you will have to earn at least S$60,000 p.a.
- There is no mandatory requirement for a collateral.
- You will not be required to link to your existing bank account in order to procure this loan.
The interest rate for Dash Advance personal loans is one of the lowest interest rates in Singapore. The interest rate will range from 4.98% to 10.8% p.a.
Fees and charges
Let us take a look at the fees and charges that you will need to pay when you apply for a Dash Advance personal loan:
- You will not have to pay any processing fee while applying for this loan.
- You will have to pay an annual fee of S$199. This annual fee will be reduced from the loan amount that has been approved to you.
- The subsequent annual fee will be S$50 which will be cancelled if you make your monthly payments promptly.
- You will be allowed to settle your Dash Advance personal loan early. However, you will be required to pay prepayment fees. You will have to give 3% of your remaining principal amount or S$250, whichever is higher.
- If you make any delay in repaying your loan, you will have to pay S$60 as a late payment fee.
- Whenever you make any change in your repayment period, you will have to pay S$50.
When you apply for this loan product, you will have to mandatorily submit certain important documents. When you are applying online or on your mobile phone, you can upload scan copies of your documents. Let us take a look at the different documents that you will have to submit:
For salaried employees:
- A copy of your most recent payslip from your current employer or
- Your CPF Contribution History Statement for the last 6 months or
- A copy of your most recent Income Tax Notice of Assessment
For employees of a non-multinational company:
- One photo of your NRIC (both the sides) or your passport for Singapore permanent residents
- Scanned copies of your income documents
For individuals who earn commission:
- Your payslips for the most recent 3 months or
- Your CPF Contribution History Statement for the most recent 6 months or
- Your most recent Income Tax Notice of Assessment
For individuals who are self-employed:
Your most recent Income Tax Notice of Assessment (You must have been in business for at least 2 years)
When your residential address is different from the address given in your NRIC:
- Your most recent bank or credit card statements
- Your most recent utility bills and tax bills
- Your most recent mobile phone or TV payment statements
- Your rental agreements that mention your current address
- A letter from your employer that states your current address
- Any document issued by the government that mentions your residential address (CPF, ICA, and IRAS)
How to calculate EMI for Dash Advance personal loan
You can use the online loan calculator available on all banking websites. You need to key in the loan amount that you want. Next, you will have to fill the loan tenure. You can also enter your monthly income. Depending on the interest rate of the loan, you will arrive at the monthly payment that you will need to make.
How to apply for Dash Advance personal loan?
You can apply for this loan product by installing the Singtel Dash app on your smartphone from your Google Play or Android app store. We would like you to know that you will have to provide your NRIC or employment pass or FIN or work permit number in order to register after downloading the app.
- What is the minimum amount required to apply for Dash Advance personal loan?
The minimum amount required to apply for a Dash Advance Personal is S$1,000.
- How long will it take for my loan to get approved?
You will get an approval-in-principle in 1 minute when you apply online.
- What is the interest period for Dash Advance personal loan?
For this loan product, your interest will be charged from the day your loan is disbursed until your loan installment period expires.
- Will I have to pay any amount to use the Singtel Dash app?
No, you do not have to pay any money to utilise the Singtel Dash app.