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    DBS and POSB Credit Cards Instalment Loan

    POSB is a famous bank in Singapore that offers several consumer banking services. It provides services to customers as a part of DBS, another popular bank in Singapore. POSB and its subsidiaries were acquired by DBS. Both the banks provide similar banking services now.

    You can get great cash advances from DBS or POSB in Singapore within your available credit limit. With your DBS or POSB credit card, you can obtain instant cash whenever you are in need of funds. When you go for this type of loan, you can repay your loan flexibly. You can choose your repayment mode according to your financial condition. You can repay your loan in installments. This loan is introduced so that you can take a loan with a DBS or POSB credit card.

    A credit card installment loan is a loan that is linked to the borrower’s credit card. It is repaid within a particular period in different installments. The installment periods are usually fixed in nature. The loan amount of such a loan is usually determined by the available credit limit of the borrower. The borrower can also obtain cash instantly with the help of this product.

    Features and benefits of DBS or POSB Credit Card Installment Loan

    Let us take a look at the features and benefits of DBS or POSB Credit Card Installment Loan:

    • You can select a loan amount depending on your available credit limit. Your loan amount cannot be higher than 95% of your available credit limit.
    • You do not have to worry about any minimum withdrawal amount.
    • You will get cash immediately after you apply for this loan product.
    • The amount you withdraw from your cash advance is linked to your available credit limit.
    • You can select your loan period. You have the option of choosing from 60, 48, 36, 24, and 12 months.
    • You will have to pay a processing fee of 2% while applying for your credit card installment loan.
    • Your credit card installment loan will be approved only if your credit card account is maintained efficiently and if you do not breach any terms and conditions of your DBS credit card.
    • You can apply for this loan only if you are the primary cardholder.
    • You can take any number of installment loans with your DBS or POSB credit card account.

    Interest rate table

    The interest rate is calculated through a flat rate method for a certain period and this will remain the same throughout the loan period. Let us take a look at the interest rates for DBS or POSB Credit Card Installment Loan:

    Loan period Effective interest rate Interest rate
    12 months 16.20% p.a. 6.99% p.a.
    24 months 14.66% p.a. 6.99% p.a.
    36 months 13.96% p.a. 6.99% p.a.
    48 months 13.50% p.a. 6.99% p.a.
    60 months 13.14% p.a. 6.99% p.a.

    Fees and charges

    Let us take a look at the list of fees and charges for DBS or POSB Credit Card Installment Loan:

    • If you make any delay in repaying your loan, you will have to pay a late payment fee of S$60.
    • If you clear your loan before your loan installment expires, you will have to pay an early termination fee of S$150.
    • Your minimum monthly payment will be as follows:
      • You will have to pay S$50 OR
      • The amount equivalent to 3% of the remaining balance in your DBS or POSB credit card account
    • If you do not make your minimum monthly payment on time, you will be required to pay a late payment fee.
    • Your finance charge will be 25.9% p.a. If you do not pay your installment amount fully before the due date, you will have to pay this finance charge along with the complete installment amount even if you have paid the installment amounts in parts.
    • Your monthly installment amount as well as processing fee will be deducted from your DBS credit card account directly.
    • The bank does not allow you to make partial prepayments.

    Explore Other Products offered by DBS Bank:

    FAQs

    1. How do I apply for DBS or POSB Credit Card Installment Loan?
    2. You can apply for DBS or POSB Credit Card Installment Loan by visiting the official website of the bank. You can apply online or by calling the customer care number or by visiting the nearest DBS or POSB bank branch.

    3. Does the bank have any minimum withdrawal amount?
    4. No, there is no minimum withdrawal amount when you select the cash advance withdrawal. You will be allowed to withdraw only up to S$3,000 on a single day from any DBS or POSB ATM.

    5. How can I go for a cash advance withdrawal if I forget my DBS or POSB credit card PIN?
    6. You should call the POSB Customer Service Hotline. They will give you your PIN and then you can make your cash advance withdrawal.

    7. Will I have to pay a processing fee to procure a DBS or POSB Credit Card Installment Loan?
    8. Yes, you will be required to pay a processing fee of 2% while applying for this installment loan.

    Read More about Personal Loans in Singapore

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