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    DBS Cashline Instalment Loan Singapore

    Among the most reputed local banks in Singapore is the DBS Bank. DBS’s financial products are consumer-friendly and convenient. DBS is known for innovative financial products, one of which is the Cashline Instalment Loan. Cashline is a line of credit that will allow you to have access to ready cash whenever you need it. Let us examine the various features, fees and charges, and application procedures of this personal loan.

    Features and benefits of DBS Cashline Instalment Loan

    The following are the key features and advantages of this loan product:

    • DBS is currently running a promotional offer under which you can get cashback of up to S$180 if your Cashline account request is approved by 31 July 2017.
    • You can get a loan amount of up to 4 times your monthly salary if your annual income is S$20,000 or more, and up to S$10 times if your annual income is S$120,000 or more.
    • You can use the money whenever you need it and don't have to withdraw the whole amount in one go.
    • You can withdraw money in several ways, such as online funds transfer, cheques, or via ATMs. There is no withdrawal fee on this.
    • You don't have to pay interest on the whole credit amount. You only need to pay for the amount that you use from the account.
    • You can increase your Cashline amount with an auto top-up facility that links your DBS savings or current account with the DBS Cashline Instalment Loan account, and tops up the credit line amount if it goes below the minimum requirement.

    Eligibility criteria for DBS Cashline Instalment Loan

    To apply for the DBS Cashline, you need to:

    • Be a minimum of 21 years old;
    • Have an annual income of at least S$20,000;
    • Be a Singaporean or a Permanent Resident

    How to apply for DBS Cashline Instalment Loan

    You can apply for the DBS Cashline either online or at a bank branch. When making an online application, you need to submit a fully filled application form and upload the required documents. If you already have a DBS account, you can apply using your iBanking login details. You can even apply through a DBS or POSB ATM using your ATM or debit card and PIN.

    When applying offline, ensure that you go to the bank with all the required documents. You can also ask the bank to get in touch with you by leaving your contact details on the website. If the application is approved, a Cashline account will opened in your name and the loan amount will be credited to it within 1 or 2 days.

    Fees and charges for DBS Cashline Instalment Loan in Singapore

    • Interest rate: 19.8% p.a. if your income is S$30,000 or more per year; 29.8% p.a. if your annual income is S$20,000 to S$29,999
    • Interest rate on late payment: 6% more than the prevailing rate
    • Annual fee: S$100, not applicable for the first year
    • Minimum interest charge: S$10
    • Minimum monthly payment: The higher of S$50 or 2.5% of the balance
    • Late payment fee: S$105
    • Over limit fee: S$40

    Required documents for the loan scheme

    You need to submit the following documents to the bank to get an approval for your Cashline application:

    • NRIC copy of both the sides
    • Latest computerised payslips
    • CPF contribution history for the most recent 12 months
    • Income Tax Notice of Assessment for the most recent 1 year for salaried persons and for 2 years for self-employed persons

    How to manage your DBS Cashline Instalment Loan

    You can get all the information regarding your Cashline Instalment Loan account and manage it as per your convenience through DBS online or mobile banking. If you link your Cashline account with your savings or current account existing with DBS, the process becomes even easier. Since you don’t need to pay any interest for unutilised money lying in your account, it is a very useful line of credit to have for any kind of emergencies.

    FAQs

    1. Do I get a chequebook with a Cashline account?
    2. No, but you can request for a chequebook through DBS or POSB branches.

    3. Can I make GIRO transfers through a Cashline account?
    4. Yes, you can.

    5. What happens if I exceed my credit limit?
    6. You will be charged an over limit fee and you will be required to repay the amount you borrowed over your credit limit by the due date next month.

    7. Can I make payments towards the Cashline account through iBanking?
    8. Yes you can. You can also pay using the DBS Digibank app, at AXS or SAM stations, through DBS or POSB ATMs, and via cheque or cash.

    9. Do I get an ATM card along with the Cashline account?
    10. Yes, you do. This will help you make convenient cash withdrawals from the account whenever you need it.

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