Cash woes? A personal loan to the rescue!

    DBS Cashline Instalment Loan Review – Enjoy One of the Highest Borrowing Limits

    Generally, you can’t borrow more than 4 times your monthly salary with a personal loan subject to your income, and the applicable terms of the offer. With this personal loan, however, you can borrow up to 10x your monthly salary, subject to fulfilment of conditions.

    Putting off an important event, due to lack of funds, is often the end of it. When you have a reliable loan option such as the DBS Cashline term loan, you may not have to nip it in the bud. You may also stand to benefit from the affordable interest rates and fast cash disbursal.

    High Borrowing Limit, High Interest Savings: Enjoy Attractive Loan Benefits and Features

    What, according to you are the most important markers for selecting the right loan? You would, in all probability, name ‘loan amount’, ‘interest rate’, ‘turnaround time’, and ‘tenure’ as the most important parameters for selection.

    • Maximum loan amount: Subject to conditions, you may be able to borrow up to 10x your monthly earnings. In any case, you may not be granted a loan that exceeds 95% of the credit limit available on your DBS Cashline account or DBS card.
    • Minimum loan amount: The loan amount can’t be less than S$500 or a value that is fixed by the bank at its absolute discretion.
    • Flexible tenure options: The tenure of your loan can be from 1 year to 5 years.
    • Multiple term loan applications: There is no limit on the number of loans that you can apply for or maintain per Cashline account.
    • Fast turnaround: The turnaround time for an average loan application is extremely fast, provided the eligibility criteria are met. Incomplete documentation can, however, lead to delay.
    • Low interest rate: The flat interest rate on this loan could be as low as 3.88% p.a.
    • Low processing fee: Currently, you’ll have to pay a low processing fee of 1% on the loan.
    • Free credit report: Submit the letter of approval or rejection of your loan application to the Credit Bureau within 30 calendar days to receive a FREE, up-to-date credit report. You may either complete the process on the Credit Bureau website or visit its registered office.

    Apply for Personal Loan from DBS Today to Enjoy Fee Waivers and to Win Vouchers

    Currently, the bank is running two promotions for new-to-bank customers. If you satisfy the terms of the promotions, you can get a full waiver on processing fee and also receive NTUC vouchers worth S$120.

    1. If you haven’t had association with DBS in the past and you apply for a Cashline instalment loan, you’ll receive NTUC vouchers worth S$120. However, in order to be eligible for this promotion, you’ll have to apply for a loan amount of S$3,000 at least in a single promotion.
    2. If you apply for a loan amount of S$30,000 at least, you’ll enjoy a full waiver on processing fees, capped at S$1,000. This promotion will be available to you irrespective of whether you’re applying for the instalment loan via your Cashline account or through your DBS card. Whether you apply for S$30,000 or more through a single application or multiple applications on the same day, you’ll be considered for the promotion.If you make multiple instalment loan applications on the same day or different days, the one which is approved at the earliest, would be considered for the promotion.
    3. Both the promotions are valid until 31 December 2018.

    Enjoy High Interest Savings With This Term Loan

    High interest rates can often ruin your plans of getting an affordable personal loan. Your search for the right loan may end now. The flat rate of interest on this DBS loan starts from 3.88% p.a. and the effective interest rate (EIR) starts from 7.56% p.a. Compared to other forms of credit, you can expect to save substantially when you apply for this loan.

    [Disclaimer: The numbers used here and the results arrived at, are for illustrative purposes only and could be different from the actual results.]

    Fees and Charges That May Apply to Your Loan

    Processing fee 1%
    Late payment fee S$105
    Early termination fee S$150
    Minimum monthly payment 2.5% of the outstanding balance, subject to a minimum of S$50
    Default interest rate 19.8% p.a. or 29.8% p.a. (if you don’t clear the outstanding balance on time)

    Keep in Mind: Loan Application for Any Amount Below S$500 May Not Be Accepted

    When funds dry up and become hard to come by, desperation can seem to be the only solution. However, acting reckless can only exacerbate your situation and make things ugly. While the benefits of this loan can’t be denied, make sure that it’s the loan that you really want.

    • You may not be able to borrow any amount less than S$500.
    • You may not be able to secure a loan that exceeds 95% of the credit limit approved on your DBS card and/or Cashline account.
    • If you’re a foreigner, you may not be granted a loan tenure in excess of 2 years.
    • The interest rate offered to you will depend on your personal credit and risk profile, and it may differ from the published rates. Simply meeting the eligibility criteria on the bank’s website doesn’t guarantee you the best deal or the one that you expected.
    • You would need to open a deposit account with DBS/POSB before you can apply for a personal loan from the bank. The bank won’t credit the loan amount approved to an account you hold with another bank.
    • Interest on the loan would be calculated on a flat-rate basis and it will remain unchanged for the entire duration of the loan.
    • An option to partially prepay your loan isn’t available.
    • The bank may decide to terminate your loan, anytime it wants, without giving you a reason. However, if you want to cancel your loan(s), you’ll have to give the bank a written notice at least 30 days before the cancellation can happen. Also, as soon as the loan is cancelled, the outstanding dues will become payable immediately.
    • If the relevant Cashline account or card gets cancelled for whatever reason, the bank may debit the account by an amount that’s equal to your dues, without prior intimation.
    • The turnaround time of your loan application may be affected by the down time the bank observes everyday between 11:45 p.m. and 8:00 a.m., the next day. If you submit an incomplete application or if the bank seeks further clarifications from you, the turnaround time may be higher.

    Do You Meet the Loan Eligibility Criteria?

    In order to find out whether or not you meet the eligibility criteria, click here. You can also learn about the supporting documents that you’ll have to provide. The minimum annual income criterion for this loan is S$20,000 as opposed to the more common S$30,000 p.a. requirement.

    Apply Online and Save Time

    If you want to apply online, you may do so in the following ways:

    • Use your iBanking login credentials to apply for a loan, if you have access to it.
    • Use the PIN for your DBS credit/debit card to complete the application process.

    In case you need further assistance, you may fill up the contact form on the bank’s website. The bank will get in touch with you.

    Need More Information? Here Are Some of the Most Frequently Asked Questions

    Q. The bank says that processing fee on loans exceeding S$30,000 will be waived until 31 December 2018. But, despite my loan amount being greater than that, I have been charged a processing fee. Why?

    A. According to the terms of this promotion, the processing fee would be charged by the bank upfront upon loan approval. However, it will be credited back to your DBS Cashline or DBS credit card, as the case may be, within 60 days from the date of approval.

    Q. I have been granted a loan amount lower than what I had applied for, despite me meeting all the eligibility conditions. Why?

    A. The bank reserves the right to determine your loan amount in accordance with its internal criteria and policies. It also reserves the right not to offer a formal explanation to you.

    Q. How can I find out about the status of my loan application?

    A. If you’re an existing Cashline account holder, you’ll receive an SMS confirmation after your loan application has been approved. The approval letter will be mailed to your address within 3 business days from the time the SMS was sent. If you don’t have a Cashline or card account, you’ll receive an SMS after your loan is approved. A debit card will be sent to your address shortly after loan approval. Check the designated bank account to see if the loan amount has been credited or not.

    Q. How does the bank calculate the remaining principal payable?

    A. The bank uses the “Rule of 78” amortisation method to calculate the interest charges and the monthly instalments. This means that the biggest proportion of interest in a monthly payment, would be charged during the first instalment and this proportion would keep decreasing with every subsequent payment.

    Q. What is the payment hierarchy for Cashline loans?

    A. For loan instalment you deposit to your Cashline account, a portion will be used to settle the interest first, another portion to settle the fees, and the remaining part to settle the outstanding principal, in that order.

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