DBS Computer Loan
You might find it financially taxing to purchase a computer just before college, especially after paying the tuition fees, purchasing books and other miscellaneous items/expenses for starting your tertiary education. You might already have taken an education loan for all these anyway. However, computers have become an absolute necessity for the education curriculum today. If you’re looking for a way to pay for your computer, applying for a computer loan is a viable option for you.
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DBS offers a computer loan that you can apply for whether you have an existing relationship with DBS or not. This loan is offered to students pursuing education at universities as well as polytechnics. It complements the DBS Study Loan, which also is offered to students of universities and polytechnics.
Features and Benefits
The following features and benefits will be applicable under DBS Computer Loan for both universities as well as polytechnics:
DBS Computer Loan for Universities
- This loan comes free of any interest charges.
- You can choose a repayment tenure of up to 30 years. The repayment period will start right after you complete your course.
- The minimum repayment amount applicable each month is S$100.
DBS Computer Loan for Polytechnics
- There will be no interest charge.
- Repayment period offered extends to a maximum of 24 months. The repayment period will be initiated right after you finish your course.
- You have to make minimum repayments of S$100 each month under this loan.
The DBS Computer Loan is an interest-free loan. There will be no interest charged for both universities as well as polytechnics.
Repayment Schemes for the DBS Computer Loan
You can make use of the following ways to make repayments in case of the DBS Computer Loan:
Payment in Cash at a DBS Branch
You can make repayments by directly paying the cash amount at the branch. If you wish to make full repayment, you can get in touch with the Customer Solutions Team on the dedicated hotline. This way, you will know the full settlement amount to be paid before making the final payment.
Payment Via Internet Banking
There are two ways in which you can make repayments using the Internet Banking mode, listed as follows:
Through Ad-hoc or Partial Repayments
- You must log in to your Internet Banking account and choose the option “Pay Bills and Cards”.
- You will find “More Options” on the panel to your right where you have to choose “Add a billing organisation”.
- You will be able to find a drop-down list when you select “Billing Organisation”. You have to choose “DBS Mortgage/Personal Loans" from the list.
- Next, you will find the “Bill Reference” option where you have to enter the account number for your loan with a hyphen.
- Following this, you have to choose the preferred bank account where the debiting needs to be performed. You will find this choice under the “From Account” option.
- Click on “Next” at the lower section of the page. Finally, you have to click on the “Submit” option on the following page to conclude the process.
Through Monthly Instalments
- Similar to making ad-hoc or partial repayments, you can start the process by logging in to your Internet Banking account and choosing “Pay Bills and Cards” option.
- In the next step, you have to choose “Add GIRO Arrangement”.
- You have to select “DBS CASHLINE/TFL/SL” under the "Billing Organisation” option.
- Next, you have to enter the account number for your loan using hyphen under the "Bill Reference" option.
- You have to also enter your instalment amount levied each month under “Payment Limit”.
- In the following step, you will have to select the preferred account where the debiting will be performed. You will be able to find this under the “My Account” option.
- Finally, you must click “Next” at the lower part of the page. To conclude the process, you have to click on the “Submit” option in the page that follows.
Payment Through Cheque
- The payee name, in this case, would be DBS Bank Ltd.
- When you pay through a cheque, you have to mention the TFL/SL/CL account number for reference purpose.
- You also need to indicate the Passport/NRIC for purpose of reference.
- The cheque has to be dropped at a Quick Cheque Deposit Box.
- Call the Customer Solutions Team of the bank on the dedicated hotline for more clarity regarding making full repayments.
Payment Through Telegraphic or Wire Transfer
- The beneficiary is addressed as “DBS BANK and Current Account 001-001132-4”.
- The reference is stated as “TFL/SL/CL account ref: XX-XXXXXXX-X”.
- In case of repayments made through telegraphic or wire transfer, the Singapore DBS Bank SWIFT address is “DBSSSGSG”.
DBS Computer Loan for Foreigners
International students can apply for the DBS Computer Loan too. You will have separate guarantor requirements depending on the type of educational institution you are applying to. In case of universities, the your guarantor can be a Singaporean, Singaporean PR, or a foreigner. However, if you are applying for a polytechnic, the guarantor has to be a Singaporean or a Singaporean PR.
The following eligibility criteria are applicable for a DBS Computer Loan for students pursuing courses at universities and polytechnics respectively:
Eligibility Criteria in Case of Universities
- Singaporeans, Singapore permanent residents and international students can apply for this loan.
- This loan is onl y available for NUS undergraduates and full-time postgraduates.
- There is a need for a guarantor in order to apply for this loan.
Eligibility Criteria for Guarantors
- The guarantor has to be a Singaporean if the applicant is a Singaporean.
- The guarantor can be a Singaporean or a Singapore permanent resident if the applicant is a Singapore permanent resident.
- If the applicant is an international student, the guarantor can be a Singaporean, Singapore permanent resident, or a foreigner.
- The guarantor has to be between 21 years and 60 years of age.
- The guarantor should not be a discharged bankrupt.
- The guarantor shouldn’t be party to more than one other active loan at a time.
Eligibility Criteria in Case of Polytechnics
- Singaporeans, Singapore permanent residents, and international students are eligible for this loan.
- This loan will only be available if you are pursuing a course at Ngee Ann Polytechnic.
- You will need to have a guarantor as well.
Eligibility Criteria for Guarantors
- If the applicant is a Singaporean, the guarantor has to also be a Singaporean.
- In case the student applying for this loan is a Singapore permanent resident or a foreigner, the guarantor can be a Singaporean or a Singapore permanent resident.
- The guarantor’s age must be between 21 years and 60 years.
- The guarantor should not be a discharged bankrupt.
How to Apply for DBS Computer Loan
To apply for the DBS Computer Loan in case of universities, you have to refer to NUS’s website. You will find all the related terms and conditions pertaining to the application process there. Similarly, in case of polytechnics, you can apply for this loan by referring to your respective institute’s website. The terms and conditions associated with it can be found on the website.
DBS Computer Loan Repayment
The following repayment mechanics are applicable in case of DBS Computer Loan for universities and polytechnics respectively:
Repayment in Case of Universities
- You will enjoy a repayment tenure of up to 30 months under this loan.
- The repayment on this loan will commence right after you complete your course.
- You can pay back the loan in a lump sum.
- Alternately, you can repay by making equal monthly instalments where you pay a minimum sum of S$100.
Repayment in Case of Polytechnics
- You can repay your loan over a maximum period of 24 months.
- Under this loan, the repayment will be initiated right after you finish your degree.
- Repayment for this loan can be made in a lump sum.
- Alternately, you can make repayments in the form of equal monthly instalments where you have to pay a minimum sum of S$100.
Q. In case I’m applying for the DBS Computer Loan as a university student, will it be subjected to NUS’s approval?
A. Yes, if you’re applying for the DBS Computer Loan at the university level, it will be subjected to NUS’s approval. Besides, the approval of your loan will also depend on the availability of funds.
Q. Can I make a full repayment of the DBS Computer Loan through debiting my DBS/POSB accounts?
A. Yes, it’s possible for you to make a full repayment of the DBS Computer Loan through a DBS/POSB account.
Q. What do I have to do if I want to make a full repayment of the DBS Computer Loan through debiting my DBS/POSB accounts?
A. In case you want to make a full repayment of the DBS Computer Loan via debiting your DBS/POSB accounts, you can download, fill, and submit the Full Repayment Reply Slip available on the bank’s website.
Q. Can I appeal to repay through monthly instalments for loans that have been withdrawn if I have the DBS Computer Loan?
A. Yes, if you have a DBS Computer Loan, you can appeal to repay through monthly instalments for loans that have been withdrawn.
Q. How do I appeal to repay withdrawn loans via monthly instalments?
A. If you want to make appeals for repayment of the withdrawn loan through monthly instalments, you have to download, complete, and submit the Appeal & Repayment Slip for Monthly Instalments available on DBS Bank’s website. Additionally, you will also have to submit the relevant supporting documents as requested by the bank.