• DBS Micro Loan

    Personal Loan BYTES FROM OUR KITCHEN

    DBS is one of the popular banks in Singapore well known for its wide array of financial products. The bank offers loans, credit cards, deposit schemes, investment schemes, insurance and more. DBS SME Micro loan is one of the loan schemes offered by the bank to small businesses to help build on their business. This scheme was launched in conjunction with SPRING Singapore to provide local SMEs with easier access to funding. Read on to know more about the loan scheme.

    Features of DBS SME Micro Loan

    Listed below are some of the important features of DBS SME Micro Loan:

    • It is a business loan.
    • Offers loan amount up to S$100,000.
    • Offers quick access to cash through funds transfer.
    • The scheme charges interest only on the amount you use.
    • Offers a competitive rate of interest.
    • The micro loan is unsecured.
    • The loan comes with fixed regular monthly payments.
    • Same day approval of the loan.
    • Instant fund transfer to any bank account as soon as the loan is approved.
    • Hassle free application process.
    • Easy and minimal documentation.
    • Quick approval.
    • Available to Singaporeans and foreigners.

    Benefits of DBS SME Micro Loan

    Listed below are the benefits of DBS SME Micro Loan:

    • Offers high loan amount up to S$100,000.
    • Gives the borrower a chance to enhance their cash flow with easy access to funding.
    • The loan scheme does not require any collateral as it is an unsecured loan.
    • Helps you plan your finances effectively with a fixed monthly repayment schedule.
    • Offers a long tenure of up to 4 years.
    • Available to Singaporeans and foreigners.
    • The loan comes with fixed regular monthly payments.
    • Low rate of interest.

    Eligibility criteria of DBS SME Micro Loan

    Given below is the eligibility criteria of DBS SME Micro Loan:

    • The company has to be incorporated in Singapore with at least 30% local shareholding (Singaporean or Permanent Resident).
    • The company should have no more than ten employees, OR have an annual turnover of SGD 1 million or less.

    How to apply for DBS SME Micro Loan?

    There are two ways through which one can apply for DBS SME Micro Loan- Online and offline.

    • Online- The borrower can apply for the loan online by visiting the bank’s official website and applying for the product directly online. The applicant has to fill in the application online and upload relevant documents in order to apply online. The bank usually has offers like cashback when you apply for the loan online on the official bank website. DBS SME Micro Loan scheme can also be applied for through third party financial websites.
    • Offline- The borrower can apply for the loan offline by visiting one of the bank’s branches and applying for the loan by filling in the form at the branch.

    Fees and charges of DBS SME Micro Loan scheme

    • Interest rate- 19.8% p.a. to 29.8% p.a.
    • Minimum monthly repayment- 2.5% of outstanding balance or S$50, whichever is higher.
    • Processing fee: S$100.
    • Annual fee- S$100.
    • Overlimit fee- S$40.
    • Late Payment fee: S$90.
    • Early partial or full payment: 3% of the amount to be repaid.
    • Restructuring fee: 3% of the loan amount.

    Required documents for the loan scheme

    Given below is a list of documents required for the loan scheme:

    • Proof of nationality.
    • Proof of income.
    • Proof of address.
    • Payslip.
    • 3 months of bank statements.
    • Other relevant documents.

    How to manage your DBS SME Micro Loan?

    • Using iBanking Login: Access to your iBanking using your iBanking username and password to apply for Cashline.
    • Using Debit/ATM Card PIN: Input your Debit or ATM Card Number and the PIN number which is used in ATM. For customers who only has a Personal Credit Card with us, please use Credit Card as the selection.
    • If you are new to DBS as a customer: Select the last button to fill up the online form.

    Explore the Other Loans Offered By DBS Bank

    FAQs

    1. What is the annual turnover required for the scheme?
    2. The company applying for the loan should have a minimum annual turnover of SGD 1 million for the scheme.

    3. Are foreigners eligible for the loan?
    4. Yes foreigners are eligible for the loan scheme provided that they fulfill the eligibility criteria..

    5. What is the maximum loan amount offered by the bank?
    6. The bank offers a maximum loan amount up to S$100,000.

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