DBS is Singapore’s largest bank and offers Singaporeans and Permanent Residents with a personal line of credit, giving them the option of getting immediate access to funds through ATMs or chequebooks. The DBS Personal Line of Credit gives you the option of using funds in correspondence with your available credit limit, and gives you the leeway of paying interest only on the amount you use. Let’s take a look at the salient features of the DBS Personal Line of Credit – CashLine – and the various benefits, fee details and other charges associated with the product.
CashLine comes with several exciting features that let you address immediate financial emergencies. Here are some notable features that make CashLine a highly beneficial product:
|Monthly Income (in SGD)||Interest Rate (EIR % p.a.)||Minimum Payment|
|S$20,000 – S$29,999||29.8%||2.5%|
|Annual Fee||S$100 – first year fee waived|
|Minimum Interest Charged||S$10|
|Returned Cheque||S$40 per cheque|
|Late Payment Fee||S$105|
The following eligibility parameters need to be satisfied In order to apply for the DBS Personal Line of Credit:
If you wish to apply for CashLine, the DBS Personal Line of Credit product, all you’ve got to do is visit the official DBS Singapore website and fill out the online application form. You also have to submit your documents indicating proof of residence, income and identity. The bank will then process your application and you will receive subsequent approval if your profile meets the internal credit norms of the bank.
The DBS Personal Line of Credit isn’t currently available to foreigners. It is only available to Singaporean citizens and Permanent Residents.
A. Yes, you can perform fund transfers, make transactions and bill payments, and other related features as soon as your line of credit has been approved by the bank.
A. You will have to pay an amount equivalent to 2.5% of your outstanding balance, or S$50, whichever is higher. The payment has to be made by the due date to avoid late payment charges and other penal charges.
A. Yes, you can. You will need to apply for a credit limit review by filling out an online application form in order to get your credit limit increased. But this can be done only if your income has increased.
A. Yes, your credit score obtained from your credit report is one of the most important parameters that banks will consider. As such, if your application does not meet the internal credit criteria of the bank, your application will most likely be rejected.