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    DBS Personal Line of Credit Singapore

    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.

    Features of the DBS CashLine

    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:

    • You can make repayments (barring the interest) at your convenience. Interest towards the amount you use has to be paid every month.
    • Amounts up to 4 times your monthly salary can be taken. If your income is over S$120,000, you can even get up to 10 times your monthly income as your line of credit.
    • Withdrawals made from ATMs or chequebooks do not attract a withdrawal fee.
    • You can make payments in a seamless manner through internet banking or through the mobile application.
    • The annual fee is waived for the first year. Subsequent to the first year, an annual fee of S$100 will be charged.

    Interest Rate

    Monthly Income (in SGD) Interest Rate (EIR % p.a.) Minimum Payment
    S$20,000 – S$29,999 29.8% 2.5%
    >=S$30,000 19.8% 2.3%

    Fees and Charges

    Annual Fee S$100 – first year fee waived
    Minimum Interest Charged S$10
    Returned Cheque S$40 per cheque
    Late Payment Fee S$105
    Overlimit fee S$40

    Eligibility Criteria for the DBS Personal Line of Credit

    The following eligibility parameters need to be satisfied In order to apply for the DBS Personal Line of Credit:

    • You should be at least 21 years of age.
    • You should be either a Singaporean citizen or a Permanent Resident. The product isn’t available to foreigners.
    • Your minimum income should be S$20,000.
    • You’ll need to submit all your documents as specified by the bank, failing which your application will not be processed.

    Documents Required

    • Salaried individuals:
      • Copy of NRIC, CPF statement, latest computerised salary slips.
    • Self-employed individuals and individuals with varied income:
      • Copy of your NRIC, CPF contribution statement, latest computerised salary slips.

    How 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.

    For Foreigners

    The DBS Personal Line of Credit isn’t currently available to foreigners. It is only available to Singaporean citizens and Permanent Residents.

    DBS Personal Line of Credit Frequently Asked Questions (FAQs)

    1. Can I use the Personal Line of Credit immediately after receiving approval from the bank?

      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.

    2. What is the minimum amount that I will have to pay on a monthly basis?

      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.

    3. Can I get my credit limit increased?

      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.

    4. Will the bank take into account my credit score while reviewing my application?

      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. 

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