DBS offers personal loans of up to 10x your annual income. It offers 3 different types of personal loans in Singapore:
The following table shows the interest rate that applies for a term loan with DBS:
|Tenure (Years)||Effective Interest Rates (p.a.)||Applied Interest Rate (p.a.)|
|Up to 5 years||Starts at 7.56%||Starts at 3.88%|
The following table shows the interest rate applied on a DBS Cashline line of credit:
|Minimum annual income||Tenure||Effective Interest Rates (p.a.)|
|S$20,000 - S$29,999||Up to 1 year||29.8%|
|S$30,000 and above||Up to 1 year||19.8%*|
*Note: With effect from 3 December 2018, the effective interest rate for customers with an annual income of S$30,000 and above will be revised to 20.5% p.a.
The following table shows the interest rates applied on a DBS Balance Transfer:
|Tenure||Effective Interest Rates (p.a.) on Cashline||Effective Interest Rates (p.a.) on Credit Card|
Let us say that you opt for a term loan amount of S$5,000 for a tenure of 2 years. The Effective Interest Rate applied would be 8.20% p.a. When you input these numbers to calculate the monthly instalments, you will get the following results:
|Total Interest Cost||S$438.23|
Disclaimer: The numbers provided above are only for the purpose of illustration and happen to be approximates. Do ensure you check with DBS for the actual numbers.
Whether you need a short-term loan to tide you over until your next paycheck or a long-term loan to finance certain investments or purchases, consider which type of personal loan will best meet your needs. If your annual income does not exceed a certain required amount, you may also find yourself ineligible for some loans - so it would be smart to do your research thoroughly before you apply to ensure you are successful in your first attempt to secure financing.
DBS does also offer promotional interest rates from time to time. You may check the promotional offers and resulting interest rates in Singapore on personal loans offered by other banks here.