Cash woes? A personal loan to the rescue!

    POSB Personal Loan Eligibility

    Post Office Savings Bank also known as POSB for short, has been offering top notch financial services to its customers since its establishment in 1877 as part of the Singapore’s Postal Service department. In 1955, the bank reached the peak of its business after its 100, 000th depositor in 1951. POSB was acquired by DBS Bank in the year 1998. But the bank has continued to offer banking solutions but under the new DBS banner. Before the successful acquisition, POSB upheld the tradition of providing financial services to its customers at a relatively low cost. After the acquisition, DBS has promised to uphold the same tradition and serve the customers in a similar way as POSB used to. Even today, POSB is one of the oldest banks in the world. It continuous to provide its consumers financial products and services at a very affordable cost. With numerous ATMs and branches strategically placed in and around Singapore, it has clearly emerged as one of the strong pillars in banking and financing alike.

    To be eligible for a POSB Personal Loan, an applicant must meet the following criteria:

    • This loan is only applicable to Singapore Citizens and Singapore Permanent Residents or PRs. Others are not eligible to apply for a POSB Personal Loan. Also note that current DBS Cashline customers are also not eligible to apply for this loan.
    • The minimum age requirement to be eligible for this loan is 21 years of age and the maximum age requirement is 65 years of age.
    • To be eligible for this loan, the applicant must have a minimum income of SGD 20, 000 per annum or above.
    • The maximum loan amount provided under the POSB Personal Loan is SGD 200, 000. However, your eligibility for the loan amount will be determined by several factors as per the discretion of the bank to determine what loan amount you qualify for.

    Factors Affecting POSB Bank Personal Loan Eligibility

    • Age - Your age is an important criterion when determining if you eligible for a personal loan. You can apply for a Personal Loan with POSB as early as 21 years of age when your career is just starting to take off or when you start planning your future and as late as 65 years of age when you are making your retirement plan.
    • Nationality - POSB is a Singapore based bank where the island has been part of all its ups and down. One of the values that the bank upholds deeply is providing the consumers of Singapore financial products and services at a very affordable cost. Due to this reason, the bank currently provides its Personal Loan only to Singapore citizens and Singapore Permanent Residents.
    • Annual Income - Every bank is concerned with the income of any applicant. Your annual income represents your repaying capacity. No lender looks for a defaulter. Any bank looks for an applicant who has a consistent and a sustainable income who can afford the loan at the rates offered by the bank. In order to eliminate the concern surrounding the repaying capacity of the applicant, POSB only accepts personal loan application requests from those who have a minimum annual income of SGD 20, 000.
    • Employer - If you are a salaried employer, it is not only your reputation a lender takes into account but also your employer’s reputation. When you apply for any loan, your lender requests you to furnish your employer’s details as well in the form of valid documents that support your current employment status with your employer. At POSB, you will be required to submit documents such as your payslips, CPF Contribution History etc.
    • Credit Score - Credit Score is the bread and butter of any application in the financial sector. The Credit Score you hold tells your lender your current financial status and the factors that have contributed to it. Your Credit Score is based on factors that include your debt to income ratio, your ability to make payments on time, the line of credits you have open and so on. Your Credit Score is an indicator to your lender regarding your repaying pattern and whether you can afford the loan they are offering.
    • Employment - Whether you are a salaried employee or self –employed, it is crucial to any lender that you furnish documents that prove that you currently hold an employment. Your employment status reflects your income consistency and stability. POSB requires you to provide documents such as your Income Tax Notice of Assessment to prove your current employment status.

    How to increase your loan eligibility criteria?

    Depending on what criteria you are lagging on, you can boost your application eligibility status. For instance, if you do not currently meet the minimum income requirement, you could wait for a hike in your salary or upgrade to a job that pays more based on your experience. If your Credit Score is the issue, try to pay off the outstanding balance on all your credit cards and line of credits and try making your payments on time hereafter.


    1. Is there a minimum income requirement for applying for a POSB Personal Loan?
    2. Yes. You need to have a minimum income of SGD 20,000 per annum to be eligible to apply for a POSB Personal Loan.

    3. What is the age requirement to apply for a POSB Personal Loan?
    4. You need to between the ages of 21 to 65 years old in order to apply for a POSB Personal Loan.

    5. Can foreigners apply for a POSB Personal Loan?
    6. No. Currently, the POSB Personal Loan is only applicable for Singapore Citizens and Singapore Permanent Residents (PRs).

    7. What is the maximum loan amount I can avail through a POSB Personal Loan?
    8. POSB offers personal loans up to a maximum of SGD 200, 000. However, the loan amount that you qualify for depends on various factors determined by the bank at its discretion.

    9. Can DBS Cashline customers also apply for a POSB Personal Loan?
    10. No. DBS Cashline customers are not eligible to apply for a POSB Personal Loan.

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