Cash woes? A personal loan to the rescue!
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    We found 3 POSB Personal Loan
    Bank Name
    Interest Rate
    Loan Tenure
    Joining Perks
    From 3.88% p.a. EIR from 7.56% p.a.
    1-5 Years
    What you'll love
    What you need
    What you need to consider
    What it costs
    From 3.98% p.a. EIR from 7.23% p.a.
    Up to 8 years
    What you'll love
    What you need
    What you need to consider
    What it costs
    From 3.88% p.a. EIR from 7.56% p.a.
    1-5 Years
    What you'll love
    What you need
    What you need to consider
    What it costs

    POSB Personal Loan

    Borrow Up to 10 Times Your Monthly Income

    Are you thinking of applying for a personal loan? Irrespective of the nature of your need, POSB has a plethora of loan products ready for you. Need a standby line of credit for emergency expenditures? You’ll find one here. Need an instalment loan? You may not have to look around anymore. You can lower your interest charges from multiple cards by using a balance transfer plan or register for a debt consolidation from the bank if you want to escape an imminent debt trap.

    Key Features of the posb Loan

    Take a look at the key features of the POSB Personal Loan listed in the table below:

    Loan amount   Up to 10x your monthly income
    Interest rate       Starting at 3.88% per year
    Loan tenure       1 to 5 years
    Processing fee   1% or 4%

    Interest Rates

    The following table gives you an estimate of the interest rates that apply on various POSB loans:

    Personal Loan Nominal Interest Rate Effective Interest Rate
    POSB Personal Loan Starts from 3.88% p.a. Starts from 7.56% p.a.
    Cashline Interest applicable only on the funds used 19.8% p.a. or 0.05% per day
    POSB Balance Transfer 0% p.a. during the introductory period Between 5.06% p.a. and 5.34% p.a. (Promotional rates) (Includes cards and Cashline)
    POSB Debt Consolidation Plan Starts from 3.98% p.a. Starts from 7.23% p.a.

    Current Promotions

    What makes this loan better is the deals that are currently offered if you choose to take it. Learn about the promotions in detail below:

    NTUC vouchers: New customers can enjoy NTUC vouchers worth S$120. This offer is available only with a minimum loan amount of S$3,000 in a single application.

    Fee waiver: If your approved loan amount is at least S$30,000, you won’t be charged a processing fee. This is subject to a limit of S$1,000.

    Eligibility Criteria

    Take a look at the criteria you will need to fulfil to take a personal loan from POSB:

    Nationality Singapore or a Permanent Resident
    Age 21 to 65
    Min. Income S$20,000.
    Linked Bank Account Yes

    What Are the Required Documents?

    Existing credit card and Cashline customers do not have to submit additional documents to apply for this loan. However, if you are a new customer, you will need to submit certain documents to the bank that show the status of your employment.

    Here are the list of posb personal loan requirements:

    Salaried Self-employed or variable commission earners
    • A copy of your NRIC (both sides) AND
    • Last 9 months of your CPF contribution history statement
    • Income Tax Notice of Assessment for the last 1 year
    • Most recent computerised payslip/proof of your salary being credited to a DBS/POSB account
    • A copy of your NRIC (both sides) AND
    • Income Tax Notice of Assessment for the last 1 year

    POSB Personal Loan Contact Number

    You can contact the bank to have your queries answered using several methods. Find out the bank’s contact information below:

    Chat: On the bank’s website, you will see an icon at the bottom-right corner of your computer screen. Click on this icon and you will be able to chat with an executive of POSB.

    Reach the bank at the following telephone numbers:

    POSB Phone Banking and General Enquiries 1800 339 6666 (for local calls)
    (65) 6339 6666 (for overseas calls)

    Email: On the bank’s website, navigate to the page named “Get In Touch with Us”. If you click on the “E-mail” button, you will be directed to an online form where you can fill out your query and mail it to the bank. You will need to provide the bank with certain personal information so they can get in touch with you.

    Visiting a branch: If there is a branch of POSB nearby, you can visit them to have your queries answered. For a complete list of branches in Singapore, visit the bank’s website.

    Apply for Your POSB Personal Loan Online

    Find out what it takes to apply for a POSB Personal Loan:

    1. To get your personal loan, you will need to log in using iBanking, ATM/debit or credit card and PIN.
    2. You then need to choose how much you want to borrow and decide your repayment tenure.
    3. Following this, you should submit your online application to receive your funds.

    How to Check the personal loan application status?

    Checking the status of your POSB Personal Loan application is simple. Existing Cashline account customers and credit cardholders will receive an SMS once their loan application is approved. The approved amount is credited to your designated account. Within 3 working days of receipt of the message, you will receive an approval letter for the loan. This letter will be sent to your mailing address.

    If you are a customer without a Cashline account or credit card issued by POSB, then the first step involves opening either one or both of these accounts. An SMS will be sent to your registered number once this is approved. A message regarding approval letters will also be sent. Once your account is active, you can apply for a personal loan. The steps to check your loan application status post this is the same for existing cardholders and Cashline account customers.

    Compare types of Personal Loans Offered by POSB

    Loan Interest rate Loan amount Tenure Processing fee
    Cashline Starts from 20.5% per year Up to 10x your monthly income No fixed payment period -
    POSB Debt Consolidation Plan Starts from 3.98% per year Based on the settlement notice of your existing loans, your loan amount will be the outstanding principal amount mentioned on the notice 1 to 8 years S$99

    Frequently Asked Questions

    Q. What is a Cashline account?

    A. A Cashline account provides a standby line of credit where the given credit limit is used to provide the POSB Personal Loan.

    Q. What can be done with the credit limit that remains in my Cashline account?

    A. If you want, you can use up to 95% of this limit to take up another personal loan from POSB. The other option you have is to use this credit limit for short-term use as a standby line of credit.

    Q. What happens if I don’t have a POSB deposit account?

    A. You will first need to open a deposit account. After the account is opened, you can apply for the personal loan.

    Q. How is interest paid back on a POSB Personal Loan calculated?

    A. The way interest and principal is paid back over the loan term is very different. At the start of the loan, a large percentage of your instalment amount is channelled towards clearing the interest on the loan. Towards the end of the personal loan tenure, a greater portion of your monthly instalment will be the principal amount.

    Q. Why does the interest rate change on the application page?

    A. You are offered a certain interest rate based on the income you earn and your personal credit. Therefore, the rates that are published on the bank’s website and what is actually offered tend to vary for different borrowers.

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