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    POSB Personal Loan

    We found 1 POSB Personal Loan

    Bank Name
    Interest Rate
    Loan Tenure
    Joining Perks
    From 6.99% p.a. EIR from 13.14% p.a.
    1-5 Years
    What you'll love
    What you need
    What you need to consider
    What it costs

    POSB Personal Loan

    Personal Loan BYTES FROM OUR KITCHEN

    POSB Personal Loan

    Uncertainty is one of the defining characteristics of life. Every day we may be faced with situations which are sometimes predictable and sometimes very unpredictable. And, more often than not, these situations are followed by expenses which must be borne. While some expenses arise out of foreseeable needs or events, others may be a result of emergencies. Medical emergencies, payment of tuition fees, plans to refurbish the interiors of your home, plan for a vacation, financing a wedding, consolidation of debt, purchase of high-end electronics, etc. are just some examples of the expenses which may arise and need to be taken care of. And not always is it possible for one to dip into their savings to provide for such expenses. This is where personal loans come in useful.


    You’re probably eligible for a POSB Bank Personal Loan if you are

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    POSB Bank Personal Loan Minimum Age

    Atleast 21 years

     POSB Bank Personal LoanMaximum Age

    Less than 65 Years

     POSB Bank Personal Loan Eligible Employment Type

    Salaried or self-employed with regular income

     POSB Bank Personal Loan Minimum Income

    Earn more than the minimum income required


    Your POSB Bank Personal Loan amount eligibility is based on these factors

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     POSB Bank Personal Loan Minimum Salary

    Minimum income required S$20,000 per annum

     POSB Bank Personal Loan Maximum Loan Funded

    Max Loan Amount Offered - up to 4X1of your monthly salary, or up to 10X1of your monthly salary if your annual income is S$120,000 and above.

     POSB Bank Personal Loan EMI

    EMIs of other loans lower your eligibility


    Increase your eligible POSB Bank Personal Loan amount by these steps

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     POSB Bank Personal Loan Payoff Outstanding Credit Card Bills

    Pay off your credit card bills

     POSB Bank Personal Loan Tenure

    Choose longer tenure loan up to 5 Years


    Documentation needed to apply for an POSB Bank Personal Loan

    • 1.Photocopy of NRIC
    • 2. Salaried Employee:
      • Latest Computerized Payslip OR
      • CPF Contribution Statement for past 12 months OR
      • Latest Income Tax Notice of Assessment (NOA)
    • 3. Variable Income/Commission Based Earner:
      • Latest 6 months Computerized Payslip OR
      • CPF Contribution Statement for past 12 months OR
      • Latest Income Tax Notice of Assessment (NOA)
    • 4. Self-Employed:
      • Income Tax Notices of Assessment (NOA) for past 2 years
    • 5.Any other documents as may be requested by the Bank at its sole discretion

    POSB Bank Personal Loan DetailsUpdated on 24 Apr 2017

    POSB Bank Personal Loan Details
    Interest Rate 6.99% p.a
    Minimum Income S$20,000 And Above
    Max Loan Amount up to 4 times your monthly income
    Loan Tenure 5 Years
    EIR Inclusive of 3% or 4% processing fee
    Guarantor Requirement No Guarantee Required

    About POSB Loan Assist Singapore

    Talking about personal loans, the POSB Loan Assist by POSB Bank is one of the most sought after personal loans available in Singapore which offers excellent terms like low fixed interest rate and monthly instalments to help you manage your finances better.

    Why Choose POSB Loan Assist?

    POSB Loan Assist remains to be one of the preferred personal loans in Singapore for a variety of reasons, some of which are:

    • Avail loan amounts up to 4 times or more than 8 times your monthly salary (if your annual income exceeds S$120,000).
    • Enjoy a waiver on your last loan instalment, subject to terms and conditions.
    • Get the loan amount credited directly to your POSB/DBS Bank account, from where you can also make convenient monthly repayments.
    • To cover payments in light of any unforeseen event, this loan also offers insurance coverage which is included with just 1 percent of the approved loan amount.

    Features & Benefits of POSB Loan Assist

    • Take care of any kind of expenses with the POSB Loan Assist personal loan. Some of the notable features and benefits of this loan are listed below.
    • Get instant approval on your loan with the DBS Quick Credit app.
    • Say goodbye to exorbitant processing fees as the POSB Loan Assist charges a minimal amount as loan processing fees.
    • Attractive rates of interest based on your annual income and tenure of loan.
    • The POSB Loan Assist is open to Singaporeans, Permanent Residents of Singapore and foreigners, subject to the eligibility criteria.
    • Applicants must be between the age of 21 years to 65 years of age (applicable to Singaporeans, Permanent Residents of Singapore and foreigners)
    • Applicants must have a minimum annual income of S$20,000 and above (for Singaporeans & Permanent Residents); S$45,000 and above (for foreign applicants)
    • Maximum loan amount available to Singaporeans and Permanent Residents is S$200,000 and up to S$60,000 for foreign applicants.

    1. Singaporeans / Permanent Residents

    • Copy of your NRIC (National Registration Identity Card)
    • Income Documents – Any one of the following for different categories of applicants.
    Salaried Employees

    1. Latest 12 months’ CPF Contribution History Statement
    2. Latest computerized payslip
    3. Salary crediting into your DBS/POSB account.
    4. Latest Income Tax Notice of Assessment along with any of the above 3 documents.
    Variable/Commission based Employees

    1. Latest 12 months’ CPF Contribution history Statement
    2. Latest 2 years’ Income Tax Notice of Assessment
    Self – employed

    1. Latest 2 years’ Income Tax Notice of Assessment.

    2. Foreign Applicants

    • Valid Passport and Employment Pass (with a minimum of 6 months validity); and
    • Income Documents (any one of the following):
    • Latest computerized payslip (in SGD).
    • Letter from company certifying employment and salary (in SGD), dated within 3 months.
    • Salary crediting into your DSB/POSB account.
    • Latest Income Tax Notice of Assessment with either of the above 3 documents.

    The interest rates offered by the POSB Loan Assist are one of the most competitive in the market, making this loan a great choice. The rate of interest chargeable on this loan is varied as it is dependent on factors like tenure of loan and the annual income bracket in which the applicant falls.

    For annual income of SGD 30,000 and above

    Tenure of the loan

    Applied Interest Rate (AIR) p.a.

    Processing fee

    Effective Interest Rate (E.I.R)

    p.a.

    Monthly instalment amount

    (loan of SGD 5,000)

    12 7.99 3.00% 19.7 S$450
    24 7.99 3.00% 17.28 S$242
    36 6.993 2.00% 13.96 S$168
    48 6.993 2.00% 13.5 S$133
    60 6.993 2.00% 13.14 S$122

    For annual income of SGD 20,000 to SGD 29,999

    Tenure of the loan

    Applied Interest Rate (AIR) p.a.

    Processing fee

    Effective Interest Rate (E.I.R)

    p.a.

    Monthly instalment amount

    (loan of SGD 5,000)

    12 months

    6.80%

    2%

    18.85%

    SGD 453

    24 months

    6.80%

    2%

    17.81%

    SGD 245

    36 months

    6.80%

    2%

    17.03%

    SGD 176

    48 months

    6.80%

    2%

    16.47%

    SGD 141

    60 months

    6.80%

    2%

    16.03%

    SGD 120

    For online application, the promotional rates can be as low as 6.8% per annum.

    Please note that the instalment amounts mentioned above are for illustration purposes only. The interest rates mentioned might be changed as per the bank’s discretion.

    Fees & Charges
    Processing Fee 1 percent or 3 percent depending on the tenure and loan amount  
    Insurance Fee 1 percent of the loan amount  
    Prepayment fee 1.5 percent of the outstanding amount  
    Late Fee S$80  

    POSB Bank offers a host of other financial and banking products and services which include –

    1. What is the minimum and maximum tenure for the POSB Loan Assist?
    2. The POSB Loan Assist features a loan term ranging from 1 year to a maximum of 5 years.

    3. What is the processing fees applicable on the POSB Loan Assist?
    4. Customers will be charged a processing fees ranging from 1 percent to 3 percent based on the amount and tenure of their loan.

    5. Is there a difference in the maximum loan tenure allowed to Singapore Permanent Residents and foreigners?
    6. Yes, foreigners will be permitted a maximum loan tenure of up to 2 years.

    7. Does the POSB Loan Assist feature any prepayment penalty?
    8. If the loan is fully repaid during the loan tenure, then a prepayment penalty of 1.5 percent shall be charged on the outstanding loan amount.

    9. How much is the minimum loan amount that one can avail under the POSB Loan Assist?
    10. The minimum loan amount is set at S$1,000.

    11. How much is the maximum loan amount one can avail?
    12. The maximum loan amount permissible under the POSB Loan Assist is:

      • Singapore Permanent Residents – Up to S$200,000
      • Foreigners – Up to S$60,000
    13. Is there any late fees applicable on the POSB Loan Assist?
    14. Yes, customers will be charged a late fees of S$80 for late payments.

    News About POSB Personal Loan

    • POSB Personal Loan Promotion

      Runtime period: This promotion is valid until June 30, 2017.

      Particulars: Apply for a POSB loan online and receive cashback of up to S$388! In order to enjoy this benefit, you will have to get a minimum loan amount of S$10,000 approved. You will get cashback of S$188 if your approved loan amount is between S$10,000 and S$19,999. If you get a loan of S$20,000 and above, you will get cashback of S$388.

      Terms and conditions: To enjoy this offer, you will have to apply online for a POSB personal loan on your own by visiting the official website of the bank. You will receive the cashback only once. You cannot transfer or exchange this cashback for anything else.

      17th April 2017

       
    • POSB Study Loan Promotion

      Run Time – This is an ongoing offer

      Particulars –

      Get benefits when you take an education loan from POSB bank to apply in one of their selected institutions. The benefits you will avail are as follows –

        • Interest rates as low as 4.6% per annum with a processing fee of 2 percent

        • Flexible repayment period of up to 10 years

        • A loan amount, which is 10x of your combined income every month capped at the unpaid fees or SGD 80,000 (whichever is lesser). The minimum amount of loan given is SGD 2,000

      To get more information about the offer and the selected list of institutions, please contact the bank or visit their website.

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