• How a DBS Cashline Account can be used as a DBS Personal Loan

    Personal Loan BYTES FROM OUR KITCHEN

    DBS offers a wide range of personal loan products including normal personal loans, debt consolidation plans, cashline, and balance transfer programmes. Among these loan products, DBS Cashline is a great one as it is a standby product. It offers a line of credit and this will allow you to obtain money anywhere you go. This is the perfect choice for instant cash. This product can be taken as a loan from DBS and it can be connected to your DBS or POSB account.

    What is a line of credit?

    A line of credit is a financial arrangement in which a lender provides a specific loan balance amount to the borrower and the borrower can use these funds and maintain this account depending on the credit limit.

    Benefits and features of DBS Cashline account

    Let us take a look at the chief features and benefits of DBS Cashline account:

    • You will receive funds of up to 4 times your monthly income if your annual income is below S$120,000.
    • When your annual income is equal to S$120,000 or higher than S$120,000, you will get 10 times your monthly income.
    • You will be required to pay interest only on the funds that you utilise.
    • You can make your repayments in a flexible manner.
    • You can get cash instantly with the help of the cash transfer programmes or with the cheque books that are available for free.
    • You can also take out cash from the DBS or POSB ATMs anywhere in the nation without paying any withdrawal fee.

    Eligibility criteria

    These are the eligibility criteria to apply for a DBS Cashline account:

    • You will have to be a Singaporean or a permanent resident.
    • You should be at least 21 years old.
    • Your annual income should be S$20,000 or above.

    Interest rates for a DBS Cashline account:

    These are the interest rates:

    • When your annual income ranges from S$20,000 to S$30,000, your effective interest rate will be 29.8% p.a.
    • When your annual income is S$30,000 and above, you will have to repay at an effective interest rate of 19.8% p.a.

    Fees and charges

    These are the fees and charges you will need to pay for a DBS Cashline account:

    • Your monthly minimum repayment will be the higher of S$50 or 2.5% of your unsettled balance.
    • If you make any delay in repaying your loan, you will have to pay S$90 as a late payment fee.
    • Your minimum interest charge will be S$10.
    • You will have to pay an annual fee of S$100 and this will be cancelled for the first year.
    • When you make a late payment, your interest will be adjusted. You will have to pay an extra 6% apart from your effective interest rate.
    • Your overlimit fee will be S$40. An overlimit fee is a fee that you will have to pay if your balance goes above your actual credit limit.

    Documents required

    You will have to submit a few important documents compulsorily when you apply for a DBS Cashline account and they are:

    For salaried employees:

    • NRIC (2 sides)
    • Your most recent CPF Contribution History Statement for 12 months
    • Your most recent Income Tax Notice of Assessment for 1 year or
    • Your most recent salary slip or statement that mentions salary credited to your DBS or POSB account

    For self-employed individuals:

    • NRIC (both the sides)
    • Your most recent Income Tax Notice of Assessment for 2 years

    For individuals who earn variable or commission-based income

    • Your most recent Income Tax Notice of Assessment for 2 years or
    • Your most recent CPF Contribution History Statement for 12 months

    How to use your DBS Cashline account?

    Let us take a look at how you can utilise your DBS Cashline account to save your funds:

    • This loan product is a standby line of credit. You can get cash in any emergency situation without having to wait.
    • You do not have to pay any interest charge when you do not use any amount from your DBS Cashline account.
    • When you choose DBS Cashline instead of credit cards or cash advance, you can enjoy savings of up to 80%. If you invest S$5,000 in this product, you will earn an interest of S$82 in 1 month. In 2.5 months, you will earn an interest of S$204.
    • You will know when you need to make your payment when you check your Cashline statement of account. This statement will be sent to you every month. You will get an idea of how much you should pay as it will give details regarding your deposits and withdrawals.
    • You can make payments with the help of DBS iBanking or Digibank app.
    • You can also raise the credit limit of your DBS Cashline account by sending an SMS to DBS.
    • You can utilise the amount that has been credited in your Cashline account. This amount will be your credit limit. When you add payments into your account, your credit limit will automatically be revived.
    • You can access DBS Cashline on the internet banking portal to transfer money, to pay your bills, to add more money to your Cashline account, and to create a GIRO arrangement.
    • You can go for the DBS Cashline Auto Top-Up feature to get your money restored automatically. This will assure you that you have a minimum bank balance all the time. With this feature, you can avoid cashless situations and you will not have to panic during emergency situations.
    • You will fix what your minimum balance should be in your Cashline account.
    • You can connect your DBS or POSB accounts to your DBS Cashline account.
    • The minimum recharge amount for DBS Cashline Auto Top-Up feature is S$50. You can decide this amount according to your preferences.

    How to apply for a DBS Cashline account?

    • You can apply for a DBS Cashline account online with your iBanking login ID or your DBS or POSB card and PIN.
    • You can apply for Cashline even without the two above-mentioned features.
    • If you are looking for immediate approval, we suggest you to select salary crediting as your document for proof of income. This will help you get your account quickly.
    • If you apply by February 28, 2017, you will get NTUC FairPrice Vouchers that are worth S$80.

    DBS hotline

    You can call 1800 111 1111 for immediate assistance.

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