A personal loan represents a smart financial move if you find yourself in debt and have no way of paying all the money back. DBS offers a small interest rate compared to other banks. This represents one of the lowest on the market. And, in the long run, it's the cheapest on the market. It has an instant cash disbursement and large possible loans reaching 10 times the monthly salary depending on your annual income. That makes this option your best one.
At a glance, the DBS personal loan is an affordable one with fixed rates and processing fees. We are going to discuss it later on. This allows for a loan consisting of up to ten times your salary per month. Plus, you get the possibility of repaying it over a period of five years. The program is very flexible and has many types of variations depending on your personal needs.
There are a few personal loans at DBS for which you can apply for. There are car loans with an added tenure of two years along the five years mentioned above and a maximum loan value of 60% purchase price. There's also a debt consolidation loan with a very nice interest rate. Then you can get a DBS Cashline loan or simply a personal loan.
Benefits of DBS Personal Loan
The key benefits of a personal loan at DBS are represented by several factors, including an instant approval, flexibility regarding repayment, fixed-rates, and others.
Instant approval is a definite advantage on the market. Customers that already use the DBS banking services have their personal loan instantly approved. This includes credit card customers, an existing Cashline, or employees crediting the salary in a DBS account.
Having the ability to repay the personal loan in a period of time chosen by yourself is another benefit. This can be subjected to different criteria with a minimum tenure of one year and the maximum period for borrowing five years.
DBS also considers your abilities to repay and checks your best rates for you. The loans approved are personalized and best suited to your preferences and circumstances. This leads to an amazing rate if you are a client with a small credit risk.
The loan itself offered by DBS can be used in any purpose, and the amount borrowed is up to ten months of salary, so if you need a small amount and quick, this plan will come in handy.
Fees and Rates
The fees and rates are as low as 3.88% p.a with an added 1% processing fee. But as we mentioned above, DBS helps you with a personalized plan regarding the rates.
You can use their online calculator available here for an easier and simpler calculation of your repayment amount and the period of time that suits you best.
How to Apply
Applying for a DBS personal loan is really easy. You can get the 10 times monthly salary instantly approved if you are an already existing customer of their bank. With new customers, you must open a DBS deposit beforehand, but this can be done with ease here.
Their full policy and step by step information can be found at this link using their digibank system.
Before registering and applying, new customers must pass some eligibility requirements. The age of all the applicants must be between 21 and 65 years old. You must be a permanent resident or Singapore citizen. Your minimum income must be S$20,000 p.a. And DBS will actively check your credit file if your credit risk is suitable.
You will receive an approval letter within three working days. This depends on your status at the bank. Be sure to fill in your phone number. In both cases, you will receive a confirmation SMS on your mobile phone.
Contact Information
DBS offers direct contact with its users. During business hours, they can be reached easily over the phone at 1800 111 1111 or email customerservice@dbs.com for a personalized offer regarding your personal loan.
The most preferred way is to locate one of their branches by clicking here and schedule a personal meeting for best results and analysis.
Note: There are risks involved when applying for and using credit. Consult the bank’s terms and conditions page for more information.
