Frequently Asked Questions
You can do an online DBS/POSB Personal Loan application in 2 ways:
- Using iBanking Login: Enter your iBanking username and password to apply for an online Personal Loan application.
- Using Card and PIN: Input your Debit or ATM Card Number and the PIN number (the same PIN that is used for ATM input). For customers with only Personal Credit Card and no Debit or ATM Card, please use Credit Card as your selection.
Learn how you can easily apply for a POSB Personal Loan here.
If you are an existing Cashline account or Credit Cardholder, you will receive:
- A SMS confirmation that your DBS/POSB Personal Loan is approved. Please check your designated account for the crediting of the approved loan amount.
- An approval letter for the DBS/POSB Personal Loan will be sent over to your mailing address within 3 working days after receiving the SMS message.
For DBS/POSB customers without Cashline or Credit Card.
- A SMS confirmation for an approved Cashline account (if applied for a Cashline account) and/or approval letter(s) of the applied Cashline or Credit Card.
- If applied for a Cashline account, you will receive a DBS ATM Card (if you do not have one) as part of Cashline application.
After submitting and approval of a DBS/POSB Personal Loan on your Cashline and/or Credit Card, you will receive another SMS confirmation that the DBS/POSB Personal Loan is approved. Please check your designated account for the crediting of the approved loan amount.
Cashline is a standby line of credit account which the credit limit granted is utilized for DBS/POSB Personal Loan.
For Singapore Citizen or Singapore Permanent Residents taking up loan amount of S$3,000 and above, you can choose to repay the loan over period of 6, 12, 24, 36, 48 or 60 months.
For non-Singapore Citizen/Permanent Resident and/or taking up loan amount of S$3,000 and below, you can choose to repay the loan over period of 6, 12 or 24 months.
You have the flexibility to use the available credit limit (up to 95%) to take up another DBS/POSB Personal Loan or you can use the available credit limit as a standby credit line for short term usage.
There are no extra supporting documents required for these uses on your remaining credit limit.
You can use the available credit limit (up to 95%) to take up another DBS/POSB Personal Loan or use for other Credit Card purposes such as retail transactions.
You can choose your desired account here and apply online. Once your account is opened, you can apply for the DBS/POSB Personal Loan.
Assuming that you are taking a loan of $5,000 at 2.68% p.a. + 1% processing fee for 1 year (EIR 6.72% p.a.), your monthly instalment will be approximately $427.83.
Monthly interest and principal are apportioned differently; in the earlier instalments, a larger portion of your monthly instalment goes towards paying off the interest on the loan. The interest portion will be reduced gradually with each instalment (see below for the repayment schedule illustration).
| Month | Principal | Interest | Monthly Instalment |
|---|---|---|---|
| 1 | $407.21 | $20.62 | $427.83 |
| 2 | $408.93 | $18.90 | $427.83 |
| 3 | $410.65 | $17.18 | $427.83 |
| 4 | $412.37 | $15.46 | $427.83 |
| 5 | $414.09 | $13.74 | $427.83 |
| 6 | $415.80 | $12.03 | $427.83 |
| 7 | $417.52 | $10.31 | $427.83 |
| 8 | $419.24 | $8.59 | $427.83 |
| 9 | $420.96 | $6.87 | $427.83 |
| 10 | $422.68 | $5.15 | $427.83 |
| 11 | $424.39 | $3.44 | $427.83 |
| 12 | $426.15 | $1.72 | $427.87 |
Note: The above table is meant for illustration. Actual figures may vary.
* The final instalment amount may vary slightly.
The interest rate and processing fee offered to you is based on your personal credit and income profile. Hence, it may differ from the published rate and the rate offered to other borrowers. E.g. if your annual income is below $30,000 and you are eligible for the loan, you will be offered a rate of 11.00%p.a. + 4% processing fee (E.I.R. 20.01%p.a.^).
^E.I.R. is calculated based on a 5-year loan.
Learn how to interpret the different sections of your Credit Cards and Cashline statements.
