Key Takeaways
- DBS Personal Loan offers flexible tenures and loan sizes suitable for different income groups.
- Interest rates start at 1.48% p.a., plus a 1% processing fee, with an EIR of 3.22% p.a. The actual EIR offered may vary, but typically starts from around 3.22% p.a., depending on the loan tenure and customer profile.
- The minimum annual income requirement is S$20,000, which is lower than several competing banks.
- Existing DBS/POSB customers enjoy near-instant approval and quick disbursement.
- Fees can add to the overall cost, so borrowers should review all charges carefully.
A DBS personal loan is a popular choice among Singaporeans as it offers flexible repayment terms, easy eligibility criteria, and relatively fast approvals. It is ideal for all kinds of borrowers, as it allows for smaller loan sums starting at S$500 and much higher borrowing limits for individuals with higher incomes.
However, one drawback of the DBS Personal Loan is that processing fees and other charges can make it more expensive than other banks, but this also depends on the borrower’s profile and tenure.
If you’re still on the fence about which personal loan to take up, check out our personal loan comparison page to help you with your decision. Compare the features of private personal loans in Singapore and find a plan tailored to your needs.
Here’s all you need to know about the DBS Personal Loan.
DBS Personal Loan overview
Below is a summary of the key specifications based on DBS’s most recent public information.
| Attribute | Details |
| Interest rate | From 1.48% p.a. + 1% processing fee (EIR from 3.22% p.a.) |
| Fees | 1% processing fee; S$250 early termination fee; S$100 late payment fee |
| Loan tenure | 6 months to 5 years (loans ≤ S$3,000 capped at 24 months) |
| Loan amount |
The borrowing limit depends on your existing DBS Cashline or Credit Card limit. Higher-income borrowers may qualify for larger loan amounts via higher credit limits |
| Eligible age | 21 to 70 years old |
| Minimum annual income | S$20,000 |
| Citizenship | Singaporeans and Permanent Residents |
| Foreigners | Eligible only with existing DBS/POSB Cashline or credit card |
Key features of DBS Personal Loan
#1 Competitive interest rates
The DBS personal loan’s interest rate starts from 1.48% p.a., with an additional 1% processing fee. This makes the effective interest rate (EIR) start from 3.22% p.a. Though this is not the lowest EIR in the market, the applied rate is still generally considered competitive, especially for short-term borrowing or customers who already bank with DBS.
#2 Flexible loan tenures and amounts
DBS offers a wide range of choices:
- Tenures from six months to five years
- Maximum tenure of 24 months if the loan amount is S$3,000 or below
- Minimum borrowing of S$500
- Loan limits of up to 4× monthly salary, or up to 10× for borrowers earning at least S$120,000 annually
These options are suitable for both small immediate expenses and larger planned commitments.
#3 Low income eligibility requirement
The minimum income requirement to be eligible for the DBS Personal Loan is S$20,000 per year, which is below the S$30,000 threshold required by several other major banks in Singapore. Self-employed individuals are also eligible, provided they meet the income requirement and can furnish all necessary documentation.
#4 Fast approval and disbursement for DBS/POSB customers
If you already bank with DBS or POSB, getting a personal loan is usually a lot quicker. Customers who have both a DBS/POSB deposit account and an existing Credit Card or Cashline facility can get their application approved and the funds released within minutes. Since the bank already has your income records and credit information, there’s far less back-and-forth needed during the approval process.
Your Cashline or credit card limit also plays a role here. DBS bases the loan amount on your available credit, and you can typically borrow up to about 95% of that limit. This setup works almost like having a standby credit source that can be converted into a personal loan when needed.
One thing to keep in mind: the loan must be credited into an eligible DBS/POSB account. Some account types aren’t supported (Joint All, Trust, MSA, SAYE, and POSB current accounts), and DBS won’t disburse the loan to other banks. If your main banking activities already run through DBS or POSB, the entire loan process will be smoother and much quicker than applying for a personal loan from scratch with a new bank.
DBS Personal Loan fees and charges
| Fee Type | Amount |
| Processing fee | 1% of the approved loan |
| Early termination fee | S$250 if complete repayment occurs before the end of the loan’s designated term |
| Late payment fee | S$100 for Credit Card personal loan, S$120 for Cashline personal loan |
DBS Personal Loan interest rates overview
Here is an approximate breakdown for a S$10,000 loan over five years to give you an idea of how much you’ll need to pay, based on the DBS personal loan calculator, assuming the interest rate offered to you is 1.99% p.a.
Illustrative Example (5-Year Tenure)
| Loan Detail | Amount |
| Principal | S$10,000 |
| Applied rate | 1.99% p.a. |
| One-time processing fee | S$100 (1% of loan) |
| Effective interest rate (EIR) | 4.17% p.a. |
| Estimated monthly instalment | About S$183.25 |
| Estimated total repayment | About S$11,095 |
Do note that these figures vary accordingly depending on promotional rates, approval conditions, and borrower profiles, so be sure to recheck the rates offered to you before committing to a loan.
Comparison: DBS Personal Loan vs other banks
Here is a quick comparison of how the DBS Personal Loan stacks up against other major banks:
| Bank | Interest Rate (Flat Rate) | Interest Rate (EIR) | Processing Fee | Early Repayment Fee | Loan Tenure | Max Loan Amount | Min Annual Income |
| DBS Personal Loan | From 1.48% p.a. | From 3.22% p.a. | 1% | S$250 termination fee | 6 months–5 years | Based on your credit limit | S$20,000 |
| UOB Personal Loan | From ~1.52% p.a. | From ~2.92% p.a. | Typically 0% | Yes | 1–5 years | Up to 4× income | S$30,000 |
| OCBC ExtraCash Loan | From ~5.42% p.a. | From ~12.11% p.a. | Varies | Yes | 1–5 years | Up to 6× income | S$20,000 |
| Standard Chartered CashOne | From ~1.80% p.a. | From ~3.44% p.a. | No processing fee (but annual fee may apply) | Yes | 1–5 years | Up to 4× income | S$30,000 |
| HSBC Personal Loan | From ~1.80% p.a. | From ~3.50% p.a. | Varies | Yes | 1–7 years | Up to 8× income | S$30,000 |
| GXS FlexiLoan | From 1.60%p.a. | From ~3.00% p.a. | None | None | 2-24 months | Credit line model | S$20,000 |
For a more detailed breakdown of the GXS instalment loan and CIMB Personal Loan, see our review of GXS FlexiLoan and CIMB Personal Loan.
How to apply for DBS Personal Loan
Here’s a summary of how you can apply for the DBS Personal Loan. The requirements for existing DBS/POSB customers and new customers differ:
Existing DBS/POSB customers with Cashline or a credit card:
- No income documents required
- Must be between 21 and 70 years old
- Minimum annual income: S$20,000
- Loan will be credited into an eligible DBS/POSB deposit account
New to DBS/POSB:
- Age 21 to 70
- Singaporean or Singapore PR
- Minimum annual income of S$20,000
- You may skip income documents if:
- Applying through Singpass MyInfo, or
- Your salary has been credited via GIRO into your DBS/POSB account for three consecutive months
How to pay DBS Personal Loan
There are several ways you can make your loan repayments:
- DBS digibot: To make a payment, you’ll need to authenticate your identity via your iBanking login or Card and PIN before your request can be processed. The processing time for full loan repayments can take up to three working days, so be sure to submit your request early to avoid exceeding the loan repayment deadline.
- Internet banking: You can also make your repayments via GIRO, which usually takes around three working days. This may take up to seven working days if it’s a new GIRO arrangement. Simply add your billing organisation by selecting “DBS TFL/SL/POSB LA” on the drop-down bar. Alternatively, you can also download, complete, and submit a Repayment Slip.
- Cheque: DBS also accepts cheque payments. To do this, drop your cheque into the Quick Check Deposit Box at the outlet. Ensure that you include your TFL/SL/CL account number and NRIC/Passport.
- Cash: You can also make your repayments via cash at any DBS/POSB branch.
Pros and cons of DBS Personal Loan
| Pros | Cons |
| Low minimum income requirement of S$20,000 | 1% processing fee |
| Competitive interest rates | S$100/ S$120 late fee |
| Fast approval for existing customers | S$250 early termination fee |
| High loan limit for top earners | Some DBS account types are not eligible for disbursement |
| Flexible tenures of 6 months to 5 years | Costs may be higher than some alternatives |
Conclusion
A DBS Personal Loan can be a practical option if you’re looking for something flexible and fast to access. The eligibility criteria aren’t overly strict, and the application process is about as painless as it gets, especially for existing DBS or POSB customers. The main drawback is the added fees, which can push up your total cost if you’re not paying attention to the details.
That said, no single loan works for everyone. It’s always worth taking a moment to consider what other banks offer before locking in on a decision, just to make sure you’re choosing a plan that is most ideal for your situation.
If you’re juggling several loans at once, you might also want to explore debt consolidation options, as they can help streamline repayments and may reduce what you pay overall. And as with any financial product, make sure you’re dealing with a legitimate provider before sharing personal information. Being cautious goes a long way in helping you avoid loan scams.
Compare the best personal loans here.
Can foreigners apply for a DBS Personal Loan?
Yes, foreigners can apply, but there are a few conditions to meet. You must already hold a DBS or POSB Cashline account or credit card, as DBS does not accept applications from foreigners without an existing credit relationship.
Applicants also need to be between 21 and 70 years old and earn at least S$20,000 a year. Meeting these criteria allows DBS to process your loan request more quickly and assess your repayment capacity. Note that the maximum loan tenure stands at 2 years for foreigners.
How long does it take to get approval for your DBS Personal Loan?
For existing DBS/POSB customers, approval is almost instantaneous because the bank already has your income records and account history on file. New customers, however, typically wait between one and three working days while DBS verifies their documents and income information.
Once a decision is made, you’ll receive an SMS notification, followed by an official approval letter sent to your registered mailing address.
What’s the difference between DBS Personal Loan and DBS Cashline?
A DBS Personal Loan is a traditional term loan. You receive the full amount upfront and repay it through fixed monthly instalments over a set period of 6 months to 5 years. It works well for larger, planned expenses because the repayment schedule is predictable.
DBS Cashline, on the other hand, is a revolving line of credit. You can draw funds whenever you need them, as long as you stay within your approved, usable credit limit. There’s no fixed tenure, and you only pay interest on what you withdraw. It offers more flexibility, but the trade-off is a significantly higher interest rate. Cashline is typically used for short-term or unexpected expenses rather than long-term financing.
How to apply for DBS Personal Loan?
You can apply directly through DBS/POSB digital channels, making the process relatively straightforward. Applicants with Singpass can use MyInfo to pull their verified personal and income details, reducing the need for manual document uploads.
If you already have a DBS/POSB Cashline or credit card, the application is even more straightforward, as the bank can rely on your existing credit profile to process the loan faster.
