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DBS Personal Loan Singapore Review: The Best Quick Cash Personal Loan

DBS Personal Loan
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Suppose you are looking for quick cash and want to borrow a best personal loan from the bank. In that case, the DBS/POSB personal loan is probably your best option since it offers instant cash disbursement for online applicants, unlike other banks, which takes a full day to get approval. The DBS personal loan also has a competitive Effective Interest Rate compared to others’ loans, one of the country’s best personal loans.

Good for Bad for
  • Individuals looking for personal loans with competitive rates (both flat interest rates and effective interest rate)
  • Borrowers who need instant cash loans
  • Borrowers with high income who are looking for the maximum loan amounts they can find that can surpass their current credit line.
  • Borrowers who are looking for loan tenures longer than 5 years
  • Borrowers who are looking for specific-use loans (e.g., car loan)

Editor’s Rating: 4.0/5.0

Features and Benefits

DBS/POSB personal loans offer quick funds disbursement as soon as the DBS personal loan gets approved. This instant approval is unique when applying for a DBS/POSB personal loan, the bank that is home to other existing DBS banking products. These include the DBS/POSB personal loan (the product subject to this review), DBS Cashline (a line of credit), DBS/POSB credit card, POSB deposit account, and various loans available for your income profile.

If you have a good credit history and are a high-income earner, you can borrow a much larger amount through the DBS/POSB personal loan. Customers are required to submit information on their credit report during the loan application process. The personal loan DBS is an instant approval process, hence the need to extensively look into whether or not the borrower can fulfill their part of the contract (pay the: processing fee 1, monthly instalment amount, late payment fees, interest rates, etc.).

They also give competitive interest rates for those that qualify for their personal loans. If you are eligible for their best policies, you should consider DBS/POSB personal loans for its fast transaction, large loan amount, and competitive interest rates. Like the DBS Cashline, their credit card account, and their savings account, personal loan DBS also has a cash disbursement policy resulting in customers receiving their requests for instant cash immediately in their account. You do not have to rely heavily on your credit cards and Cashline anymore as the loans can supplement your 1-year annual income quite dramatically due to the large amount that the bank has to offer to each of their customers.

Interest Rate and Fees

Assuming you borrow a loan of SGD 10,000 through the DBS/POSB Personal loan, you can use the following table to see how much you will have to pay in instalments monthly. Customers can enjoy an interest rate that can go as low as 3.88 with an EIR of 7.56 p. a.

Loan Duration Flat Rate Processing Fee Effective Interest Rate Monthly Payment Total Cost
1 year 3.88% 1% 7.56% SGD 865.67 SGD 488
2 years 3.88% 1% 7.56% SGD 449.00 SGD 876
3 years 3.88% 1% 7.56% SGD 310.11 SGD 1,264
4 years 3.88% 1% 7.56% SGD 240.67 SGD 1,652
5 years 3.88% 1% 7.56% SGD 199.00 SGD 2,040

DBS/POSB also charges a processing fee of about 1% of its customers’ total personal loan amount. Still, this same processing fee could go up to about 4% if you are a low-income borrower (especially those with no savings accounts and credit cards). An early redemption fee of SGD 150, late repayment fee for a credit card at SGD 100, or Cashline PL at SGD 105, may also be charged. You should contact the DBS/POSB customer service for more details on these fees through the various links that redirect you to their official website.

Be sure to pay to calculate the total cost you will be repaying the bank through their effective interest rate rather than the flat interest rate marketed. If you are not a careful planner, the late payment fee you will have to pay every time you cannot submit your instalment on time can mean large losses in the end.

How Does It Compare to Other Banks?

To see how the DBS/POSB loan is when compared to other banks, which also offer personal home loans, you can use the following table:

Bank Loanable Amount Interest rate Monthly repayment Processing Fee
OCBC Up to 6x monthly salary 8.2%p.a. – 13.1%p.a. Lowest at SGD 238 2% of the loan amount or SGD 200
DBS-POSB Up to 10x monthly salary 3.88%p.a. Lowest at SGD 199 1% of the loan amount
Bank of China Up to 95% of your credit limit 6.52%p.a. SGD 332 3% of the loan amount or SGD 150
Citibank Up to 4x monthly income 4.94%p.a. – 7.79%p.a. Lowest at SGD 214.92 3.5% of the loan amount
HSBC Up to 8x monthly salary 3.7% Lowest at SGD 149.88 1% of the loan amount or SGD 88

What Makes It Stand Out Among Other Banks?

The most prominent feature of the DBS/POSB personal loan is its large possible loan amount if you are eligible. Unlike other banks, DBS/POSB offers up to 10x your monthly salary for a personal loan, but it has a relatively short tenure of not more than 5 years. However, the bank demands an excellent credit score and high annual income for you to get this offer. If you qualify, you can get an incredibly high loan amount with the DBS/POSB bank’s competitive interest rate.

Eligibility and Requirements

If you are interested in applying for the DBS personal loan, you must meet the following criteria:

  • At least 21 years old to 65 years old
  • Have at least SGD 20,000 of annual income. Those who earn an income of less than SGD 120,000 can get a loan amount of only up to 4x their monthly salary, but if you have a higher annual income, you can borrow up to 10x
  • Only for Singapore citizens and permanent residents

If you qualify, you can then proceed to prepare the following documents for submission to the bank:

  • Front and back copy of NRIC, Passport/Employee Pass (if it applies)
  • For salaried employees:
  • Electronic payslip for the past 3 months
  • Latest 6 months’ CPF statement
  • The latest income tax notice
  • For self-employed individuals:
  • Latest 1-year CPF statement
  • Latest income tax notice (for the past 2 years)

How to Apply

To apply, you can follow these three quick steps, and you can get your personal loan in no time, within the hour after getting your loan approved:

  1. Go to the DBS/POSB site and fill their online application form accurately.
  2. Submit the indicated required documents in the format recommended by the bank.
  3. Wait for approval.


Singapore is home to many different personal loan offers, and the options can get overwhelming. If you are hesitant to borrow a personal loan because you have difficulty understanding their policies, you can check Loan Advisor, one of the most reliable financial experts. Get in touch with a Loan Advisor representative to get started.

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