Get FREE Loan Quotes From Loan Advisor’s Top Reviewed Licensed Money Lenders in Singapore!     Click here

Get Free Quotes from the Best Licensed Moneylenders!  Click here

POSB Personal Loan: Everything You Need to Know

POSB Personal Loan Review
Table of Contents


  • Instant cash disbursal for POSB/DBS clients
  • Competitive and personalized interest rates from as low as 3.88% p.a. (EIR 7.56% p.a.)
  • Loan as high as 10x your monthly salary
  • Easy application through POSB/DBS digibank


  • Not advisable to those that need it for a loan tenure of more than 5 years.
  • Not for people looking for a specific-use loan like a house loan, car loan, etc.

Editor’s Rating: 4.0%/5.0%

When you’re in dire need of instant loan approval and fast cash disbursal, POSB personal loans are perfect for you. POSB personal loans are good options for customers that require funds from personal loans instantly.

Features and Benefits

One enticing feature of POSB or DBS personal loan is the instant disbursement of the loan amount to the applicant’s bank account. It only takes a day for DBS/POSB personal loan lenders to make instant cash. But for you to avail this feature, you have to be a credit card or credit line customer. New customers, on the other hand, credit their monthly salary into a POSB or DBS deposit account.

DBS/ POSB personal loans give the highest possible loans to those whose annual income is at least S$120,000. The loan amount could be as high as 10x their monthly salary.

There are only 4 banks that extend personal loans to those whose annual income is less than S$30,000 and two of these are POSB bank and DBS bank. The DBS/POSB personal loan extended to these individuals, however, is charged by the bank both processing fee of 4% and high interest rate of 11% p.a.

Another feature would be the effective interest rate at 7.56%. Loan duration is from 1 to 5 years. Neither the flat interest rate of 3.88% nor the effective interest rate of 7.56% will change in the said loan duration.

Rates and Fees

Interest rate is personalized, meaning, it differs according to your personal information like income and personal credit. However, the lowest POSB personal loan interest that may be offered to you is 3.88 p.a. AIR with 1% processing fee.

AIR or the Applied Interest Rate is the interest rate used in calculating the interest payable on your personal loan.

EIR or the Effective Interest Rate is the rate that reflects the true cost of borrowing DBS/POSB personal loans as expressed over a reducing balance basis that is similar to home loans. It is very useful in making comparisons among different loans to derive the best rate.

Other charges and fees include late payment fee (for credit card: S$100 and for Cashline PL: S$105), processing fee of 1% of the total loan amount, and early redemption fee of S$150.

How Does POSB Personal Loan Compare to Other Banks

Interest Rate (%p.a.) Monthly Repayment (SGD) Minimum Loanable Amount (SGD) Processing Fee (%)
DBS 3.88 310 500  1
POSB 3.88 310 500
Citi 4.55 316 1,000 1
Standard Chartered 3.88 310 1,000 1
OCBC 3.5 310 1,000 1
CIMB 3.5 307 1,000 0
UOB 3.68 308 1,000 1

What Makes POSB Stand Out Among Other Banks

Aside from the low interest rate of 3.88 p.a., POSB Singapore stands out among other banks for two reasons. First, it offers, as shown in the table above, the lowest minimum loan amount, that is, S$500 to applicants whose annual income is at least SS30,000.

Second, it offers the largest possible loan amount available to annual income earners of more than S$120,000. They can loan 10 times their monthly salary.

Also, POSB recognizes the changing needs of the society. With the pandemic, it encourages applicants to get in touch with it via POSB hotline: 1800 339 6666. Customers are encouraged to bank safety online through its 24/7 digital services. Moreover, it has bank code POSB. This means that all POSB accounts have a standard branch code of 081.

Eligibility and Requirements


To avail DBS/POSB personal loans, you have to be a Singaporean or a permanent resident aged 21 to 65 years old. Applicants’ annual income must be at least S$30,000.

DBS/POSB personal loan requires:

  • A Credit Card account or Cashline account; and
  • DBS/POSB deposit account for loan disbursement


Online applicants may be granted instant cash disbursement upon approval. Hence, prepare the following documents for faster DBS/POSB personal loan transaction:

  • Photocopy of NRIC
  • CPF Statement for the past 12 months
  • Latest Computerized Payslip or Income Tax Notice of Assessment
  • For commission-based employees: 2 years’ Income Tax Notice of Assessment
  • For self-employed: 2 years’ Income Tax Notice of Assessment

How to Apply

  • For existing customers, just log in with your iBanking / mBanking / ATM or credit / debit card. For new ones, log in with the same and provide documents asked.
  • Choose the loan amount and loan tenure.
  • Submit the application form and anticipate to receive instant cash to your bank account.


Can a foreigner apply for personal loan in Singapore?

When the borrower is a foreigner and a permanent resident in Singapore, then by all means, he could apply for one and even get instant approval. When the foreigner satisfies all other requirements like credit card, income range, then he/she could avail a DBS/POSB personal loan.

How much personal loan can I get on my salary?

Those with an annual income of less than S$120,000 may loan as much as 4 times their monthly income. While those with annual income of more than S$120,000 are eligible to as much as 10 times their monthly salary.

How do I proceed if I do not have a deposit account with DBS/POSB?

Choose your desired account here. After that, apply online and once your account is open, you can apply for the DBS/POSB Personal Loan.


Loan Advisor is a finance directory comparison website that can assist you in finding the best loan provider. Increase your chances of getting instant approval by utilizing Loan Advisor. It makes the application process as smooth as it can be.

The beauty of this platform comes with convenience and expertise. All you have to do is fill out the application form. Loan Advisor sends you several quotes from several banks afterwards. If you wish to avail DBS or POSB personal loans, then Loan Advisor should refer you to various DBS or POSB banks.

You may be a new customer and clueless about your available options.

Table of Contents

Looking For An Urgent Personal Loan?

Submit your details and receive up to 3 loan quotes from best Licensed Money Lenders picked by Loan Advisor
  • Hidden
  • This field is for validation purposes and should be left unchanged.
Looking for a Loan?