Personal Loans

POSB Loan Assist

Enjoy fixed interest rate and monthly instalments to better manage your finances.

POSB Loan Assist

Product Details

  • Get cash up to 4X1of your monthly salary, or up to 10X1of your monthly salary if your annual income is S$120,000 and above
  • Flat interest rates from as low as 5.18% p.a for loan amount of S$25,000 and more with 3 to 5 years tenures
  • Get instant cash2 disbursement at any of our branches if you are currently crediting salary to POSB/ DBS deposit account or submitting CPF online as income document.

Interest Rate and Processing Fee Table

For annual income of S$30,000 and above

Loan Amount Loan Tenure
1 year2 years3 years4 years5 years
S$25,000 and above (Assumed S$30,000 approved loan amount for illustration)A.I.R.
(p.a.)^
6.50%6.50%5.18%5.18%5.18%
E.I.R.
(p.a.)#
15.64%14.07%10.32%10.09%9.89%
Processing Fee2%2%1% 1% 1%
Disbursed Loan AmountS$29,400S$29,400S$29,700S$29,700S$29,700
Monthly RepaymentS$2,663S$1,413S$963S$755S$630
S$1,000 to S$24,900 (Assumed S$10,000 approved loan amount for illustration)A.I.R.
(p.a.)^
6.99%6.99%6.99%6.99%6.99%
E.I.R.
(p.a.)#
16.52%14.95%14.23%13.75%13.39%
Processing Fee2%
Disbursed Loan AmountS$9,800
Monthly RepaymentS$892S$475S$336S$267S$225


For annual income of S$20,000 to less than S$30,000 

Loan Amount Loan Tenure
1 year2 years3 years4 years5 years

S$1,000 to S$5,000

(Assumed S$3,000 approved loan amount for illustration)
A.I.R.
(p.a.)^
11.00%11.00%11.00%11.00%11.00%
E.I.R.
(p.a.)#
27.69%24.16%22.57%21.53%20.74%
Processing Fee4%
Disbursed Loan AmountS$2,880
Monthly RepaymentS$278S$153S$111S$90S$78


Other Fees and Charges

Prepayment Penalty Fee

1.5% on the outstanding loan amount is applicable if the loan is fully repaid during the loan tenure

Late Fee

S$90

^ Applied interest rate

# Effective interest rate (inclusive of processing fee as set out in this table)

Note: Minimum loan amount is S$1,000. (These numbers are meant for illustrative purposes only and should not be taken to be a guarantee of the actual, future or likely figures). Interest is calculated on a flat rate, front loaded basis. Processing fee will be deducted up front from the approved loan amount.

Eligibility
NationalityAgeAnnual IncomeLoan Amount
Singaporean or Permanent Resident21 – 65 years oldS$20,000 and aboveUp to S$200,000

Existing DBS Cashline customers are not eligible to apply.


Mandatory Documents
Singaporean/Permanent Resident
  • NRIC (Front and Back), AND
  • Income Documents (any ONE of the following)
(i) Salaried EmployeesAny ONE of the following:

  1. Latest 12 months’ CPF Contribution History Statement++
  2. Latest Computerised Payslip
  3. Salary Crediting into POSB/DBS Account^^
  4. Latest Income Tax Notice of Assessment** with either [A]  OR [B]  OR [C]
(ii) Variable/Commission-based EmployeesAny ONE of the following:

  1. Latest 12 months’ CPF Contribution History Statement++
  2. Latest 2 years’ Income Tax Notice of Assessment**
(iii) Self Employed
  1. Latest 2 years’ Income Tax Notice of Assessment**

++ Please note that your CPF documents submitted online are only available for up to 7 days from the date of submission.

^^ Income documents are not required on condition that your salary is credited via GIRO, to your own Personal POSB/DBS Account for at least 3 consecutive months. The Bank will review, and if necessary, adjust the current combined credit limit of all unsecured accounts based on the latest salary crediting information provided.

** You can now print your Income Tax Notice of Assessment at myTax Portal with your SingPass or IRAS PIN. The service is free. Log on to https://mytax.iras.gov.sg for more details.

Please allow 7 working days for processing. Applications not accompanied with required documents or with incomplete information will cause a delay in processing.


  1. After my personal loan is approved, where is the money disbursed to?

    After your loan is approved, the amount will be credited directly to your chosen POSB/DBS deposit account. For application in our branches for customer currently crediting salary to POSB/DBS account or submitting CPF online as income document, you can enjoy instant cash disbursement1 of the loan amount to your POSB/DBS deposit account once approved.

    1 DBS will only process applications that meet the bank's internal requirements. We regret that we will be unable to process applications if the instant cash system is unavailable at the point of application

  2. How do I do monthly repayments?

    Monthly repayment is hassle-free and done automatically from your chosen POSB/DBS deposit account. Please ensure you have sufficient funds in your account for debiting.

  3. How do I calculate my monthly instalment amount for POSB Loan Assist?

    POSB Loan Assist interest rate computation is under Flat Rate Basis. Flat Rate means that the interest rate and your monthly loan instalment remain the same throughout the duration of your loan. This protects you against any interest rate fluctuations.

    Illustration 1
    Suppose you take a loan of S$30,000 over 5 years at an interest rate of 5.18% p.a. The computation would be as follows:

    • Total interest payable over 5 years
      S$30,000 x 5.18% x 5 years = S$7,770
    • Monthly instalment
      (S$30,000 + S$7,770) / 60 months = S$629.50

  4. How do I compute for early redemption for POSB Loan Assist?

    For any standard personal loan, you are required to pay all principal and interest that would have accrued over the entire loan period. However, in the event you decide to repay the outstanding loan before the loan period ends, you will receive a rebate on the interest.

    The interest rebate will be calculated by the using an interest rebate formula +
    Suppose your loan is S$30,000 over 5 years at 5.18% p.a. If you repay the entire loan outstanding after making 36 monthly instalments, the computation is as follows:

    Computation For Loan Redemption

    Original Loan Amount

    S$30,000

    Total Interest (based on illustration 1)

    S$7,770

    Total payable (principal + interest)

    S$37,770

    Less : instalment paid (S$629.50 x 36)

    (S$22,662)

    Less : Rebate of Unearned Interest
    Using Interest rebate formula

    (S$1,273.77)

    Total amount payable to bank to fully redeem your loan

    S$13,764.23

    +Interest rebate formula

    R =

    n (n + 1)

    x TC =

    24 (24 + 1)

    x S$7,770 = S$1,273.77

    -------------

    ----------------

    N (N + 1)

    60 (60 + 1)

    Where:
    R represents the interest rebate
    n represents the remaining number of uncharged instalments expressed in months
    N represents the original loan period expressed in months
    TC represents the total amount of interest payable over the loan period

    (These numbers are meant for illustrative purposes only and should not be taken to be a guarantee of the actual, future or likely figures)

    Note: A prepayment fee of 1.5% of outstanding loan amount will be applicable for early termination before the end of the loan tenure.

How to Apply

  • Download the DBS Quick Credit App. Apply at your convenience on your mobile/tablet and get your application status in seconds3

           

  • Let us contact you or SMS in to assist you on your application.
    Contact Now

    Send SMS in this format: POSBLA<space>NAME<space>NRIC to 76060.

  • Visit any POSB branches with your NRIC and SingPass to get instant cash2

View the latest POSB Loan Assist Terms and Conditions.

With effect from 1 October 2015, the late payment fee for POSB Loan Assist will be revised to S$90.

1 DBS may grant such credit limit at its discretion, which may differ from what is requested

2 DBS will only process applications that meet the bank's internal requirements. We regret that we will be unable to process applications if the instant cash system is unavailable at the point of application.

3 The approval of the personal loan application by DBS through the DBS Quick Credit mobile application is subject to full authentication and validation of completed information of the applicant and receipt of all mandatory documents from the applicant.