Personal Loans

POSB Loan Assist

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

POSB Loan Assist

Product Details

  • Instant approval1 when you apply via DBS Quick Credit App
  • Up to 4X2 your monthly salary or up to 8X2 if your annual income is more than S$120,000
  • Receive the approved amount directly in your chosen POSB/DBS account
  • Hassle-free monthly repayments automatically from your chosen POSB/DBS account
  • Enjoy last instalment waiver3
  • Peace of mind with Insurance4 coverage to take care of your payments should the unforeseen occur — included with just 1% of the approved loan amount
  • Get instant cashif you are an existing customer with salary crediting into POSB/DBS account or CPF online submission and apply at any of our branches.    

Interest Rate 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.) ^
5.68%5.68%5.18%5.18%5.18%
E.I.R.
(p.a.)#
18.12%14.68%11.02%10.62%10.33%
Insurance Fee1%
Processing Fee3%3%1% 1% 1%
Disbursed Loan AmountS$28,800S$28,800S$29,400S$29,400S$29,400
Monthly RepaymentS$2,642S$1,392S$963S$755S$630
S$1,000 to S$24,900 (Assumed S$10,000 approved loan amount for illustration)A.I.R.
(p.a.) ^
6.18%6.18%5.88%5.88%5.88%
E.I.R.
(p.a.)#
19.03%15.59%13.71%12.96%12.44%
Insurance Fee1%
Processing Fee3%
Disbursed Loan AmountS$9,600
Monthly RepaymentS$885S$468S$327S$257S$216


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%
Insurance Fee1%
Processing Fee3%
Disbursed Loan AmountS$2,880
Monthly RepaymentS$278S$153S$111S$90S$78


Fees and Charges

Processing Fee

1% or 3% based on loan amount and tenure

Insurance Fee4

1% of loan amount

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$80

^ Applied interest rate

# Effective interest rate (inclusive of 1% or 3% processing fee and 1% insurance fee)

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. Maximum loan tenure applicable for foreigners is up to 2 years, subject to the validity of the employment pass. Processing fee and Insurance 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
Foreigner21 – 65 years oldS$45,000 and aboveUp to S$60,000

Existing DBS Cashline customers are not eligible to apply.


Mandatory Documents
Singapore Citizen/Permanent Resident
  • NRIC (Front and Back), AND
  • Income Documents (any ONE of the following)
(i) Salaried Employees
  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 Employees
  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**
 
Foreigner
  • Valid Passport*** and Employment Pass^^^ (with at least 6 months' validity), AND
  • Income Documents (any ONE of the following)
Salaried Employees
  1. Latest Computerised Payslip (in Singapore Dollar currency)
  2. Company Letter certifying Employment and Salary (in Singapore Dollars currency), dated within 3 months
  3. Salary Crediting into DBS/POSB Account^^
  4. Latest Income Tax Notice of Assessment** with either [A]  OR [B]  OR [C]

++ 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 update us immediately if you are granted Singapore Citizenship or Permanent Resident status by the Singapore Government.

^^^ Please provide a copy of your Company’s letter stating the Renewal of your Employment Pass if the validity is less than 6 months from the date of application. The Company’s letter has to be endorsed by the Company’s Representative or HR.

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

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

    POSB Loan Assist interest rate computation is under Flat Rate Basis. Fixed Rate Flat-Add-On 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$10,000 over 5 years at an interest rate of 5.88%. The computation would be as follows:

    • Total interest payable over 5 years
      S$10,000 x 5.88% x 5 years = S$2,940
    • Monthly instalment
      (S$10,000 + S$2,940) / 60 months = S$216

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

    For any standard loan scheme, 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$10,000.00 over 5 years at 5.88%. 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$10,000

    Total Interest (based on illustration 1)

    S$2,940

    Total payable (principal + interest)

    S$12,940

    Less : instalment paid (S$216 x 36)

    (S$7,776)

    Less : Rebate of Unearned Interest
    Using Interest rebate formula

    (S$482)

    Total amount payable to bank to fully redeem your loan

    S$4,682

    +Interest rebate formula

    R =

    n (n + 1)

    x TC =

    24 (24 + 1)

    x S$2,940 = S$482

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

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

    N (N + 1)

    60 (60 + 1)

    Where:
    R represents the interest charges rebate
    n represents the balance loan period 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 for Loan Assist to get instant approval1

           

  • Contact Me
    Contact Now

  • Fill up the form and mail back
    Apply 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 cash5

View the latest POSB Loan Assist Terms and Conditions.

Please be informed that with immediate effect, the provision for disclosure of information in the terms and conditions governing each of the Bank's unsecured loans facilities has been revised to allow disclosure of information to any person or organisation involved in the sending or delivering of any communication to your last known address on our records. Communication will include all forms of direct mailers and advertisements (including messages printed on envelopes with DBS' name and logo).

1The 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.

2 DBS may grant such credit limit at its discretion, which may differ from what is requested
3 Last instalment waiver feature is only applicable for loan accounts with minimum loan tenure of 36 months that are prompt in the monthly repayment. Qualified accounts will be notified via mail before the last instalment date.
4 Personal loan life insurance is underwritten by AVIVA Ltd. The premium payable by you to Aviva shall be 1% of the Loan and will be deducted from the Loan amount on the Effective Date. The policy is protected under the Policy Owners’ Protection Scheme, and is administered by the Singapore Deposit Insurance Corporation (SDIC).Coverage is automatic and no further action is required from you. For more information on the types of benefits that are covered under the scheme as well as the limits of coverage, where applicable, please contact Aviva Ltd or visit the LIA or SDIC web-sites (www.lia.org.sg or www.sdic.org.sg). Summary of terms of cover (Personal Loan life insurance) can be found in the Standard Terms And Conditions relating To POSB Loan Assist granted by DBS Bank.
5Applicable for Singaporeans or Permanent Residents. 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.