POSB Personal Loan
Enjoy 2% unlimited cashback with rates as low as 3.88% p.a. (EIR 7.56% p.a.)
POSB Personal Loan
At a Glance
Up to 10X1
your monthly salary
Instant cash in your account3
when you apply online
Affordable fixed repayment
With fixed interest rate from as low as 3.88% p.a. + 1% processing fee5 (EIR 7.56% p.a.) and loan tenures ranging from minimum 6 month to maximum 5 years
Enjoy 2% unlimited cashback when you apply today. Click here to find out more.
New feature! - You will not need to provide your income documents when you apply via Myinfo with Singpass.
5 The interest rate and fee indicated is the lowest published rate and may differ from what is offered to you. The interest rate and fee offered to you will be displayed during your application and is based on your personal credit and income profile, subject to the bank’s discretion.
Features & Benefits
| Get instant cash in your account! | Get up to 10 times1 your monthly salary! | Enjoy affordable fixed repayment! |
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| Enjoy instant approval and get cash instantly3 in your account for:
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Getting loans from POSB is faster than fast. Don't believe us? Watch the video and see for yourself.
Rates & Fees
Enjoy personalised interest rates from as low as 3.88% p.a. + 1% processing fee (EIR 7.56% p.a.)! Please note that the maximum EIR may be up to 20.01% p.a. based on your loan amount, tenor and personal credit history.
The interest rate and fee indicated is the lowest published rate and may differ from what is offered to you. The interest rate and fee offered to you will be displayed during your application and is based on your personal credit and income profile, subject to the bank’s discretion.
What are AIR and EIR rates?
AIR – Applied Interest Rate. This is the rate used in calculating the interest payable on your loan. Interest on the Loan shall be calculated based on a flat rate basis method (simple interest) by multiplying the principal Loan amount by the specified annual Applied Interest Rate for the full tenure of the Loan.
Illustration on interest payable for a S$10,000 loan with 3.88% AIR and 5 years tenure:
- Interest payable: S$10,000 X 3.88% p.a. x 5-year tenure = S$1,940
EIR – Effective Interest Rate. This is the rate that reflects the true cost of borrowing as expressed over a reducing balance basis (similar to home loans) and is useful in comparing different loans to get the best rate.
For more information on applied and effective interest rates, please visit www.moneysense.gov.sg
Calculator
Calculate the monthly repayment with our handy calculator!
Promotion
Online exclusive! Apply for POSB Personal Loan today with promo code “POSBPL” and receive 2% unlimited cashback on your approved loan amount! Valid for loan amount of S$10,000 and above with a minimum loan tenure of 24 months4
4Personal Loans 2% unlimited Cashback Promotion Terms and Conditions apply. Promotion ends 31st December 2023. The Cashback will be credited within 120 days from the personal loan application approval date.
Eligibility Requirements
| Nationality | Singapore Citizen or Singapore Permanent Resident Foreigners with existing Cashline and/or Credit Card account |
| Age | 21 – 70 years old |
| Income | Minimum Annual Income S$20,000 |
DBS/POSB Personal Loan will require (i) a Cashline and/or Credit Card account to grant the loan amount, and (ii) a DBS/POSB deposit account (excluding Joint All, Trust, MSA, SAYE and POSB current accounts) for loan disbursement (see Frequently Asked Questions Tab for more details).
If you do not have an existing Cashline / Credit Card Account, you will need the following documents:
Required Documents
| Salaried Employees | Variable Commission-based Employees / Self Employed | |
|---|---|---|
| NRIC (Front & Back) | ✓ | ✓ |
| CPF Contribution History Statement | Any one of the three documents | |
| Latest 1 Year Income Tax Notice of Assessment (NOA)+ | ✓ | |
| Latest Computerised Payslip or Salary Crediting into POSB/DBS account |
+ For salaried employees, NOA must be submitted with an additional payslip/ CPF contribution history statement.
Alternatively, you may choose to provide your income documents via Myinfo with Singpass
Please note that applications not accompanied with required documents or with incomplete information will cause a delay in processing.
If you do not have an existing DBS/POSB deposit account, you can choose your desired account here and apply online.
Apply now
- Step 1: Log in with your digibank online/ digibank mobile/ ATM or credit / debit card (no documents required for existing customers)
- Step 2: Choose your desired amount and tenure
- Step 3: Submit the application online and get instant cash
You will need a DBS/POSB account to receive the funds upon approval.
Don't have one? Apply for one here first!
Get More Benefits with POSB Renovation Loan
 | POSB Renovation LoanRenovate your home with ease at rates starting from 4.68% p.a. (EIR 5.41% p.a.*) Click here to find out more! |
Frequently Asked Questions
How do I apply for a DBS/POSB Personal Loan after I click on "Apply Now"?
You can do an online DBS/POSB Personal Loan application in 2 ways:
- Using iBanking Login: Enter your iBanking username and password to apply for an online Personal Loan application.
- Using Card and PIN: Input your Debit or ATM Card Number and the PIN number (the same PIN that is used for ATM input). For customers with only Personal Credit Card and no Debit or ATM Card, please use Credit Card as your selection.
Learn how you can easily apply for a POSB Personal Loan here.
After applying, what can I expect?
If you are an existing Cashline account or Credit Cardholder, you will receive:
- A SMS confirmation that your DBS/POSB Personal Loan is approved. Please check your designated account for the crediting of the approved loan amount.
- An approval letter for the DBS/POSB Personal Loan will be sent over to your mailing address within 3 working days after receiving the SMS message.
For DBS/POSB customers without Cashline or Credit Card.
- A SMS confirmation for an approved Cashline account (if applied for a Cashline account) and/or approval letter(s) of the applied Cashline or Credit Card.
- If applied for a Cashline account, you will receive a DBS ATM Card (if you do not have one) as part of Cashline application.
After submitting and approval of a DBS/POSB Personal Loan on your Cashline and/or Credit Card, you will receive another SMS confirmation that the DBS/POSB Personal Loan is approved. Please check your designated account for the crediting of the approved loan amount.
What is a Cashline account and why is it used for DBS/POSB Personal Loan?
Cashline is a standby line of credit account which the credit limit granted is utilized for DBS/POSB Personal Loan.
What is the loan repayment tenure that I can choose?
For Singapore Citizen or Singapore Permanent Residents taking up loan amount of S$3,000 and above, you can choose to repay the loan over period of 6, 12, 24, 36, 48 or 60 months.
For non-Singapore Citizen/Permanent Resident and/or taking up loan amount of S$3,000 and below, you can choose to repay the loan over period of 6, 12 or 24 months.
What do I do with the remaining credit limit in the Cashline account?
You have the flexibility to use the available credit limit (up to 95%) to take up another DBS/POSB Personal Loan or you can use the available credit limit as a standby credit line for short term usage.
There are no extra supporting documents required for these uses on your remaining credit limit.
How about the remaining credit limit in my Credit Card?
You can use the available credit limit (up to 95%) to take up another DBS/POSB Personal Loan or use for other Credit Card purposes such as retail transactions.
I do not have a deposit account with DBS/POSB. How do I proceed?
You can choose your desired account here and apply online. Once your account is opened, you can apply for the DBS/POSB Personal Loan.
How is the interest on my DBS/POSB Personal Loan repaid across the monthly instalments?
Assuming that you are taking a loan of $5,000 at 3.88% p.a. + 1% processing fee for 1 years (EIR 8.89% p.a.), your monthly instalment will be approximately $432.83.
Monthly interest and principal are apportioned differently; in the earlier instalments, a larger portion of your monthly instalment goes towards paying off the interest on the loan. The interest portion will be reduced gradually with each instalment (see below for the repayment schedule illustration).
| Month | Principal | Interest | Monthly Instalment |
|---|---|---|---|
| 1 | $402.98 | $29.85 | $432.83 |
| 2 | $405.47 | $27.36 | $432.83 |
| 3 | $407.96 | $24.87 | $432.83 |
| 4 | $410.45 | $22.38 | $432.83 |
| 5 | $412.93 | $19.90 | $432.83 |
| 6 | $415.42 | $17.41 | $432.83 |
| 7 | $417.91 | $14.92 | $432.83 |
| 8 | $420.39 | $12.44 | $432.83 |
| 9 | $422.88 | $9.95 | $432.83 |
| 10 | $425.37 | $7.46 | $432.83 |
| 11 | $427.86 | $4.97 | $432.83 |
| 12 | $430.38 | $2.49 | $432.87 |
Note: The above table is meant for illustration. Actual figures may vary.
* The final instalment amount may vary slightly.
Why am I seeing a different rate in the application page?
The interest rate and processing fee offered to you is based on your personal credit and income profile. Hence, it may differ from the published rate and the rate offered to other borrowers. E.g. if your annual income is below $30,000 and you are eligible for the loan, you will be offered a rate of 11.00%p.a. + 4% processing fee (E.I.R. 20.01%p.a.^).
^E.I.R. is calculated based on a 5-year loan.
How do I read my DBS/POSB Balance Transfer and Personal Loan statements?
Learn how to interpret the different sections of your Credit Cards and Cashline statements.
1 DBS may grant such credit limit at its discretion, which may differ from what is requested
2 EIR: Effective Interest Rate – based on 60-months loan tenure and inclusive of 1% processing fee (for Applied Interest Rate: 3.88% p.a.)
3 Please note that for loans approved after 9pm during month end (eg 31st March), the funds will only be credited to the designated deposits account on the following day. If the following day falls on a Sunday or Public Holiday, the crediting will be on the next following day (eg Monday to Saturday).
DBS/POSB Personal Loan Terms and Conditions (WEF 1 September 2023)
Important Information
From 1 April 2016, if you wish to have a free credit report, you may obtain it within 30 calendar days from the date of approval or rejection of this application via the credit bureau websites listed below. Alternatively, you may bring the approval or rejection letter and your NRIC to the following credit bureau’s registered office to obtain a free credit report.
Credit Bureau (Singapore) Pte Ltd
2 Shenton Way
#20-02 SGX Centre 1
Singapore 068804
Tel: (65) 6565 6363
www.creditbureau.com.sg
* Clarification: We would like to clarify that “The free Credit Bureau Report” is limited only to application of a new product such as Cashline, Credit Card, Further Study Assist. Applications such as Credit Limit increase, Balance Transfer / Personal Loan disbursed from existing products and existing principal cardholders applying for another card(s) are not entitled to the free credit report.
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