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DBS Personal Loan Promotions Singapore (2024)

Guest Contributor

Guest Contributor

Last updated 21 March, 2024

Here are the existing promotions when you sign up for a DBS Personal Loan.

From time to time, we need to finance big-ticket items, knock out debts, remodel our homes, meet emergency expenses, purchase appliances, pay for large occasions such as weddings, and foot vacation costs

Without a doubt, all these require finances that at times necessitate borrowing. 

There are borrowing options available at various banking institutions. However, not all will have steadily low-interest rates.

A personal loan is a convenient and instant form of borrowing that enables you to meet such financial needs. Unlike credit cards, personal loans offer low-interest rates and more convenient borrowing and payment methods.

Here we have an in-depth analysis of DBS’ personal loan promotions to help you understand what’s on offer, allowing you to decide if it’s the best option for you.

Table of contents

More on this topic:
Best Personal Loans To Ease Your Cash Flow In Singapore
4 Times In Life You Should Consider Getting a Personal Loan
How Many Personal Loans Can You Have at Once?

Introduction to DBS Personal Loan

DBS Personal Loan allows you to finance your projects conveniently. Depending on the amount advanced and your ability to pay, you can spread the repayment over one to five years.

Typically, DBS will let you know the borrowing conditions at the time of signing the contract. The interest rates are calculated using the reducing balance method, which means the faster you repay your principal, the lower the cost of your personal loan.

Before continuing, consider giving our review of the DBS Personal Loan a read!

DBS Personal Loan eligibility

As with other types of loans, there are some conditions that you must meet when applying for a DBS personal loan. Here are the requirements for the loan: 

1. Be a citizen/PR or have a DBS Cashline / credit card 

To be eligible for a DBS personal loan, you must be a Singapore citizen or permanent resident. 

If you are a foreigner, you must have an existing DBS credit card or Cashline account.

2. Age requirement

To be eligible, you must be between 21 to 75 years old. 

3. Proof of income

You must have a minimum annual income of S$30,000 to be considered for a personal loan.

If you don’t have a DBS Cashline or credit card account, you will need to present the following documents during application for a personal loan: 

  • NRIC (front and back) for salaried employees, commission-based employees and self-employed customers
  • Latest one-year Income Tax Notice Assessment for commission-based employees and self-employed customers
  • Latest one-year Income Tax Notice Assessment or nine months CPF Contribution History Statement or latest computerised payslip or salary crediting into POSB/DBS account for salaried employees

You can alternatively provide the income documents via Myinfo with Singpass.

DBS Personal Loan interest rates and fees

DBS has some of the lowest interest rates on the market. For example, the lowest published interest rate is as low as 2.88% per annum Applied Interest Rate, with 1% processing fee (Effective Interest Rate 5.79% p.a.). 

The interest rate and processing fee will vary based on your personal credit and income profile. The maximum Effective Interest Rate can go up to 20.01% per annum subject to the amount you borrow, the loan period and your personal credit history.

What are the AIR and EIR rates?

Applied Interest Rate

An Applied Interest Rate (AIR) is the interest rate that banks use to determine the interest payable on your loan.

Effective Interest Rate

The Effective Interest Rate (EIR) reflects the true cost of borrowing, as shown over a reducing balance basis. It helps you determine which loan is best when comparing various options.

More on this topic:
Credit Card Interest Rate: How To Calculate Credit Card Annual Percentage Rate (APR)?
Understanding Interest Rates: How You Can Use It To Save Even More Money
What Is The Effective Interest Rate (EIR) In A Loan?

How to apply for DBS Personal Loan

To submit your application, log in to your profile on the DBS portal, and enter your iBanking ID and password. Alternatively, you can submit your application virtually using your POSB or DBS card and PIN number. 

When applying, be sure to include the following details: 

  • Preferred amount
  • Tenure period

DBS offers clients with a personal calculator to enable you to calculate the instalments. 

DBS Personal Loan promotion

In addition to the low-interest rate benefits, DBS Personal Loans are accompanied by 2% unlimited cashback and up to S$300 eCapitaVouchers on approved loans. 

Cashback Tiers

Approved Loan Amount

Loan Tenure


S$10,000 and above

24 months and above

2% Cashback

eCapitaVoucher Tiers

Approved Loan Amount

Loan Tenure


S$10,000 to S$29,999

24 months and above

S$50 eCapitaVoucher

S$30,000 to S$49,999

S$100 eCapitaVoucher 

S$50,000 and above

S$300 eCapitaVoucher 

The promotion is available when you apply for a loan amount of S$10,000 and above. To get started, use DBS personal loan promo code “DBSAXS”. 

Notably, this promotion does not take into account applications that are not made online. Promo is available from 15 March to 20 June 2024. T&Cs apply.


Benefits of DBS Personal Loan

DBS’ personal loan comes with significant benefits, such as: 

Lower interest rate

Typically, the interest rate for personal loans in banking institutions in Singapore can go up to 15%. Therefore, the DBS loan interest rate of EIR 5.79% is a considerable benefit to any borrower.

Higher loan limits

DBS grants attractive loan limits for its customers which can go up to 10 times your monthly salary. This is a considerable amount that can help you meet your short-term and long-term financial needs.


Those earning S$20,000 to S$30,000 annually may still be eligible for DBS/POSB loan but at a higher annual interest rate and processing fee. This makes DBS a good option for personal loans for low-income earners.

Flexible payment

The low-interest rate and fixed monthly payments allow you to flexibly choose your repayment period of one to five years. As a borrower, you can easily plan, maintain and manage your finances. Additionally, you can save money and streamline your monthly expenditure.

No collateral requirement

DBS personal loans are unsecured, which means that no collateral, such as a car, home or any asset, is required as a guarantee. This will enable any customer without such collateral to apply for the loan without any difficulty. 

Moreover, in case of financial challenges during the repayment process, you do not expose such assets to risk.


The application process for a DBS personal loan is simple and straightforward. As an existing customer, you only need your Cashline or credit card account. 

Also, you can receive cash instantly after approval which enables you to manage emergencies without struggling.


Not to forget, DBS offers rewards to customers upon approval of personal loans of S$10,000 and above in the form of 2% cashback. 

This makes it unique; you can significantly save through the cashback promotion for huge personal loan amounts.

Read more:
Understanding Personal Loans: Why And When Should You Use It?
Top 6 Myths About Personal Loans, Busted
Reducing Balance Method: What Is It and Why It Saves You Money on a Personal Loan

Drawbacks of DBS Personal Loan

Despite the numerous benefits that you can enjoy with a DBS personal loan, you can still encounter some drawbacks. Here are some disadvantages of DBS personal loan you may likely encounter:

High fees and penalties

DBS personal loans come with penalties and fees that can increase the borrowing cost. Among these penalties are those charged for delayed payments and early settlement.

For instance, they’ll charge you between S$100 and S$120 when you delay making your monthly instalment. Likewise, they’ll charge you a S$250 early settlement fee.

Unfortunately, it can be challenging to avoid such penalties, especially in case of unplanned events. Therefore, when such events arise, you may end up paying charges that can increase your borrowing cost.

Can increase your liabilities

Personal loans are a means of settling credit card debts but fail to address the causes of such debts. When you use personal loans to settle credit card loans, it frees up your credit limit. Overspenders are more likely to incur more charges rather than freeing themselves from debts.

Is a DBS Personal Loan right for you?

Personal loans seem attractive, especially when you need quick cash. Here are various ways to discern whether a DBS personal loan is suitable for your situation:

  • DBS personal loans are quick to acquire; you can conveniently apply online and get cash in your account instantly.
  • DBS secures lower-interest loans for borrowers with a good credit rating.
  • DBS personal loan is a great way to consolidate and pay off high-interest credit card loans.
  • DBS personal loans enable you to meet emergency expenses such as for weddings and home remodelling. 

However, a DBS personal loan may not be a good idea for you if: 

  • You have an overspending habit. It's always advisable to plan ahead before borrowing a loan.
  • You can’t meet monthly payments. This will only increase your liabilities and debt.
  • You don’t need money urgently. Having debt money which you are not using can only increase your expenses through interest paid.

Bottom line

The DBS Personal Loan is one of the loans offering low interest in Singapore. It is convenient, easy and quick to get the amount deposited to your personal account after application.

It is also quite rewarding as it offers cashback to customers for personal loans of S$10,000 and above. However, you will need to determine whether it works best for you to avoid unnecessary charges.

Are you borrowing a personal loan for your short-term and long-term needs? Check out the best personal loans and apply through SingSaver for exclusive offers.

Read these next:
Your Go-To Personal Loans Guide in Singapore
Best Personal Loans To Ease Your Cash Flow In Singapore (2022)
All The Legal Loan Limits You Need To Know About In Singapore
4 Times In Life You Should Consider Getting a Personal Loan



Use a personal loan to consolidate your outstanding debt at a lower interest rate!

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