DBS Personal Loan Review (2022): Instant Approval and Cash Disbursement

Alevin Chan

Alevin Chan

Last updated 22 June, 2022

DBS Personal Loan is attractively priced at just 2.88% per annum while it offers instant cash disbursement to boot. Find out if this is the best personal loan for you. 

Looking for a personal loan without a long approval period? Well, if you’re a DBS or POSB customer with an existing Cashline or Credit Card account, you can skip the wait. 

With instant approval and funds disbursement, the DBS Personal Loan makes for a convenient and speedy option. DBS also offers promotional rates for as low as 2.88% per annum (Effective Interest Rate or EIR of 5.79% per annum), making it one of the cheapest personal loans on the market. 

Here’s everything you need to know about the DBS Personal Loan, and whether it is the right personal loan for you.

What the DBS Personal Loan can do for you 

DBS Personal Loan product summary

  • Borrow up to four times your monthly salary (or 10 times your monthly salary, if your annual income is over S$120,000)
  • Loan tenure from one to five years
  • Interest rates starting from 2.88% per annum
  • Receive cash instantly with a Cashline or Credit Card account

Pros and cons of the DBS Personal Loan

ProsCons
Instant approval and cash disbursement for applicants with Cashline or Credit Card accountHigher interest rates for those with annual incomes below S$30,000 (up to 20.1% per annum EIR)
S$500 minimum loan amount1% processing fee
Minimum qualifying annual income of S$20,000S$250 early termination fee

See also: Your Go-to Personal Loans Guide in Singapore


Why should you choose the DBS Personal Loan?

#1: Instant approval and cash disbursement for existing bank customers

It helps not to wait a long time when you’re in immediate need of a personal loan. If you’re an existing DBS or POSB customer with a Cashline or Credit Account, you can enjoy instant approval on your loan application, and receive your funds instantly. This would no doubt be attractive for those with urgent financial needs. 

#2: Accommodates a wide range of loan amounts

The amount you can borrow under the DBS Personal Loan ranges from a minimum of S$500 to four times your monthly salary, or 10 times if you earn more than S$10,000 per month.

This wide loan quantum range makes it suitable for a variety of needs and borrowers. Do note, however, that there’s only a one or two-year tenure for loans below S$3,000. This applies for foreign applicants in Singapore, too. 

#3: Has a lenient qualifying criteria

DBS Personal Loan comes with a lenient qualifying criteria – a minimum annual income of S$20,000, and a qualifying age of 21 to 75 years old. This makes it easy for most borrowers to qualify for a loan (which is subject to borrowing limits allowed under the law, of course).

However, those with an annual income below S$30,000 should be wary of higher interest rates and processing fees. As such, the loan’s interest may reach an EIR of 20.1% per annum on a five-year tenure.

Who should get the DBS Personal Loan?

If you’re a DBS or POSB customer in need of a loan, then the DBS Personal Loan should be your first consideration. You can benefit from the speedy loan application along with instant loan approval and funds disbursement. 

Furthermore, this is one of the most competitively priced personal loans on the market, with rates for as low as 2.88% per annum (EIR of 5.79% per annum). However, note that the actual rate would still depend on your credit history, risk profile, and income level. Lastly, your annual income may impact your loan interest rate, especially if it is lower than S$30,000.

Interest rates, fees and eligibility criteria

Interest rate illustration: 3.88% per annum + 1% processing fee on a S$10,000 loan 

Tenure (years)Monthly instalmentTotal interest paid 
1S$865.67S$488
(EIR: 8.89% per annum)
2S$449S$876
(EIR: 8.20% per annum)
3S$310.11S$1,264
(EIR: 7.9% per annum)
4S$240.67S$1,652
(EIR: 7.71% per annum)
5S$199S$2,040
(EIR: 7.56% per annum)

The table above is an illustration of the instalment amount and EIR for S$10,000, with loan tenures of 1 to 5 years. The indicative interest rate is 3.88% per annum, with a 1% processing fee.

You can use the DBS Loan Calculator to get a quick preview of other loan amounts, but please remember that the actual interest rate offered to you would depend on your existing debt, credit history, and other pertinent factors. 

As you can see, your EIR (a measure of your total cost of borrowing) actually goes down as the loan tenure goes up. This means that loans with longer durations are lower on a per-year basis. The difference can be significant for large loan amounts. 

However, the longer the loan tenure, the higher the total interest. Hence, you should weigh your repayment timeline with the benefits of a lower cost of borrowing.  

Charges and fees to note

Take note of the following fees and charges before applying for the DBS Personal Loan:

  • Late payment charge: S$100 for Credit Card Personal Loan, S$120 for Cashline Personal Loan
  • Early termination fee: S$250 per loan
  • Minimum monthly payment: S$50, 3% (Credit Card account), or 2.5% (Cashline account) of the outstanding balance, whichever is higher
  • Finance charge: 
    • Credit Card account: 26.8% per annum
    • Cashline account: 20.5% per annum or 29.8% per annum
    • Finance charges are levied on the entire instalment amount if said amount is not paid by the instalment due date

See the full list of terms and conditions.

Eligibility criteria

  • Age: 21 to 75 years old
  • Annual income: S$20,000 minimum
  • Nationality: 
    • Singaporean or Singapore Permanent Resident
    • Foreigner with existing Cashline and/or Credit Card account

How to apply 

If you’re interested in applying for the DBS Personal Loan, here are the steps to follow:

  1. Click on the “Apply Now” button
  2. Follow the on-screen prompts to complete and submit your loan application

What to expect after applying:

  • For those with an existing DBS Cashline or Credit Card account, you will receive an SMS confirmation on your loan approval, and then an approval letter to your mailing address (within three days of receiving the SMS).
  • For DBS or POSB customers without a Cashline or Credit Card account, you will receive an SMS confirmation for approved Cashline or Credit Card account (whichever is applicable), and a DBS ATM card (if you applied for a Cashline account). Afterwards, you need to apply for your DBS Personal Loan with your Cashline or Credit Card account. Upon approval, you will receive an SMS confirmation, and then the loan will be disbursed to your designated account.

Read these next:

Your Go-To Personal Loans Guide in Singapore
Best Personal Loans to Ease Your Cashflow
Best Personal Loans for Low Income Earners in Singapore
Understanding Personal Loans: When and Why Should You Use It?


An ex-Financial Planner with a curiosity about what makes people tick, Alevin’s mission is to help readers understand the psychology of money. He’s also on an ongoing quest to optimise happiness and enjoyment in his life.