POSB Personal Loan Singapore : From 1.48% p.a. (EIR ~2.84%) & Instant Cash

💵 POSB Personal Loan Overview

Key Features

• Headline rate from 1.48% p.a. (EIR from ~2.84% p.a.) with full processing fee rebate
• Tenure: 6 to 60 months
• Minimum loan amount: S$500 (max up to 10× monthly salary or S$250,000)
• Instant approval and cash disbursement if you’re DBS/POSB customer via MyInfo/SingPass 
• Exclusive SingSaver promo: up to 3% cashback + S$50 for loans ≥ S$10,000 with 36‑month tenure using code SINGSAVER 
• Eligibility: Singapore citizens/PRs (≥S$20K annual income); foreigners with existing POSB/DBS Cashline or credit card account 

How to Apply

1. Visit the POSB Personal Loan page or apply via SingSaver using SingPass MyInfo to auto-fill details 
2. Choose loan amount, tenure and payout account (must be POSB/DBS for instant disbursement)
3. Review personalised rate, EIR and estimated instalment
4. Submit application, existing customers often receive approval & funds instantly; others typically within 1–2 business days 

Interest & Repayment

• Applied rate from 1.48% p.a., EIR starting at ~2.84% p.a. for 36‑month tenure with full processing fee rebate 
• Example: S$10,000 over 60 months → total repayable about S$11,018; monthly ≈ S$184 
• Fin repayments via GIRO; minimum payment for Cashline is 2.5% of balance or S$50 whichever higher 

Fees & Charges

• Processing Fee: 1% of approved amount (minimum ~S$100) [oai_citation:21‡POSB]
• Late Payment Fee: S$100 per missed instalment on credit-card loan; S$120 on Cashline version 
• Early Repayment / Cancellation Fee: S$250 flat fee, no partial repayment allowed 

Pros & Cons

✅ Pros

• Competitive rate from 1.99% p.a. (EIR ~4.17%)
• Instant approval & cash disbursement for DBS/POSB customers
• No hidden fees beyond flat processing fee
• Loan up to 10× monthly income (capped)
• Attractive cashback promo via SingSaver (up to 3% + S$50) 

❌ Cons

• Processing fee of 1% applies (unlike zero‑fee competitors)
• Early cancellation fee S$250; no partial repayment flexibility
• Best rates reserved for customers with strong credit/income profile
• Foreign applicant eligibility limited unless existing with DBS/POSB Cashline/CC 

Other Notable Features

• Product is backed by DBS, Singapore’s largest bank, offering reliability and digital ease 
• Loan funds are not restricted. You can use for renovation, travel, debt consolidation, etc.
• Transparent risk‑based pricing published; actual rates shown pre‑approval during application