Who Can Apply for the POSB Personal Loan?
The POSB Personal Loan is available to Singaporean citizens, permanent residents, and foreigners with an existing DBS/POSB Cashline or Credit Card account. Applicants must be aged between 21 and 70 years old and meet the minimum income requirement of S$20,000 annually.
For non-residents or those with an income under S$120,000, borrowing limits may vary, but you can still benefit from flexible tenures and competitive rates.
Required Documents
✔️NRIC (front and back)
✔️CPF Transaction History (latest 9 months) or
✔️Latest Computerized Payslip or Income Tax Notice of Assessment
✔️For existing customers, no documents are required if applying via Myinfo with Singpass.
Applicable Fees & Rates
✔️Interest rate: from 2.68% p.a.
✔️Processing fee: 1% of the loan amount
✔️Effective Interest Rate (EIR): from 5.43% p.a.
A Word of Advice for Borrowers
When applying for a personal loan, always consider your financial situation and ensure that the loan fits into your budget. With fixed rates and predictable payments, the POSB Personal Loan offers stability, but be mindful of the total cost over the loan tenure.
If you need to borrow a larger amount, aim for a longer tenure to reduce your monthly payments, but remember that this will increase the total interest paid over time.
Lastly, the cashback offer is a great way to maximize the benefits of your loan, but ensure you meet the promotional criteria to take full advantage of this offer.
Applying for the POSB Personal Loan is quick and easy!
Simply visit the official DBS/POSB website, log in with your digibank online credentials, choose your loan amount and tenure, and submit your application. Instant cash will be credited directly to your account upon approval.