DBS Bank offers instant online personal loan to salaried as well as self-employed individuals who are aged between 22 to 60 years and earning a minimum monthly income of at least Rs. 20,000. You can get up to Rs. 15 Lakhs from the bank at interest rate of 10.99% to 34% p.a.
Only eligible applicants will be successful with their applications and eventually receive DBS Personal loan. The criteria for self-employed and salaried applicants are spelt out below.
In the table below, we provide the features of DBS Personal Loan. Note that the features for both salaried and self-employed applicants are the same.
|Purpose||To cover expenses for weddings, medical cost, education cost, vacation and any other personal expenses||To cover expenses for weddings, medical cost, education cost, vacation and any other personal expenses|
|Employment Criteria||Applicant must be gainfully employed by a Central, State or Private organization with a regular monthly salary paid into a salary account||Applicant must be engaged in an economic activity or in the running of a business with regular monthly income a shown in the financial documents presented|
|Age bracket||22-60 years||22-60 years|
|Maximum loan tenure||60 months||60 months|
|Minimum income||Rs 20,000 monthly||Rs 20,000 monthly|
|Processing fee||2.50% of total loan amount||2.50% of total loan amount|
|Loan Foreclosure||2%-4.50% of outstanding loan amount||2%-4.50% of outstanding loan amount|
|Loan type||Unsecured loan||Unsecured loan|
|Mode of application||Online application through the digibank app||Online application through the digibank app|
When applying for loans, many lenders include different income brackets for applicants depending on their city of residence. Under this structure, residents living in advanced cities like Delhi and Kolkata are expected to earn a significantly higher income than those living in less advanced cities to compensate for the higher living costs and other factors. For DBS' Personal Loan however, this is not the practice as the minimum income criteria is Rs 20,000 for all applicants regardless of their city of residence.
The application process is 100% online so personal documents should also be submitted online alongside the online application form. Here is a shortlist of all required document. Please note that providing one of the document from among the list under each category is all you need.
Not every applicant who applies for DBS's Personal Loan succeeds in getting the loan. This is a result of certain factors mitigating loan approval, which may be down to the fault or ignorance of the applicant. Making yourself aware of what these factors might be is the surest way to avoid them entirely. Find below, some of the factors that may negatively impact your chances of getting the loan.
Preparing your documents and your credit profile in advance before submitting your application will improve your chances of getting a DBS Personal Loan. It doesn't cost money to improve your eligibility status. All you need to do is to be strategic in your planning and below, we show you how to go about it.
Now get Navi personal loan of Rs. 10,000 to Rs. 20 Lakhs at lowest interest rate starting from just 9.9% per annum. Repay in easy instalments of 3 to 72 months. The processing fee ranges from 2.5% to 6% of the sanctioned limit + GST.
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DBS Bank Personal Loan is only open to two categories of applicants. They are the Salaried and Self-employed applicants.
The Salaried applicant must be permanently employed by the Central Government or a State government if he or she is a civil servant. If not, permanent employment with a private organization is required.
The Self-employed applicant must either be a Professional or Non-professional person. Professionals like lawyers, doctors, engineers, and the likes are welcome. Non-professionals may include business owners and any individual with a verifiable means of income.
This loan is stress-free and paperless. You do not need to submit hard copies of your documents to complete the application process. The entire application process is done at your convenience through DBS Bank' Digibank app. The stress of visiting a DBS Bank branch is also eliminated.
There is a minimum and a maximum amount? You can apply for a loan ranging from Rs 25,000 to Rs 15 lakh and any amount in between. How much you can avail depends on your eligibility.
This loan is completely paperless and requires only some personal information about yourself. If you, however, wish to apply for an amount above the approved limit, you will be required to submit a bank statement and other banking details for review.
There are quite a few. You will be asked to pay a processing fee which is 2.50% of the total loan amount you are applying for and this fee is tax inclusive. You will also pay an EMI fee monthly all through the loan tenure until the principal and interest are fully repaid. The interest amount is determined by the interest rate at which the loan was issued to you. Other charges include penal fees for payment default (2% of the defaulted amount), foreclosure charges (2%-4.50%) and prepayment charges. For more information on this, kindly visit DBS Bank's official website to find out more.
It takes only a few minutes, as the steps are few and simple. Just download the digibank app if you are a first time user and launch it. Register your personal details and proceed to fill out the required details to apply.
After your digibank online account has been verified, DBS Bank will transfer the money to your digisavings account from which you can then withdraw the sum into your bank account.
There is no single interest rate for the loan. Interest ranges from 10.99%-23.99%.
The interest you will be charged for the loan depends on the approved loan amount.
All loans are issued at the discretion of DBS Bank India after reviewing the information and documents provided by applicants.
DBS Bank does not place any restrictions on Personal Loans it issues to customers. After reviewing your personal details and approving the loan, you are at liberty to use the loan in any way you deem fit.
The EMI amount is made up of the loan amount received, which is also called the Principal, and the interest amount. Interest is calculated using the interest rate at which the loan was issued. Both of these components make up the EMI amount.
It depends. If you are applying for a figure within the approved amount you don't need to furnish DBS bank with any banking details whatsoever. On the other hand, if you wish to apply for a maximum figure above the approved amount, DBS will demand your bank details and your statement of account for a specific period.