DBS Bank

DBS Bank Personal Loan

Years

Apply DBS Bank Personal Loan

About DBS Bank Personal Loan

DBS Bank formerly known as The Development Bank of Singapore Limited is a multinational banking and financial services corporation. It has its headquarters in Singapore. The Bank acquired its present name in the year July 2003. The bank offers Personal Loan through the digibank app. Personal Loan by DBS can help you meet your financial needs, such as funding a holiday, medical emergency, wedding expenses, purchasing a gadget, and so on. 

Just download the digibank app on your smartphone, check your eligibility and apply for a DBS Bank Personal Loan in just a few taps.

Why DBS Bank Personal Loan?

Digibank Personal Loans are beneficial because:

  • Instant eligibility check
  • DBS Bank Personal Loan is instant, paperless, and hassle-free
  • They do not require any physical documents
  • They do not require any paper-based application form
  • Easy loan repayment options
  • You can apply easily through the digibank app. No need to visit the DBS branch.
  • You can deposit, withdraw, and transfer funds in lightning speed
  • Applying through digibank app saves your time, energy, and money

Features of DBS Bank Personal Loan

Features of DBS Bank Personal Loan are:

  • The application process is 100% digital and paperless
  • Interest rates are competitive and remain unchanged throughout the tenure
  • Flexible loan repayment tenures of 12 to 60 months
  • You can manage the loan through app
  • Instant disbursal is available for pre-approved loans for eligible digiSavings customers
  • Get instant paperless Personal Loans of 25,000 to up to 15 Lakhs

DBS Bank Personal Loan Interest Rate

The interest rate for DBS Bank Personal Loan starts at 3.88% per annum.

Documents Required for Applying for DBS Bank Personal Loan

Digibank Personal Loans are completely paperless. You just have to give some of your personal details to apply through the app. In case you require a loan over the approved limit, the bank will need your bank details/ statements that can be uploaded on the app. No additional documents like salary slips, IT returns, etc. are needed.

Eligibility for DBS Bank Personal Loan

Before applying for DBS Bank Personal Loan check the loan eligibility to get an idea of the loan quantum that will be sanctioned. The guidelines set by the Bank for qualifying for Personal Loan will have been set and the same has to be checked before approaching the Having bank for. The eligibility criteria are as mentioned below:

  • Minimum age: 22 years at loan application
  • Maximum age: 60 years at loan maturity
  • Occupation: Salaried or Self-employed
  • Minimum income: 20,000

How to Apply for DBS Personal Loan?

It is very easy to apply for DBS Personal Loan through digibank Personal Loan:

  • For existing digibank users:
    • Using the downloaded digibank mobile app on your smartphone.
    • Log in and go to the "Loans" section in the navigation menu to apply.
  • For new to digibank users:
    • Download the digibank app on your smartphone.
    • Open the app and click on the link "Get Personal Loan" on the login page to apply.

Other Products by DBS Bank Personal Loan

DBS Bank also offers the following other financial products:

Home Loan

Refinance Loan

Loan Against Property

Flexi Loan

Funds

Structured Bonds

Fixed Income Bonds

Equities

Pure protection Life Insurance

Unit Linked Insurance Plans

Traditional Life Insurance Plans

FCNR Fixed Deposits

FX and cash management services

Yield enhancement Notes

Fixed Deposits

Recurring deposits

Flexi Fixed Deposits

Auto-Saver (sweep in and sweep out facility)

 

How to Calculate DBS Personal Loan EMI?

The DBS Bank Personal Loan EMI can be calculated using the following formula:

P*r* (1+r)^n/([(1+r)^n]-1)

In the above formula,

P = Loan amount

r = Rate of interest per month

n = tenure in month

You can also use the MyMoneyMantra Personal Loan EMI Calculator. It is very easy to use and proves helpful to get an idea of the amount that has to be made available every month for a certain amount of loan.

By trying various combinations, you can decide on the amount and tenure based on your repayment capacity. The loan parameters like loan amount, tenure and interest rate needs to be provided before you calculate the EMI.

DBS Bank Personal Loan - Charges

Following are the charges involved in availing the DBS Bank Personal Loan:

Types of Charges Description

Processing fee

  • As approved/selected
  • The processing fee is non-refundable

Part prepayment charges

  • 13-24 months: 4.50% on the principal outstanding amount + applicable GST
  • 25-36 months: 2.50% on the principal outstanding amount + applicable GST
  • Above 36 months: 2% on the principal outstanding amount + applicable GST
  • Part pre-payment of DBS Bank Personal Loan is allowed only after completing 12 months from the disbursement date, subject to maximum 2 part prepayments in a year.

Foreclosure/ full prepayment charges

  • 12-24 months: 4.50% on the principal outstanding amount + applicable GST
  • 25-36 months: 2.50% on the principal outstanding amount + applicable GST
  • Above 36 months: 2% on the principal outstanding amount + applicable GST
  • Foreclosure of DBS Bank Personal Loan is allowed only after completing 12 months from the disbursement date

Penal interest rate

@24% p.a., i.e., 2% p.m. on the overdue instalment

Loan cancellation charges

Cancellation of the loan can be done at zero charges in the free look period of 2 days under the disbursal of the loan. After this period, cancellation is not allowed.

Standing Instruction (SI) dishonor charges

600 per instance + applicable GST

DBS Bank Personal Loan - Customer Care

You can contact the bank regarding Digibank Personal Loan through their website www.dbs.com/digibank/in. They have a chatbot facility for their customers. OR you can go to the help & support section to get an answer to your query mentioned under the FAQ section.

Frequently Asked Questions - Digibank Personal Loan

How much minimum loan amount can I get?

You can get a minimum of 25,000 as Personal Loan.

What is the maximum loan amount limit?

The maximum loan amount that can be availed under the digibank Personal Loan is up to 15 Lakhs, depending on your eligibility.

How much it takes to complete my Personal Loan application?

The Personal Loan application process by the bank takes a few minutes to complete. After the application process is completed and your account verification is done, the loan amount will be disbursed to your digiSavings account.

What is the EMI start date for DBS Bank Personal Loan?

  • For loans disbursed between 1st - 19th of the month: EMI repayment starts from 6th of the next month.
  • For loans disbursed between 20th to end of the month: EMI repayment starts from 10th of the next month.

What is the repayment tenure for the loan?

The repayment tenure varies from 12 months to 60 months.

What is the minimum age required to avail the loan:

The applicant must be a minimum of 22 years at the time of application and up to a maximum of 60 years at loan maturity.

What should be my income to avail the loan?

The minimum income of the applicant must be 20,000 per month to avail this loan.

What documentation is required for the loan?

Digibank Personal Loans are completely paper-free. Only a few details have to be provided on the app when applying online. If you require a loan amount over the approved limit, the bank will need bank details/ statements of the applicant to be uploaded.

Why should I avail digibank Personal Loan?

These are paperless, hassle-free, and instant. You can apply at your convenience using the digibank app. No need to visit a DBS branch.

DBS Bank Personal Loan - Snippets

27.05.2017: DBS India's mobile-only bank account will now be available at desktops too

DBS India is planning to make the first mobile-only bank account of India available on desktop too. The Singapore-based largest bank's Indian arm had recently unveiled the first open architecture platform of India for distributing insurance policies of multiple companies through a single application.

18.05.2017: Singapore-based DBS Bank adds over 1-million customers in India

During the time when many foreign banks are shortening their operations, Singapore-based DBS Bank has added more than 1 million customers via its digital banking foray. The bank is awaiting approval from RBI to open an entirely owned subsidiary in India. Digibank launched in last April allows customers to easily transfer money to an e-wallet and then open a full-fledged  savings account using their Aadhaar Card-based fingerprint authentication.

18.05.2017: 7% rate offer helps DBS Bank cross 1 million customer mark

Singaporean lender DBS Bank today said that offering the higher interest rate of 7% has helped it add over 1 million savings bank customers in just 1 year. The bank was serving customers of only high net worth from its 12 branches earlier. The total number of accounts was within 1 lakh before the launch of its Digibank one year ago.

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