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.

You can use the MyMoneyMantra Personal Loan EMI Calculator to calcuate DBS Personal Loan EMI. 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.

Apart from showing you the exact EMI calculation, the Calculator also provides the complete amortization schedule.

Here’s an example:

Personal loan amount required: Rs. 5 Lakhs

Applicable rate of interest: 10.99% p.a.

Repayment tenure: 5 years

Monthly EMI to be paid: Rs. 10,869

Total interest to be paid: Rs. 1,52,123

Total amount to be paid to the lender: Rs. 6,52,123

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.

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 DBS Bank Personal Loan Eligibility Criteria are as mentioned below:

• Minimum age required: 22 years at the time of loan application.
• Maximum age required: 60 years at the time of loan maturity.
• Occupation: Salaried or Self-employed.
• Minimum income required: Rs. 20,000 per month.
• Years in current profession: Minimum 2 years.

Following are the charges involved in availing the digibank personal loan:

•  Personal Loan Processing fee: 3% of the sanctioned loan amount + applicable GST (non-refundable).
• Part/full prepayment charges:

o   7 - 24 months: 4.50% on the principal outstanding amount + applicable GST.

o   25 - 36 months: 2.50% on the principal outstanding amount + applicable GST.

o   After 36 months: 2% on the principal outstanding amount + applicable GST.

o   Foreclosure/part prepayment is allowed only after completing 6 months from the disbursement date. Part prepayment is subject to maximum 2 part prepayments in a year.

• Penal interest rate: 24% p.a., i.e., 2% p.m. on the overdue instalment.
• Loan cancellation charges: Nil 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: Rs. 600 per instance + applicable GST.

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

For existing digibank users:

• Check eligibility instantly.
• Login to your digiSavings Account using the downloaded digibank mobile app on your smartphone.
• Log in and go to the "Loans" section in the navigation menu to apply.
• Complete the KYC.
• Get the loan amount credited to your account.

For new to digibank users:

• Check eligibility instantly.
• Download the digibank app on your smartphone.
• Open the app and click on the link "Get Personal Loan" on the login page to signup and apply.
• Complete the KYC.
• Get the loan amount credited to your account.