DBS Personal Loan Review (2025): Interest Rates, Benefits & Eligibility

The DBS Personal Loan in Singapore offers competitive interest rates starting from 1.99% p.a. (EIR 4.17% p.a., which includes processing fees and other costs) and attractive promotions like cashback. This article explores the loan’s features, eligibility, and application process. 

If you are wondering what EIR means, it stands for Effective Interest Rate, which reflects the true cost of borrowing, factoring in fees and the reducing balance over the loan tenure.

DBS personal loan product summary

• Loan amount: Up to 4x monthly salary (income < $120,000) or 10x (income ≥ $120,000), capped at 95% of Cashline/credit card limit.

• Loan tenure: 6, 12, 24, 36, 48, or 60 months for Singaporeans/PRs (loans ≥ $3,000); 6, 12, or 24 months for foreigners or loans < $3,000.

• Interest rate: From 1.99% p.a. (EIR 4.17% p.a.) for select customers; higher rates (e.g., 11% p.a., EIR 20.01% p.a.) for lower incomes.

• Processing fee: 1% of approved loan amount.

• Approval time: Instant for existing DBS/POSB Cashline/credit card customers; 1 – 2 days for others.

Best for: Singaporeans, PRs, or foreigners needing quick cash with flexible repayment options.

>> MORE: What is EIR (Effective Interest Rate)

Instant approval and cash disbursement for existing bank customers

DBS offers quick processing, with instant approval and cash disbursement for existing Cashline or credit card customers. Funds are credited to your designated DBS/POSB account within minutes, making it ideal for urgent financial needs. An approval letter follows within 3-7 working days.

Flexible loan amounts and tenures

The DBS Personal Loan caters to diverse needs with loan amounts up to 4x or 10x monthly salary, depending on income, and tenures from 6 to 60 months. This flexibility makes the DBS Personal Loan in Singapore a suitable option for a wide range of financial needs.

Competitive interest rates and eligibility criteria

DBS provides some of the lowest interest rates, starting at 1.99% p.a. (EIR 4.17% p.a.) for select customers with tenures of 36 months or more. Eligibility is lenient, requiring a minimum annual income of $20,000 and age between 21 – 70 years. Rates vary based on credit score and income, with higher rates for lower earners.

Age and income requirements

Applicants must be 21 – 70 years old with a minimum annual income of $20,000. Lower-income borrowers may face higher interest rates (e.g., 11% p.a., EIR 20.01% p.a.). MyInfo simplifies income submission for Singaporeans via SingPass.

Employment and Residency Status

Both salaried and self-employed individuals can apply, though self-employed or commission-based earners need additional documentation (e.g., 2 years’ Notice of Assessment). Applicants must have a valid DBS or POSB bank account to enjoy instant disbursement. Eligible residency types include Singaporeans, Permanent Residents, and Employment Pass holders (with at least 6 months’ validity).

This section details the latest interest rates, promotional offers, associated fees, and the straightforward application process for the DBS Personal Loan.

Current interest rates and promotions

DBS offers promotional rates from 1.99% p.a. (EIR 4.17% p.a.) for tenures of 36 months or more, available to select customers. Standard rates, like 2.68% p.a. (EIR 6.72% p.a.) for a $5,000 loan over 12 months, apply otherwise. The EIR, higher than the flat rate, accounts for fees and declining principal. Rates depend on income, credit history, and tenure. Use the DBS Loan Calculator for estimates.

>> MORE: DBS Personal Loan Promotions

Fees and charges

>> MORE: Dos and Don’ts When Getting A Personal Loan

How to apply for a DBS personal loan

If you’re interested in applying for the DBS Personal Loan, here are the steps to follow:

• Click on the “Apply Now” button

• Follow the on-screen prompts to complete and submit your loan application

Apply Now

Disbursement flow:

• Existing customers:

• Receive SMS confirming approval.

• Funds disbursed instantly to DBS/POSB account.

• Approval letter sent within 3 – 7 working days.

• New customers:

• Open a DBS/POSB deposit account.

• Submit loan application with required documents.

• Receive SMS upon approval; funds disbursed within 1 – 2 days.