Eligibility requirements:
- Must be a Singapore Citizen or Permanent Resident for new customers
- Minimum annual income of S$20,000 required
- Age between 21 and 70 years old
- Existing DBS or POSB Cashline or Credit Card holders can apply easily
- No income documents needed when applying via Myinfo or salary crediting
POSB Personal Loan application steps:
- Log in to POSB digibank mobile using Face ID, Touch ID, or credentials
- Tap Apply, then select Personal Loans under Borrow
- Choose Apply now and start your application
- Select Cashline, Credit Card, or both as your loan source
- Enter your desired loan amount and preferred tenure
- Choose your crediting account and input any promo code
- Review all details carefully and submit your application
Frequently asked questions
How long does it take to get approved for a DBS?
Approval is usually fast, and funds may be disbursed almost instantly, making it suitable for those seeking a same day loan or quick loan solution.
Is it required to explain why credit is being used?
No explanation is typically required, since this personal loan is designed for flexible usage such as emergencies, bills, or other financial needs.
Do I need to have a good credit score to be approved for a DBS?
Approval depends on credit and income profile, however, DBS may still offer personalised rates, making it accessible compared to stricter lenders.
Can I apply for a loan if I am self-employed?
Yes, self-employed individuals can apply, provided they submit the required income documentation or use available digital verification methods like Myinfo.