DBS Bank Personal Loan

1. The loan eligibility can be assessed in a few simple steps.
2. The application process for the loan is completely digital and paperless.
3. The loan has a competitive fixed interest rate.
4. The loan repayment can be managed from the mobile application.
5. Pre-approved loans are instantly disbursed by the bank.

Fees and Charges of DBS Personal Loan

The various charges associated with the digibank by DBS personal loan are as given below:

Processing fee	3% of the loan amount
Foreclosure charges	For tenure between 7 and 24 months - 4.50% of the loan principal outstanding + GST For tenure between 25 and 36 months - 2.50% of the loan principal outstanding + GST For tenure greater than 36 months - 2% of the loan principal outstanding + GST
Part pre-payment charges	For tenure between 7 and 24 months - 4.50% of the loan principal paid + GST For tenure between 25 and 36 months - 2.50% of the loan principal paid + GST For tenure greater than 36 months - 2% of the loan principal paid + GST
Loan cancellation charges	Nil
Penal interest rate	2% per month on the overdue installment
Standing instruction dishonour charge	Rs.600 + GST for each instance

How to Apply for DBS Personal Loan?

Digibank Existing users:

1. Download digibank mobile app
2. Instal the app on your smartphone
3. Log in and tap "Personal Loans" in the navigation menu

New to Digibank:

1. Download and install the digibank mobile app on your mobile
2. Click on the "Get Personal Loan" link on the login page

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FAQs on DBS Bank Personal Loan

• How long does it take to apply for a DBS personal loan?

  The application process is simple and takes only a few minutes through the digibank app. Once the application is completed, the loan amount will be transferred to your digiSavings account, post account verification.

• What documents should I submit when applying for a DBS personal loan?

  The digibank by DBS personal loan can be availed without submitting any physical documents. You will just have to provide some personal details during the application process. If you need a loan above the limit approved, the bank will request you to submit your bank statements (other than digibank).

• When can partial pre-payment of the DBS personal loan be done?

  Part pre-payment of the DBS personal loan is allowed only after the completion of 1 year from the date of loan disbursement. This is also subject to a maximum of 2 pre-payments in 12 months. The pre-payment can be done from your digiSavings account. Please note that you will also have to pay the associated tax and charges.

• When can foreclosure of the DBS personal loan be done?

  Foreclosure of the loan is allowed after the completion of 1 year from the loan disbursement date.

• Is it possible to cancel DBS loan application?

  Yes, this is possible. Loan cancellation can be done only during the free-look period of 2 days within the disbursal of the loan amount.

• How do I repay my DBS personal loan?

  The payment of EMI can be done only through your digiSavings account. The bank will be sending you regular updates on the due date for EMI. You have to ensure that the digiSavings account has sufficient balance, at least 2 days before the EMI due date.

• Where can I find my DBS personal loan repayment schedule?

  After you have been approved for the loan, you can find your repayment schedule on the bank website. Traverse the path, "Personal Loans" -> "Statements" from the dashboard or the digibank menu.

• Can I request for my processing fee and interest rate to be altered during the loan tenure?

  The bank charges you an interest rate and processing fee based on your loan eligibility. Hence, it is not possible to alter it after an offer is made by the bank.

• How is the DBS personal loan amount disbursed?

  After you have completed the application process, you will be required to do the account verification through the digibank app. The entire loan amount will then be credited to your digiSavings account after the tax and processing fee are deducted. Part disbursement facility is not available for the DBS personal loan.