DBS Bank Personal Loan

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DBS Bank Personal Loan Details
Loan Amount Rs. 25,000 to Rs. 15 lakhs
Tenure 12 months to 60 months
Interest Rate 10.99% to 23.99%
Part Prepayment Charges 2% to 4.50%
Foreclosure Charges 2% to 4.50%

DBS Bank personal loan helps you fulfil your diverse financial needs. The loan is from digibank by DBS, and easily available within a few clicks on the digibank mobile app. You can use the funds for just about everything – travel, holiday, wedding expense, purchase of a gadget, medical emergency, and a lot more. The loan is provided almost instantly. The application procedure is paperless. All the applicable charges depend on your personal profile, and not affixed. So you have to pay only that much for which you are eligible.

Loanbaba provides you complete information on digibank personal loan by DBS Bank.

Features of DBS Bank Personal Loan

Below-mentioned are the features of personal loan by digibank, powered by DBS:

Eligibility Criteria for Digibank Personal Loan

Do you want to apply for the digibank personal loan? Then go through the eligibility criteria you need to fulfil to apply for the funds.

Age of the Applicant
  • Minimum age 22 years
  • Maximum age 60 years at the time of the loan maturity
Employment Salaried individual or self-employed individual
Income Requirement Minimum monthly salary is Rs. 20,000

DBS Bank Personal Loan EMI Details

Here are the details of Digibank personal loan EMI:

Digibank Personal Loan Interest Rates, Fees, and Charges

There are no pre-determined charges on the loan. Any charge or fee that applies depends on your loan eligibility and profile. Below-given are the Digibank personal loan interest rate, along with other fees, and charges:

1. Interest Rate:

DBS Bank offers a competitive rate of interest on the loan.

Rate of Interest Details
DBS Personal Loan Interest Rate Between 10.99% and 23.99%
Penal Interest Rate on Non-payment of Dues
  • The annual penal rate of interest is 24%
  • The monthly penal interest rate is 2%
  • The rate is applicable on the overdue instalment

2. Dishonour of Standing Instructions and Loan Cancellation Charges:

Here are the details about other fees and charges:

3. Part Prepayment Charges:

You can make partial payment on the loan after 12 EMIs from the date of disbursement. The maximum limit for prepayments in a year is, 2. The prepayment charges are calculated on the principal amount paid along with the GST applicable.

Loan Tenure Part Prepayment Charges
13 Months to 24 Months 4.50%
25 Months to 36 Months 2.50%
More than 36 Months 2.00%

4. Foreclosure Charges:

You can foreclose (pay entire outstanding amount) the loan after 12 months from the disbursal date. The foreclosure charges are collected on the principal outstanding along with the applicable GST.

Loan Tenure Foreclosure Charges
12 to 24 Months 4.50%
25 to 36 Months 2.50%
After 36 Months 2.00%

How to Apply for Digibank Personal Loan?

Here are the details to apply for DBS personal loan online:

Frequently Asked Questions about DBS Bank Personal Loan

Below-mentioned are FAQs on Digibank personal loan:

1. Why should you opt for a digibank personal loan?

This loan is signature-less and paperless. You can apply for the digibank personal loan without submitting physical documents. You can provide the soft-copy of the required documents with the loan application. Download the DBS digibank app and apply for the loan. There is no need to visit the branch.

2. How much personal loan amount you can get?

DBS Bank personal loan amount is between Rs. 25,000 and Rs. 15 lakhs. The loan amount you can get is as per your loan eligibility, credit score, repayment record, income, disposable income, repayment capacity, and other factors.

3. What is the calculation method for the DBS Bank personal loan interest rate?

The interest is fixed i.e. it remains the same throughout the loan’s tenure. The financial institution offers a reducing balance interest rate.

4. What is the process for repayment? How to understand the repayment amount?

You can fully prepay the digibank personal loan at any time after the first year from the start of the loan and consistent payments. Otherwise, you need to pay the EMI as decided at the time of the loan agreement, till the end of tenure.

5. What are different fees and charges on Digibank personal loan?

You have to pay the processing fee with the applicable taxes at the time of getting the personal loan amount. You have to then pay the monthly instalments till the end of the repayment tenure.

  • The interest rate will decide the interest payout and total cost of the loan.
  • The interest component is included with the principal component in the final EMI amount.
  • Other charges included could be part payment charges and foreclosure charges if you choose to partly or fully pay the loan amount, respectively.
  • If you pay EMIs late, then you have to pay the late payment charges.

6. What will be the repayment period for the loan?

The tenure depends on your loan eligibility. The tenure is up to 5 years. You can choose tenure as short as 12 months.

7. What is the processing fee on a loan?

The processing fee depends on your eligibility for the loan. It is a one-time and mandatory fee to process the loan amount. This fee is deducted from the loan amount. The remaining amount is disbursed to your digiSavings account. The lending institution does not charge any annual fee.

8. Do you need a guarantor or security to request for DBS personal loan?

You do not need collateral, guarantor, or co-applicant to apply for the loan at this bank. The loans are unsecured in nature.

9. How much time it takes to drop a personal loan application?

It takes only a few minutes to drop the loan application. After the application procedure and verification of the details, the loan amount is transferred to your digiSavings account.

10. Which documents are required for the personal loan DBS Bank?

As understood, the financial institution does not require you to submit hardcopy of the documents. You have to provide few personal and professional details when you apply for the loan. If the loan required is above the approved limit, then DBS will need your bank statements or details to be uploaded on its platform. You do not have to provide other proofs such as IT returns or salary slips.

11. How will you receive the funds? How much time it takes for disbursal?

After you complete the application process and verify your account on the digibank app, the financial institution credits the personal loan amount directly to your digiSavings. Applicable taxes and processing fees will be deducted from the principal borrowed. The remaining amount will be credited to the account. The disbursal is in lump-sum.

12. How to make part-payments towards the loan? Are there any restrictions?

You can choose part prepayment of the loan after paying the first 12 EMIs in complete. You can do so from the digiSavings account after the payment of the part-payment charges and the applicable taxes.

Disclaimer: Information is gathered from secondary sources and meant for reference only. Loanbaba is not a channel partner of DBS Bank.