DBS Bank Personal Loan Details
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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:
- 100% digital and paperless procedure right from the loan application to disbursal.
- Apply and get instant approval by providing only your Aadhaar Number and PAN Number.
- Eligible digiSavings customer will get the benefit of a pre-approved offer.
- Competitive rate of interest, flexible tenure, and easy repayment options.
- Borrow up to Rs. 15 lakhs as per your loan eligibility.
- Easy and flexible repayment from your digibank app.
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:
- Loan disbursed within 1st and 19th of the month, the EMI start date is from the 6th of the next month.
- The EMI start date is from the 10th of the next month for a loan disbursed within 20th to end of the same month.
- The EMI amount will be debited from your digiSavings account. You should maintain sufficient balance in this account at least before 2 days of the EMI due date.
- You can credit the digiSavings account through RTGS/NEFT/UPI/IMPS fund transfer.
- You can also access your loan repayment schedule and download it. Find the statement under ‘Personal Loan’s -> ‘Statements’ on the digibank menu or dashboard.
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:
- Dishonour of Standing Instructions will attract a penalty. The penalty charge is Rs. 600 per instance with the applicable GST.
- You can cancel the loan during the free look period of 2 days from the disbursal of the funds or within 48 hours of fund being credited in your account.
- After this, you cannot cancel the loan. There are no charges for the loan cancellation.
- But the bank will not refund the processing fee + applicable taxes at the time of loan agreement.
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:
- If you are an existing digibank user then you can apply for the loan from the digibank mobile app.
- Simply open the app on your smartphone and login.
- Navigate to the menu, and select ‘Loans’, and follow the indicated steps.
- If you are new to digibank, then firstly download the mobile app.
- Get the app on Google Play or download on the App Store.
- You can also visit the official website of the DBS Bank to check your loan eligibility.
- After launching the app, on the login page click ‘Get Personal Loan’ link.
Frequently Asked Questions about DBS Bank Personal Loan
Below-mentioned are FAQs on 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.
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.
The interest is fixed i.e. it remains the same throughout the loan’s tenure. The financial institution offers a reducing balance interest rate.
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.
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.
The tenure depends on your loan eligibility. The tenure is up to 5 years. You can choose tenure as short as 12 months.
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.
You do not need collateral, guarantor, or co-applicant to apply for the loan at this bank. The loans are unsecured in nature.
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.
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.
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.
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.
