DBS Bank Personal Loan Eligibility
DBS Bank offers instant online personal loans to salaried and self-employed individuals aged between 22 and 60 years and earning a minimum monthly income of at least Rs. 25,000. You can get up to Rs. 15 Lakhs from the bank at an interest rate of 10.99% to 34% p.a.
DBS Bank Personal Loan Eligibility Criteria
Only eligible applicants will successfully apply and eventually receive a DBS Personal loan. The criteria for self-employed and salaried applicants are spelled out below.
For Salaried Applicants & Self-employed Applicants
- The minimum age is 22 years
- The maximum age is 60 years at the time of maturity
- The minimum income the applicant should earn is 20,000 a month
Features of DBS Bank Personal Loan
In the table below, we provide the features of DBS Personal Loan. Note that the features for both salaried and self-employed applicants are the same.
| Class | Salaried | Self-employed |
|---|---|---|
| Purpose | To cover expenses for weddings, medical cost, education cost, vacation and any other personal expenses | To cover expenses for weddings, medical cost, education cost, vacation and any other personal expenses |
| Employment Criteria | Applicant must be gainfully employed by a Central, State or Private organization with a regular monthly salary paid into a salary account | Applicant must be engaged in an economic activity or in the running of a business with regular monthly income a shown in the financial documents presented |
| Age bracket | 22-60 years | 22-60 years |
| Interest rate | 10.99%-23.99% | 10.99%-23.99% |
| Maximum loan tenure | 60 months | 60 months |
| Minimum income | Rs 20,000 monthly | Rs 20,000 monthly |
| Processing fee | 2.50% of total loan amount | 2.50% of total loan amount |
| Loan Foreclosure | 2%-4.50% of outstanding loan amount | 2%-4.50% of outstanding loan amount |
| Penal rate | 2% | 2% |
| Loan type | Unsecured loan | Unsecured loan |
| Mode of application | Online application through the digibank app | Online application through the digibank app |
Factors Affecting DBS Bank Personal Loan Eligibility
Not every applicant who applies for DBS's Personal Loan succeeds in getting the loan. This is a result of certain factors mitigating loan approval, which may be down to the fault or ignorance of the applicant. Making yourself aware of what these factors might be is the surest way to avoid them entirely. Find below, some of the factors that may negatively impact your chances of getting the loan.
- Age at the time of applying: Your age at the time of applying will be a significant determinant as to whether you succeed in getting this loan or not. The minimum age accepted is 22 while the maximum age is 60. What this means is that any applicant who is below the minimum age and above the maximum age will be denied. However, this is not the only clause one should be mindful of. Also of paramount importance is the age gap between your current age and the maximum age in relation to the loan tenure. For instance, if an applicant is 57 years old and applies for a 4-year personal loan, at the time of maturity, his age will be 61. Under DBS Bank's lending policy such an application will be denied as the age would have exceeded the maximum age criteria.
- Your income: Personal income is another factor never to overlook. The minimum income all applicants should earn to avail of this loan is 20,000 every month and this is for both salaried and self-employed applicants. Any applicant earning below this figure will be disqualified because of this alone.
- Incomplete/invalid documents: The documents submitted alongside the loan application form will be verified for authenticity and validity. If the documents submitted are fake or expired your application will be terminated. The same will apply if you submit the wrong documents in place of the right ones.
- Credit profile: Your credit profile is of importance to lenders if you want them to issue a loan to you. The average minimum CIBIL score allowed is 650 and above. If your score is below 650, DBS Bank may choose not to issue the loan to you on account of this.
- Economic status: What you do for a living may work for or against you when applying. People who are not employed should not apply for this loan. This loan is also not open to pensioners as well. Only those who are salary earners or self-employed may apply as this loan is essentially for this category of applicants.
- Huge debt: Indebtedness may affect your chances significantly. DBS Bank will not be so keen to grant you a loan if you owe a significant debt to another creditor.
DBS Bank Personal Loan Eligibility FAQs
DBS Bank Personal Loan is only open to two categories of applicants. They are the Salaried and Self-employed applicants.
The Salaried applicant must be permanently employed by the Central Government or a State government if he or she is a civil servant. If not, permanent employment with a private organization is required.
The Self-employed applicant must either be a Professional or Non-professional person. Professionals like lawyers, doctors, engineers, and the like are welcome. Non-professionals may include business owners and any individual with a verifiable means of income.
This loan is stress-free and paperless. You do not need to submit hard copies of your documents to complete the application process. The entire application process is done at your convenience through DBS Bank' Digibank app. The stress of visiting a DBS Bank branch is also eliminated.
There is a minimum and a maximum amount? You can apply for a loan ranging from Rs 25,000 to Rs 15 lakh and any amount in between. How much you can avail depends on your eligibility.
This loan is completely paperless and requires only some personal information about yourself. If you, however, wish to apply for an amount above the approved limit, you will be required to submit a bank statement and other banking details for review.
There are quite a few. You will be asked to pay a processing fee which is 2.50% of the total loan amount you are applying for and this fee is tax-inclusive. You will also pay an EMI fee monthly all through the loan tenure until the principal and interest are fully repaid. The interest amount is determined by the interest rate at which the loan was issued to you. Other charges include penal fees for payment default (2% of the defaulted amount), foreclosure charges (2%-4.50%) and prepayment charges. For more information on this, kindly visit DBS Bank's official website to find out more.
It takes only a few minutes, as the steps are few and simple. Just download the Digibank app if you are a first-time user and launch it. Register your details and proceed to fill out the required details to apply.
After your Digibank online account has been verified, DBS Bank will transfer the money to your digisavings account from which you can then withdraw the sum into your bank account.
There is no single interest rate for the loan. Interest ranges from 10.99%-23.99%.
The interest you will be charged for the loan depends on the approved loan amount.
All loans are issued at the discretion of DBS Bank India after reviewing the information and documents provided by applicants.
DBS Bank does not place any restrictions on Personal Loans it issues to customers. After reviewing your details and approving the loan, you are at liberty to use the loan in any way you deem fit.
The EMI amount is made up of the loan amount received, which is also called the Principal, and the interest amount. Interest is calculated using the interest rate at which the loan was issued. Both of these components make up the EMI amount.
It depends. If you are applying for a figure within the approved amount you don't need to furnish DBS bank with any banking details whatsoever. On the other hand, if you wish to apply for a maximum figure above the approved amount, DBS will demand your bank details and your statement of account for a specific period.