DBS Bank Personal Loan

The key features of DBS Bank Personal Loan are:

• Loan amount: DBS Bank offers instant collateral-free personal loans of Rs. 25,000 to up to Rs. 15 Lakhs.
• Tenure: The borrowed amount can be repaid within a flexible loan repayment tenure of 12 to 60 months.
• Interest rate: DBS Bank personal loan interest rates vary between 10.99% p.a.
• Prepayment: Foreclosure of the loan is allowed at charges of 2% to 4.50% of the outstanding principal + GST, depending on the repayment tenure.
• Processing fee: The processing fee for the loan varies between 1% and 3% of the sanctioned loan amount + GST.

DBS Bank personal loans offer various benefits as mentioned below:

• 100% simplified, digital, and paperless application process.
• Quick personal loan approval within a few minutes after beginning your application.
• If you are not certain about your decision, the bank offers a three-day free look period, wherein you may easily cancel your loan application with DBS Bank. However, taxes and loan processing fees are non-refundable
• You can manage the loan through an app.
• Instant eligibility check.
• No physical documentation is required.
• Easy loan repayment options.
• No need to visit the DBS branch as you can apply easily through the bank’s app.

You can use the MyMoneyMantra Personal Loan EMI Calculator to calculate DBS personal loan EMI. It is very easy to use and helps you get an idea of the amount that has to be made available every month for a certain loan amount.

By trying various combinations, you can decide on the amount and tenure based on your repayment capacity. The loan parameters like loan amount, tenure and interest rate need to be provided before you calculate the EMI.

Apart from showing you the exact EMI calculation, the Calculator also provides the complete amortization schedule.

Here’s an example:

• Personal loan amount required: Rs. 5 Lakhs
• Applicable rate of interest: 10.99% p.a.
• Repayment tenure: 5 years
• Monthly EMI to be paid: Rs. 10,869
• Total interest to be paid: Rs. 1,52,123
• Total amount to be paid to the lender: Rs. 6,52,123

The documents required for a DBS personal loan depend on whether you are a salaried employee or self-employed.

Documents Requirement for Salaried Employees

• A duly filled loan application form (downloadable from the lender’s website).
• A copy of your identity proof document such as a PAN Card, Aadhaar Card, Passport, Driver's License, Voter's ID, or Employee ID Card.
• A copy of your address proof document such as an Aadhaar Card, Voter's ID, Driver's License, Passport, or recent Utility Bills.
• A copy of your income proof document such as bank statements of the previous 3 months, last 3 salary slips and the latest Form 16.

Documents Required From Self-Employed Individuals:

• A duly filled loan application form (downloadable from the lender’s website).
• A copy of your identity proof document such as PAN Card, Aadhaar Card, Passport, Voter's ID or Driver's License.
• A copy of your address proof document such as an Aadhaar Card, Passport, Voter's ID, Driver's License, or recent Utility Bills.
• A copy of your income proof document such as the last 3 months’ bank statements and proof of the recently filed ITR.

If you have the required documents for a DBS Bank personal loan, you can easily apply for the loan online by providing only scanned copies of your documents.

Before applying for a DBS Bank personal loan check the loan eligibility to get an idea of the loan quantum that will be sanctioned. The DBS Bank Personal Loan Eligibility Criteria are as mentioned below:

• Minimum age required: 22 years at the time of loan application.
• Maximum age required: 60 years at the time of loan maturity.
• Occupation: Salaried or Self-employed.
• Minimum income required: Rs. 25,000 per month.
• Years in current profession: Minimum 2 years.
• Credit score: You should have a decent credit score of 700 or above.
• Currently, you can apply for a digibank personal loan only if you reside in one of the mentioned cities: Ahmedabad, Bangalore, Bhubaneswar, Chennai, Coimbatore, Cuddalore, Delhi, Gurgaon, Hyderabad, Indore, Jaipur, Kolkata, Lucknow, Mumbai, Nagpur, Nashik, Noida, Pune, Raipur, Salem, Surat and Vadodara.

The following are the charges involved in availing of the digibank personal loan:

• Personal Loan Processing fee: 1% - 3% of the sanctioned loan amount + applicable GST (non-refundable).
• Part/full prepayment charges (allowed after 6 months from the disbursement date):
  • 7 - 24 months: 4.50% on the principal outstanding amount + applicable GST.
  • 25 - 36 months: 2.50% on the principal outstanding amount + applicable GST.
  • After 36 months: 2% on the principal outstanding amount + applicable GST.
• Penal interest rate: 24% p.a., i.e., 2% p.m. on the overdue installment.
• Loan cancellation charges: Nil in the free look period of 2 days under the disbursal of the loan. After this period, cancellation is not allowed.
• Standing Instruction (SI) dishonor charges: Rs. 600 per instance + applicable GST.

It is very easy to apply for DBS Personal Loan through digibank Personal Loan:

For existing digibank users:

• Check eligibility instantly.
• Login to your digiSavings Account using the downloaded digibank mobile app on your smartphone.
• Log in and go to the "Loans" section in the navigation menu to apply.
• Complete the KYC.
• Get the loan amount credited to your account.

For new digibank users:

• Check eligibility instantly.
• Download the digibank app on your smartphone.
• Open the app and click on the link "Get Personal Loan" on the login page to sign up and apply.
• Complete the KYC.
• Get the loan amount credited to your account.