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Can DBS Personal Loan Manage Your Finances?

Are you looking for a personal loan? Have you heard of the DBS personal loan during your search? Learn more about it as you read this article.

When you search “personal loans” online, you will be overwhelmed by the number of results offering loans with various terms, amounts and rates.

One of the options you may come across is DBS Bank’s personal loans. Will these products help you manage your finances?

DBS Personal Loan

You can only apply for a personal loan if you have a DBS Credit Card or Cashline. Take note that they will not process your loan application unless you open a Credit Card or Cashline account since the loan amount will be based on their credit limit.

If you have both accounts, you can choose which one to use. If you apply online, a green button will let you turn off the account you do not want to use for the personal loan.

While DBS promotes that you can borrow up to four times your monthly salary, it is not the absolute amount you can borrow. Remember that DBS still uses certain factors to decide how much you can get.

dbs personal loan

DBS Personal Loan Promotional Interest Rates

You will not be included in the promotional rates for borrowers with an annual income of $20,000 but less than $30,000. Only those earning higher than $30,000 a year will be given lower interest rates.

Also, bear in mind that you have to pay the processing fee, which is 4% of the principal loan. Let’s say, a personal loan worth $3,000 has been approved against your credit card account, payable for 60 months. After adding the interest rate ($330 x 60/12) and the processing fee ($120), the total cost of your loan will be $4,770.

DBS Cashline Balance Transfer

DBS Cashline Balance Transfer can consolidate your existing debts through your Cashline. Though it has a 0% interest rate for a year, do not miss the other existing fees. For example, the administrative fee can range from 3.58% for six months to 6.38% for 12 months.

While the 0% interest rate is tempting, it only applies to the principal loan. Remember that there is still the administrative fee to charge the interest rate on. Also, failure to pay the total amount on its due date will incur penalties.

DBS Cashline

DBS Cashline gives you instant access to cash through funds transfer, cheque book and ATM. You can even borrow up to four times your monthly salary, but the loan amount will be at the bank’s discretion. In addition, you will only be charged with interest based on the amount you used.

Just like the personal loan, if you have a higher gross annual income than $30,000, you will be charged a lower Effective Interest Rate.

Even if you do not access your cashline, you will still have the annual fee. Failure to pay your balance on time will increase your interest rate by 6% and the late payment fee.

Personal loans may have specific promos to entice people. However, you must be careful when considering which to apply for. Personal loans help you manage your finances, not drag you deeper into debts. So read the terms and conditions carefully. Not all personal loans can fit your needs, and they are not only available in banks.

Also, licensed money lenders offer personal loans with more flexible terms and shorter processing times. There is even no required bank account to be opened. All you need is a bank account to forward to the cash.

Do you need a quick cash loan? Get it from Cash Mart today.