DBS is one of Singapore’s leading financial institutions. It offers a broad range of products, including but not limited to insurance, banking facilities, and digital services.
In this article, we’ll be looking at two of DBS’s personal financing products, which are the DBS Personal Loan and DBS Cashline. We’ll explore how these two types of personal financing function, as well as compare and contrast them to help you make an informed decision.
The DBS Personal Loan is a term loan that is disbursed in a lump sum, with a fixed amount, fixed monthly repayments and tenors.
Here are some of its features and benefits:
Eligibility:
To qualify for the DBS Personal Loan, you should be a:
How to apply:
Application can be done online with the DBS digibank app, and those with pre-existing DBS or POSB cashline, credit card or savings account will find it easier as no documents need to be submitted. Those without pre-existing accounts have to submit several documents including a copy of their NRIC and proof of income ( latest 1 year Tax Notice of Assessment, NOA and payslip or record of salary credited into DBS/POSB accounts). Borrowers can skip the hassle of submitting documents by applying with their Singpass Myinfo details.
Processing of your personal loan application is done fairly quickly. You will receive a notification of loan approval via SMS, followed by an official notification letter through mail several days later.
The DBS Cashline programme is a versatile account that has several different functions. Those who apply for this account can use it for online transactions, cash withdrawals and even bill payments. In effect, the DBS Cashline functions as a type of personal line of credit, or a payday loan.
Borrowers can withdraw up to their credit limit, and are expected to make monthly repayments on the amount they’ve withdrawn. In effect, this functions to meet your short term borrowing needs with lower quantums and shorter repayment times. This Cashline account can also be used to apply for other loan products from DBS such as the Personal Loan (mentioned above) and the DBS Balance Transfer loan.
Here are some of the features and benefits of the DBS Cashline account:
To qualify for the DBS Personal Cashline, you should be a Singaporean citizen or PR, aged 21 to 70 and earning at least $20,000 per annum. Applications can be done online via the DBS Cashline digibank app for those with pre-existing accounts, or via a manual application/ Singpass Myinfo that can be found on the DBS Cashline website.
Once your DBS Cashline account has been approved, you will be able to use it as part of your digibank app to make payments for various online transactions, including e-commerce sites, bill payments and more. Repayments to your DBS Cashline account can also be done through digibank.
Both of these products are suitable for borrowers who are facing different financial needs and circumstances. To compare them better, we’ve compiled the key features of both products in the following table:
A DBS Personal Loan and DBS Cashline are useful personal financing products. However, personal loans are more suitable for borrowers who need larger quantums, which can be repaid over a longer period lasting up to 5 years.
The DBS Cashline, on the other hand, is more suitable for smaller purchases that can be repaid in a short period, as it incurs relatively high daily interest rates.
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