Best DBS & POSB Loans 2020

POSB and DBS are one of the leading lenders in Singapore. In this guide, our team of analysts identifies the best loans from DBS & POSB for those interested in applying for a loan from either of the banks.

POSB & DBS Personal Loan: Best Personal Loan Promotion

Consider this if you seek a personal loan with a great cashback promotion or immediate cash disbursement

Eligibility S$20,000 of annual income
Max. Loan Amount 4x monthly salary; 10x monthly salary for income > S$120,000
Min. Loan Amount S$500
Processing Fee 1% of loan principal, waived for loans of more than S$30,000
Approval Time Immediate approval & disbursement for DBS & POSB credit card or line of credit customers
Loan DurationFlat RateFeeEIRMonthly PaymentTotal Cost
1 year3.88%1%7.56%S$865.67S$220
2 years3.88%1%7.56%S$449.00S$608
3 years3.88%1%7.56%S$310.11S$996
4 years3.88%1%7.56%S$240.67S$1,384
5 years3.88%1%7.56%S$199.00S$1,772
Promotions:
Up to S$888 cashback for existing bank customers
Up to S$1,088 cashback for new customers
*Assuming loan of S$10,000, total cost includes new-to-bank promotion

DBS and POSB offer the best personal loan promotion, which makes the banks worth considering. Currently, both DBS and POSB offer up to S$1,088 in cashback to approved loan applicants. Furthermore, DBS and POSB offer competitive interest rates (from 3.88%) and instant cash disbursement to eligible borrowers. Due to these factors, DBS is one of the top lenders when it comes to personal loans in Singapore.

Read Our Full Review

Note: The interest rate and processing fee offered to you is based on your personal credit and income profile. It may differ from the published rate and the rate offered to other borrowers.

DBS Home Loan: Competitive Home Loan Interest Rates

DBS is typically one of the most affordable home lenders in Singapore. Below are DBS's best home loan rates as of February 20, 2020. To better understand how these rates compare, check out free ValueChampion's comparison of the best current home loan rates. It is also important to note that DBS mortgage customers are eligible for preferential renovation loan and savings deposit rates.

Read Our Full Review

Bank1st Yr InterestLock-in PeriodApply Now
DBS Fixed1.86%2 years
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DBS Fixed1.90%2 years
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DBS Fixed2.00%5 years
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DBS Board2.08%1 year
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DBS Board2.65%0
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Bank1st Yr InterestLock-in PeriodApply Now
DBS Fixed1.86%2 years
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DBS Fixed1.90%2 years
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DBS Board2.08%1 year
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DBS Board2.65%0
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Bank1st Yr InterestLock-in PeriodApply Now
DBS Board2.07%0
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Bank1st Yr InterestLock-in PeriodApply Now
DBS Fixed1.86%2 years
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DBS Fixed1.90%2 years
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DBS Fixed2.00%5 years
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DBS Board2.08%1 year
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DBS Board2.65%0
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POSB & DBS Debt Consolidation Plan: Best Cashback Promotion

Consider this if you seek a debt consolidation loan with a cashback promotion

Balance to Income Ratio More than 12x monthly income
Early Repayment Fee 5% on outstanding loan amount
Late Payment Fee S$90
Processing Fee S$99
POSB/DBS Debt Consolidation LoanDetails
Processing FeeS$99
Flat Interest Rate 1-8 YearsAs low as 3.98% (7.23% EIR)
Promotion3% cashback based on approved loan amount

Due to their competitive promotion POSB & DBS provide some of the best debt consolidation plans in Singapore. Currently, the banks offer approved borrowers 3% cashback. The banks advertise interest rates "as low as 3.98%" for tenures up to 8 years, which are among the best available. However, it is important to note that not all loan applicants will receive this rate.

Read Our Full Review

DBS Balance Transfer Loan: Best Balance Transfer Promotion

Consider this if you seek a debt consolidation loan with a cashback promotion

Processing Fee 2.5%
Maximum Principal 93% of credit line
Interest Free Period 6 months
Interest-Free PeriodProcessing FeeEIR with CashlineEIR with Credit CardPrevailing Interest Rate
6 months2.5%5.27%5.34%19.8% - 29.8%
12 months4.5%5.06%5.20%19.8% - 29.8%

DBS and POSB provide excellent balance transfer loans, once again, due to their competitive promotions. While the banks do not charge the lowest interest rates (EIR: 5.06% - 5.20%), they currently offer up to S$500 in cashback to approved loan applicants, which can be attractive to those seeking this type of financing. It is essential to ensure that you repay your balance transfer loan within the interest-free period, as balance transfers typically charge interest rates of 20-30% following the interest-free period.

Read Our Full Review

Loan AmountPromotional Cashback
S$15,000 - S$29,999S$150
S$30,000 - S$30,000S$300
S$50,000+S$500

DBS Car Loans: Cheapest Rates for Used Car Loans

Consider this if you require a car loan to purchase a used car

Interest Rate 2.78%
Maximum Principal Up to 60% or 70% of car price
Maximum Term 7 years
Duration (Years)Flat RateEIRMonthly PaymentTotal Interest Cost
11.99%3.67%S$5,949S$1,393
21.99%3.78%S$3,033S$2,786
31.99%3.82%S$2,061S$4,179
41.99%3.82%S$1,574S$5,572
51.99%3.81%S$1,283S$6,965
61.99%3.81%S$1,089S$8,358
71.99%3.79%S$949$9,751
Assuming loan of S$70,000

DBS offers the cheapest car loans for individuals that plan to purchase a used car. While other banks may not seem significantly more expensive (typically 2.9% to 3%), they end up being hundreds of dollars more expensive in terms of total interest paid. Additionally, DBS offers the same maximum principals as other banks, with loans of up to 70% of the car's purchase price.

Read Our Full Review

DBS Renovation Loans: Competitive Renovation Loan Rates

Consider this if you are a current home loan customer

Maximum Principal 6x Monthly Income or S$30,000
Rest Rate 3.88%
Cashier Fee Free 1st, S$5 fee after, max 4
MaturityFeesInterest RateMonthly InstalmentTotal Cost
1 Year2%3.88%S$1,276S$617
2 Years2%3.88%S$614S$914
3 Years2%3.88%S$442S$1,214
4 Years2%3.88%S$338S$1,518
5 Years2%3.88%S$275S$1,826
*Assuming loan of S$15,000

DBS offers affordable renovation loan rates (3.88% for new customers), especially for its current home loan customers (2.88%). The bank's renovation loans are particularly competitive for longer tenures, though it doesn't charge the lowest interest rates for short-term loans renovation loans. DBS also charges higher fees (1% handling fee + 1% insurance premium) than its competitors. With that said, DBS is the most affordable option for those that are currently home mortgage loan customers.

Read Our Full Review

POSB Further Assist: Education Loan with Low Fees

Consider this if you need a student loan and are worried about making on-time payments

Early Repayment Fee N/A
Late Payment Fee S$30
Age 17 & Above
POSB Further Study Assist - Preferred Institutions
Processing Fee2.00%
Interest Rate4.38%
Tenure1-10
Max PrincipalS$80,000 or 10x combined monthly income of you and your guarantor
Annual Income Requirement of GuarantorS$24,000

POSB's education loans are particularly affordable for students attending one of the bank's preferred institutions. Additionally, POSB's student loans charge a lower penalty fees compared to other banks, making it a good option for students might have trouble always making on-time payments.

Read Our Full Review

Summary of DBS Loan Offerings

DBS Bank offers a rank off financing products, many of which stand out as top products in their respective categories. From home loans to car loans, DBS provides financing options that may be of interest. For more information on the top loans available in Singapore please refer to our other guides.

William Hofmann

William is a Senior Research Analyst at ValueChampion Singapore, focusing on banking and SMEs. He previously was an Economic Consultant at Industrial Economics Inc.

Comments and Questions

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