DBS Bank Personal Loan
DBS Bank provides personal loans completely digital, signatureless, and no hassles instant personal loans based on a completely digital approach that does not have any use of physical type of documentation. The lender offers its personal loans with interest rate ranges between 10.99 percent annually to upwards and this type of loan is repayable over one year to four years, with the DBS bank personal loan. The personal loan scheme from DBS's digibank caters to a varied financial need of the clients.
Features of DBS Bank Personal Loan
Eligibility
DBS bank offers the personal loan eligibility criteria which can be determined in a few simple steps, making it easier for applicants to check their eligibility before applying for a personal loan.
Online method
The loan application process is totally digital and paperless, which allows the applicants to complete the procedure by sitting at their home.
Interest rate
The loan features a competitive fixed interest rate, allowing the borrower to look for the best option before applying for a personal loan.
Repayment
The loan repayment can be controlled through the mobile application, and the loan borrowers can check the repayment amount and the repayment period left of the personal loan.
Disbursement
Pre-approved loans are disbursed immediately by the bank, allowing for a sudden financial relief to the loan borrowers in emergency situations.
DBS Bank Personal Loan Details
Interest rate | 10.99% to 30% |
Loan amount | Up to ₹15 lakh |
Tenure | 1 – 5 years |
Minimum monthly salary | ₹25,001 per month |
Processing fee | Up to 3% + GST |
Source: Paisabazaar; rates as of 28 October 2024
Note: Readers are advised to check the relevant bank's website for the latest updates.
DBS Bank Personal Loan Fees & Charges
When applying for a personal loan, it is critical to be informed of all associated charges, including the interest rate. One such expenditure is the processing charge. This fee is imposed by the lender to cover administrative costs associated with the loan application and approval procedure. These expenses may include credit checks, document verification, and other operating costs. DBS Bank applies the following fees and charges to personal loans:
Processing fee | Up to 3% of the loan amount ( Not refundable) | |
Foreclosure charges, if applicable | Foreclosure is allowed only after the completion of 6 months from the date of loan disbursement. | |
Loan tenure | Foreclosure charges + GST as applicable | |
7-12 months | 4.50% | |
13-24 months | 4.50% | |
25-36 months | 2.50% | |
>36 months | 2.00% | |
Loan cancellation charges | Loan cancellation is allowed only during the free look period of 3 days from the date of loan disbursal of the loan. The loan cancellation is not allowed after the completion of free look period. No additional charges are levied for loan cancellation. | |
Dishonour of standing instruction | Rs. 600/- per instance + GST | |
Penal charges | 3% p.a. on the overdue EMI will be charged for the defaulted period and the same is payable on EMI due date. Overdue EMI = Principal + Interest | |
Source: Paisabazaar; rates as of 28 October 2024
Note: Readers are advised to check the relevant bank's website for the latest updates.
DBS Bank Personal Loan Interest Rates
Interest rates on personal loans are an important aspect in determining the entire cost of borrowing. They determine how much you will repay in addition to the principal loan amount. Understanding how interest rates are calculated is critical to making sound financial decisions.
Interest Rate | 10.99%-30% p.a. |
Source: Paisabazaar; rates as of 28 October 2024
Note: Readers are advised to check the relevant bank's website for the latest updates.
The final rate of interest provided to an applicant is determined by his/her credit profile and will be disclosed throughout the application process.
DBS Bank Personal Loan Eligibility
Banks want to ensure that you can repay the loan. This is why they determine your eligibility before approving the loan. The essential eligibility conditions for personal loans are as follows:
Residence: You should be an Indian citizen.
Employment type: You should be a salaried employee of a reputable organisation or a self-employed individual
Age: You should be between the ages of 22 and 60 (when the loan matures).
Income: You should have a minimum monthly income of INR 20,000.
Job: As a salaried employee, you should stay with the same company for at least two years.
Credit score: You should have good credit scores of 700-750 or higher.
If you meet the following eligibility requirements, you can begin the loan application procedure, which includes filling out a form and submitting the required personal loan paperwork.
DBS Bank Personal Loan Document Required
Applying for a personal loan may be easier if you have the relevant papers. Let's go over the exact paperwork you'll need to secure a DBS bank personal loan:
For Salaried Employees
Identification proof:
Aadhaar card
Driving licence
Voter ID
Passport
PAN Card
Application form:
Complete application form
Address proof:
Aadhaar card
Driving licence
Voter ID
Passport
Electricity bill
Ration card
Income proof:
Recent salary slips
Bank account statement
ITR
Form 16 from your employer
For Self-Employed Individuals
Identification proof:
Aadhaar card
Driving licence
Voter ID
Passport
PAN Card
Application form:
Complete application form
Address proof:
Aadhaar card
Driving licence
Voter ID
Passport
Electricity bill
Ration card
Income proof:
Bank account statement
ITR
If you have the necessary paperwork for a personal loan, you can apply online. You can use internet programs to provide scanned copies of your documents. Essentially, the bank wants you to provide these documents simply to complete the eKYC process, which is required for all loans.
DBS Bank Personal Loan EMI Calculator
DBS Bank's online personal loan EMI calculator helps borrowers make informed financial decisions by offering a detailed breakdown of their possible loan payments. Users can quickly determine their monthly EMIs, total interest due, and loan cost by simply entering the desired loan amount, interest rate, and tenure. This transparency enables more effective budget planning and financial management. Furthermore, the calculator allows users to experiment with various loan parameters to find the best repayment plan for their financial situation. This flexibility enables consumers to make informed borrowing decisions, ensuring that the loan aligns with their overall financial goals.
DBS Bank Personal Loan EMI Calculator
Loan Amount
₹
Rate of Interest
%
Loan Duration
Months
EMI Payment Schedule
DBS Bank Personal Loan Interest Rate vs Other Bank Loan
Banks/NBFCs | Interest Rates(p.a.) |
|---|---|
Bank of Maharashtra | 10.00% onwards |
City Union Bank | 14.35% onwards |
Deutsche Bank | 11.00% onwards |
Dhanlaxmi Bank | 13.30% onwards |
Karnataka Bank | 13.43% onwards |
Karur Vysya Bank | 13.15% onwards |
Jammu and Kashmir Bank | 12.20% onwards |
Punjab and Sind Bank | 11.25% onwards |
Abhyudaya Bank | 13% onwards |
HSBC Bank | 9.99% onwards |
IIFL | 12.75% onwards |
HDBFS | 10% onwards |
IOB | 10.85% onwards |
Ujjivan Bank | 11.49% onwards |
UCO Bank | 12.45% onwards |
Nainital Bank | 12.50% onwards |
South Indian Bank | 12.85% onwards |
Standard Chartered Bank | 11.49% onwards |
RBL Bank | 18% onwards |
SMFG | 13% onwards |
Source:Bank website ; rates as of 27 October 2024
Note: Readers are advised to check the relevant bank's website for the latest updates.