Best DBS & POSB Loans 2024
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.
- Best Personal Loan Promotion: POSB & DBS Personal Loan
- Current DBS Home Loan Rates: Check Current Rates
- Best Car Loan Loans for Used Vehicles: DBS Car Loan
- Affordable Long-Term Renovation Loan: DBS Renovation Loan
- Flexible Student Loan: POSB Further Assist Education Loan
- Summary of POSB & DBS Loans
POSB & DBS Personal Loan: Fastest Personal Loan 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
- Approval Time
- Immediate approval & disbursement for DBS & POSB credit card or line of credit customers
| Loan Duration | Flat Rate | Fee | EIR | Monthly Payment | Total Cost |
|---|---|---|---|---|---|
| 1 year | 2.88% | 1% | 5.79% | S$865.67 | S$388 |
| 2 years | 2.88% | 1% | 5.79% | S$449.00 | S$676 |
| 3 years | 2.88% | 1% | 5.79% | S$310.11 | S$964 |
| 4 years | 2.88% | 1% | 5.79% | S$240.67 | S$1,252 |
| 5 years | 2.88% | 1% | 5.79% | S$199.00 | S$1,940 |
| *Assuming loan of S$10,000 | |||||
DBS and POSB offer competitive interest rates (from 2.88%), which makes the banks worth considering. Furthermore, DBS and POSB offer competitive 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.
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 January 25, 2024. 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.
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| No offerings at this time |
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DBS Car Loans: Cheapest Rates for Used Car Loans
- Interest Rate
- 2.68%
- Maximum Principal
- Up to 60% or 70% of car price
- Maximum Term
- 7 years
| Duration (Years) | Flat Rate | EIR | Monthly Payment | Total Interest Cost |
|---|---|---|---|---|
| 1 | 2.28% | 4.20% | S$5,967 | S$1,596 |
| 2 | 2.28% | 4.33% | S$3,050 | S$3,192 |
| 3 | 2.28% | 4.36% | S$2,078 | S$4,788 |
| 4 | 2.28% | 4.37% | S$1,592 | S$6,384 |
| 5 | 2.28% | 4.34% | S$1,300 | S$7,980 |
| 6 | 2.28% | 4.34% | S$1,106 | S$9,576 |
| 7 | 2.28% | 4.32% | S$967 | $11,172 |
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.
DBS Renovation Loans: Competitive Renovation Loan Rates
| Maturity | Fees | Interest Rate | Monthly Instalment | Total Cost |
|---|---|---|---|---|
| 1 Year | 2% | 4.18% | S$1,278.48 | S$641.79 |
| 2 Years | 2% | 4.18% | S$652.58 | S$961.83 |
| 3 Years | 2% | 4.18% | S$444.06 | S$1,286.23 |
| 4 Years | 2% | 4.18% | S$339.90 | S$1,614.99 |
| 5 Years | 2% | 4.18% | S$277.47 | S$1,948.08 |
| *Assuming loan of S$15,000 | ||||
DBS offers affordable renovation loan rates (4.18% for the DBS Renovation loan), especially for those who qualify for the Green Renovation Loan (3.88%). 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.
POSB Further Assist: Education Loan with Low Fees
| POSB Further Study Assist - Preferred Institutions | |
|---|---|
| Processing Fee | 2.50% |
| Interest Rate | 4.38% |
| Tenure | 1-10 |
| Max Principal | 160,000 or 10x combined monthly income of you and your guarantor |
| Annual Income Requirement of Guarantor | S$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.
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.
Stephen Lee is a Senior Research Analyst at ValueChampion, specializing in insurance. He holds a Bachelor of Arts degree in International Studies from the University of Washington, and his prior work experience include risk management and underwriting for professional liability and specialty insurance at Victor Insurance. Additionally, Stephen is a former US Peace Corps Volunteer in Myanmar (serving between 2018-2020), where he continues to provide business development consulting services to HR companies in Asia Pacific.