DBS Bank Personal Loan; Paperless loan of Rs 15 lakh within 24 hours

DBS Bank Personal Loan: DigiBank’s personal loan scheme by DBS is suitable to meet the diverse financial needs of customers. Loans start at 10.99% per annum. DigiBank offers paperless, signature-less and hassle-free instant personal loans without any physical documents.

DBS Bank Personal Loan; Paperless loan of Rs 15 lakh within 24 hours
maximum loan amountup to Rs 15 lakh
Tenureup to 60 months
processing fee3% of loan amount
Rate of interest10.99% p.a. to 34.00% p.a.
Partial Prepayment Fee2% – 4.50%

Features of DigiBank Loan

DigiBank Personal Loan by DBS has the following key features:

  • Loan eligibility can be assessed in a few simple steps.
  • The loan application process is completely digital and paperless.
  • The loan has a competitive fixed interest rate.
  • Loan repayment can be managed from the mobile application.
  • Pre-approved loans are disbursed instantly by the bank.

DBS Bank Personal Loan Fees and Charges

The various charges associated with DBS Personal Loan by DigiBank are given below:

processing fee3% of loan amount
Criminal chargesFor tenure between 7 to 24 months – 4.50% of outstanding loan principal + GST ​​For tenure between 25 to 36 months – 2.50% of outstanding loan principal + GST ​​For tenure above 36 months – 2% of outstanding loan principal % + GST
Partial Prepayment FeeFor tenure between 7 to 24 months – 4.50% of loan principal paid + GST ​​For tenure between 25 to 36 months – 2.50% of loan principal paid + GST ​​For tenure above 36 months – Payment 2% of loan principal amount + GST
Loan Cancellation FeeZero
penal interest rate2% per month on overdue installment
Standing Instructions Disrespect ChargesRs 600 + GST ​​for each example

How to apply for DBS Bank Personal Loan?

DigiBank Existing Users:

  • Download DigiBank Mobile App
  • Install the app on your smartphone
  • Log in and tap on “Personal Loan” in the navigation menu

New in DigiBank:

  • Download and install DigiBank Mobile App on your mobile
  • Click on “Get Personal Loan”
Official websiteClick here

FAQ

What documents should I submit when applying for DBS Personal Loan?

DBS Personal Loan from DigiBank can be availed without submitting any physical documents. You just need to provide some personal details during the application process. If you require a loan more than the sanctioned limit, the bank will request you to submit your bank details (other than DigiBank).

When can partial prepayment of DBS Personal Loan be made?

Partial prepayment of DBS Personal Loan is allowed only after completion of 1 year from the date of loan disbursement. This is also subject to a maximum of 2 prepayments in 12 months. Pre-payment can be made from your DigiSavings account. Please note that you will also have to pay relevant taxes and fees.

How do I repay my DBS Personal Loan?

EMI can be paid only through your digiSavings account. The bank will keep sending you regular updates on the EMI due date. You must ensure that there is sufficient balance in the DigiSavings account at least 2 days before the EMI due date.

Can I cancel the DBS Personal Loan ?

You may cancel one or more of your PLs at any time by giving DBS 30 days notice. Prior written notice, unless otherwise agreed by DBS. Upon cancellation of PL(s), the outstanding loan amount on such PL(s) will be charged and debited directly from your DBS/POSB credit card account(s).

What if I close my personal loanprematurely?

Before deciding to pre-close it, you need to take permission from the lender, while in some cases, lenders also charge foreclosure as a penalty fee if you repay the loan before the agreed tenure. The bank imposes a penalty to compensate for the loss of interest amount.

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