Getting a loan from DBS Bank is very helpful but before getting you need to know the DBS Bank Loan Facilities And Requirement first and that is exactly what I have dome in this article.
A loan could seem like your only option if an unexpected expense arises and you lack the funds to cover it.
Before going to get a loan I want you to be aware that a lender’s claim about how quickly it can provide you with authorized cash is sometimes qualified by a disclaimer.
There might be a delay before you can access your money, and there are a lot of things that can cause delays in financing. It also depends on your financial records.
Look at the requirements below.
DBS Bank Loan Facilities And Requirement
To get a loan from DBS bank to meet these criteria:
- You must either be a Singapore Citizen or a Permanent Resident
- Also, foreigners with existing Cashline and/or Credit Card accounts can apply
- You must be 21 to 70 years old to be considered
- Although not a requirement, having a DBS bank account can make the loan acquisition easier.
- You must also have good finances before you should apply
Look at How to Open a DBS Bank Account
Features of the loan
Getting a personal loan from DBS, one of the best banks on earth comes with some very interesting features that you need to know.
The maximum loan amount you can get is up to 4 times your monthly salary and up to 10 times if your income is S$120,000 and above.
Also, the tenure of DBS loans is usually between 1 to 5 years.
The interest ranges from 3.88% per annum.
You get a one-time processing fee of 1%.
Tips for getting a loan from DBS Bank in Singapore
- To prevent asking for extra money after you’re authorized or borrowing more than you need, figure out how much you need before you apply.
- To ensure that you can comfortably manage the monthly loan repayments, you should assess your financial situation.
- To lessen the possibility of credit damage, familiarize yourself with the approval requirement we have written in the paragraph above and, if provided by the lender, prequalify before applying. You can read about Do Credit Scores Impact Your Home Loan?
- Have it in your mind that long-term financial savings might be achieved by taking the time to investigate lenders, interest rates, and loan conditions.