POSB Personal Loan

POSB Personal Loan
(Product Review)

Updated June 16, 2024

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Annual Interest Rate


Minimum Loan Amount


Processing Fee

Current POSB Personal Loan Rate

Today's POSB Personal Loan interest rate trends in Singapore - As of Sunday, June 16th, 2024, POSB Personal Loan’s annual interest rate stands at 3.88% with an effective interest of 7.56%.

Product Review

POSB’s personal loan is a finance product available to Singapore citizens and permanent residents only. It functions on the platform of Singapore’s most credible merchant bank DBS. With its swift cash distribution system, interest rates of about 3.88% and online application process, it is among the most affordable personal instalment loans in the country. The bank requires all applicants including new clients to have a functional POSB account. They must also be current credit card or credit line customers to facilitate the process of the loan distribution.

Individuals interested in getting a POSB personal loan and with a minimum annual income of S$120,000 are eligible to borrow up to 10x their monthly income. For borrowers with an annual income below S$30,000 are not left out though. The bank’s diverse loan options give credit to its claim of offering the most competitive financing options to Singaporeans. Although charges are as high as 11% per annum and high processing fees of 4% (EIR 20.01%) some competitors might offer more attractive interest rates.

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POSB has a remarkable track record in offering various competitive financing options from the lowest (i.e. S$500) to the highest (10x monthly income for individuals with an annual income above S$120,000).

POSB Personal Loan Fees and Charges

POSB demands standard bank fees including advance recovery and late refund fees. In addition, the bank also charges 1% of the entire loan amount. However, plan and create systems that will enable you to pay your loan when due to avoid extra charges.

Fee Fiat Rate
Processing Fee 1% of loan principal (4% for low-income borrowers)
Early Recovery Fee S$250
Late Refund Fee (Credit Card) S$100
Late Payment Fee (Cashline PL) S$120

Overview of POSB Personal Loan Interest Rates

Loan Duration AIR Fee EIR Total Cost Monthly Payment
1 Year 3.88% $100 7.56% S$10,388 S$866
2 Year 3.88% $100 7.56% S$10,776 S$449
3 Year 3.88% $100 7.56% S$11,164 S$310
4 Year 3.88% $100 7.56% S$11,552 S$241
5 Year 3.88% $100 7.56% S$11,940 S$199
*Rates Updated June 16, 2024 - Loan Amount Example S$10,000

Application Criteria

Singapore citizens and PR’s between the age of 21 and 65 are eligible to apply for this loan. In addition, borrowers are required to have a minimum annual income of S$20,000.

Interested applicants can apply through ibanking. Applicants can use their login details like username and password to access the platform or utilise an online loan application form and register with POSB card details.


POSB has several cashback bonuses available to its users, borrowers can benefit from them if they take up a POSB personal loan. New to bank clients get $200 cashback for a $10,000 loan, $888 for a $30,000 loan and $1,088 for a $50,000 loan.

Existing customers receive a S$688 cashback for a $30,000 loan and an $888 for at least $50,000.

POSB has a welcome bonus for new to bank applicants. New customers with an approved loan of $10,000, will receive S$100 cashback. Although borrowers must input the promo code “POSBPL” at the respective step during the online application.

However, irrespective of how attractive these promotions might be, it is recommended that personal loans are only used as a last-resort option to consolidate debt or manage cash flow.


  • Apply via ROSHI

    Begin your loan application by clicking on the DBS/POSB link.

    There are 2 ways to do complete an online DBS/POSB personal loan application:

    • Using iBanking Login: Enter your iBanking username and password to apply for an online personal loan application.
    • Using card and PIN: Input your Debit or ATM card number and the PIN (the same PIN used for ATM input). For customers with only a personal credit card and no debit or ATM card, please use credit card as your selection.
  • Provide Necessary Documents

    You’ll be required to provide all the necessary documentation for DBS to approve your loan application. This list of documents includes but is not limited to:

    • Photocopy of NRIC (front and back)
    • CPF statement (past 12 months)
    • Latest income tax notice of assessment or latest computerised payslip
    • 2 years income tax notice of assessment or latest income tax notice of assessment (commission based employees)
    • 2 years income tax notice of assessment (self-employed)
  • Receive your loan disbursement

    After submission and approval of your DBS/POSB personal loan on your cashline and/or credit card, you will receive an SMS confirmation that the DBS personal loan has been approved. Please proceed to check your designated account for the crediting of the approved loan amount.


  • Competitive interest rates

    Competitive personal loan interest rates that rival other market participants.

  • Quick money disbursement

    Approved loan amount is credited to applicant in minutes

  • High maximum loan amounts

    Up to 10x your monthly salary

  • Tenures only up to 5 years

    Maximum loan repayment of 72 months cannot be extended

  • Not ideal for specific loan use

    Doesn’t provide best terms for specific loan use (car, student, renovating etc.)

POSB Personal Loan Calculator

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Frequently Asked Questions

Can a foreigner apply for a POSB personal loan in Singapore?

One of the eligibility criteria for a POSB personal loan is that you must be a Singaporean or Permanent Resident (PR). For foreigners with work visas such as EP holders, you may want to approach other banks or licensed moneylenders instead.

Can I get a personal loan with bad credit?

Before your POSB personal loan application is approved, you have to grant the bank access to your credit bureau file. If you currently have a bad credit rating, your personal loan application is subject to POSB bank’s approval.

How much money can I borrow?

For most Singaporeans, the maximum loan amount for a POSB personal loan is 4 times the applicant’s monthly salary. If you earn $120,000 and above, you can obtain 10 times your monthly salary. You are expected to complete your repayments between 1 to 5 years with the agreed interest rates.

How to check POSB personal loan approval?

If you are a POSB account holder, you can check the POSB ibanking portal to check your approval status. For existing POSB credit card or cash line customers, if your application meets the bank’s application criteria, the funds will be disbursed to your connected account swiftly.