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Frequently Asked Questions
You will receive an SMS and an approval letter to your mailing address registered with the bank.
Assuming that you are taking a loan of S$3,000 at 1.99% p.a. + 1% processing fee for 12 months (EIR 5.47% p.a.2):
- Principal loan amount: S$3,000
- Interest payable for 12 months tenure: S$59.70
- One-time processing fee: S$30 (Billed together with the first month instalment)
- Estimated monthly instalment amount: S$254.97
Interest amortisation:
The amortisation of the amount of interest payment allocated to the monthly instalment is calculated using the Rule of 78 method (which is also known as the sum of digits method). Monthly interest and principal are apportioned differently; in the earlier months, a larger portion of your monthly repayment goes towards paying off the interest on the loan and gradually decreases over time. (See below for an illustration of the repayment schedule).
| Month | Principal | Interest | Monthly Instalment |
|---|---|---|---|
| 1 | S$407.21 | S$9.18 | S$254.97 |
| 2 | S$254.97 | S$8.42 | S$254.97 |
| 3 | S$247.32 | S$7.65 | S$254.97 |
| 4 | S$248.08 | S$6.89 | S$254.97 |
| 5 | S$248.85 | S$6.12 | S$254.97 |
| 6 | S$249.61 | S$5.36 | S$254.97 |
| 7 | S$250.38 | S$4.59 | S$254.97 |
| 8 | S$251.14 | S$3.83 | S$254.97 |
| 9 | S$251.91 | S$3.06 | S$254.97 |
| 10 | S$252.67 | S$2.30 | S$254.97 |
| 11 | S$253.44 | S$1.53 | S$254.97 |
| 12 | S$254.26 | S$0.77 | S$255.03 |
Note: The above table is meant for illustration. Actual figures may vary.
Cashline is a line-of-credit facility that stays active even after your Personal Loan has expired. You can continue to use your Cashline account for everyday banking transactions such as fund transfers, bill payments, and more through DBS Digibank, or withdraw cash at ATMs. You may also apply for a new Personal Loan or Balance Transfer as long as your Cashline remains active.
Click here to find out more.
You can apply up to 95% of your available credit limit. You may apply for multiple Personal Loans as long as there is available credit limit.
You may refer to your Cashline or Credit Card monthly statements or log in to Mobile banking to view your loan details (applicable for Cashline only).
