If you are looking for a personal loan in Singapore, POSB Personal Loan may be the right option for you. With interest rates as low as 2.88% p.a. (EIR 5.79% p.a.), POSB Personal Loan is one of the best loan products in Singapore. Whether you need financing to meet emergency expenses or pay off your debts, POSB Personal Loan has you covered.

What’s more, POSB Personal Loan is currently offering a promotion that allows you to enjoy 2% unlimited cashback on your approved loan amount plus up to S$300 eCapitaVoucher! This promotion is valid for loan amounts of S$10,000 and above with a minimum loan tenure of 24 months. With this promotion, you can get the financing you need while also receiving some great rewards.

If you are interested in applying for POSB Personal Loan, you can do so online. Simply apply for any loan amount within your credit limit, subject to a minimum of S$500, and repay the loan amount over a period of 6, 12, 24, 36, 48 or 60 months*. Singapore Citizens and Permanent Residents can choose from tenures of 6, 12, 24, 36, 48 or 60 months. With POSB Personal Loan, you can get the financing you need with a repayment plan that works for you.

Key Takeaways

• POSB Personal Loan offers interest rates as low as 2.88% p.a. (EIR 5.79% p.a.) and is one of the best loan products in Singapore.
• With the current promotion, you can enjoy 2% unlimited cashback on your approved loan amount plus up to S$300 eCapitaVoucher.
• Applying for POSB Personal Loan is easy and flexible, with repayment periods ranging from 6 to 60 months.

Key Features of POSB Personal Loan

If you are looking for a personal loan in Singapore, POSB Personal Loan is a great option to consider. Here are some of the key features that make it stand out:

Competitive Interest Rates

One of the most attractive features of POSB Personal Loan is its competitive interest rates. With rates as low as 2.88% p.a. (EIR 5.79% p.a.), you can enjoy affordable monthly instalments and save money on interest charges.

Flexible Loan Tenures

POSB Personal Loan offers flexible loan tenures ranging from 1 to 5 years, so you can choose a repayment period that suits your budget and financial goals. You can also enjoy fixed monthly instalments, which makes it easier to plan your finances.

High Loan Amounts

With POSB Personal Loan, you can borrow up to $200,000, which is one of the highest loan amounts in the market. This means you can get the funds you need to finance your dreams, whether it’s a home renovation, a wedding, or a holiday.

Fast Approval and Disbursement

POSB Personal Loan offers instant approval and cash disbursement, so you can get the funds you need quickly and easily. All you need is a DBS/POSB Cashline account to apply, and you can get your loan approved and disbursed within minutes.

Overall, POSB Personal Loan is a great option if you need a personal loan in Singapore. With its competitive interest rates, flexible loan tenures, high loan amounts, and fast approval and disbursement, you can get the funds you need to achieve your goals and dreams.

Eligibility and Application

Eligibility Criteria

Before applying for a POSB Personal Loan, you must ensure that you meet the eligibility criteria. To qualify for this loan, you must be a Singaporean or Permanent Resident (PR), or a foreigner with an existing POSB Cashline or credit card account. You must also be between 21 to 75 years old.

In addition, you must have a minimum annual income of $20,000 if you are a Singaporean or PR, and $45,000 if you are a foreigner. Your credit score and income tax notice of assessment will also be taken into consideration during the application process.

Application Process

The application process for a POSB Personal Loan is simple and straightforward. You can apply for the loan online through iBanking or digibank, or at any POSB/DBS branch. To apply, you will need to provide your NRIC or passport, your income profile, and your latest payslip.

If you are a self-employed individual, you will need to provide your latest income tax notice of assessment. You can also apply for the loan using MyInfo, which will automatically fill in your personal and income details.

Once your application is submitted, it will be processed within 3 working days. If your application is approved, the loan amount will be disbursed to your designated bank account.

Overall, the POSB Personal Loan is a great option for those who need quick access to cash. With competitive interest rates and flexible repayment options, it is a popular choice among Singaporeans and PRs.

Frequently Asked Questions

What’s the eligibility criteria for a POSB personal loan?

To be eligible for a POSB personal loan, you must be a Singaporean or Permanent Resident aged between 21 and 65 years old. You must also have a minimum annual income of $20,000 if you are a Singaporean or Permanent Resident and $45,000 if you are a foreigner.

How can one avail of the latest POSB personal loan promotions?

To avail of the latest POSB personal loan promotions, you can visit the POSB website or any of their branches. You can also call their customer service hotline to learn more about the latest promotions.

What are the current interest rates for POSB personal loans?

The current interest rates for POSB personal loans start from as low as 3.88% p.a. The actual interest rate will depend on the loan amount and tenure that you choose.

Can foreigners apply for a POSB personal loan, and what are the requirements?

Yes, foreigners can apply for a POSB personal loan. However, they must have a minimum annual income of $45,000 and must provide proof of employment and a valid work permit or employment pass.

How quickly can I get approval for my POSB personal loan?

You can get approval for your POSB personal loan within 15 minutes if you apply online and meet all the eligibility criteria. If you apply at a POSB branch, the approval process may take longer.

What’s the minimum income needed to secure a POSB personal loan?

The minimum income needed to secure a POSB personal loan is $20,000 per annum for Singaporeans and Permanent Residents and $45,000 per annum for foreigners. However, the actual loan amount that you are eligible for will depend on your income, credit history, and other factors.