POSB Personal Loan Review

Take advantage of a fast approval process for a personal loan with POSB.

  • Hassle-free approval process. Cash could be paid to your account almost instantly.
  • New POSB customers won’t be able to access this loan immediately.

If you’re looking for a flexible personal loan with a simple application process, you may want to consider the POSB Personal Loan. You can borrow for any type of expense with this lender, and you could get a loan that’s matched to your needs.

Read on to find out what you need to know about the POSB Personal Loan.

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EIR: 5.79%

Interest Rate From

Up to 10x your monthly salary

Maximum Loan Amount

1 - 5 years

Loan Tenure


Special OfferApply online using promo code 'POSBPL' and get up to 2% cashback on your approved loan amount of $10K and above. Valid until 30 June 2022.
Interest Rate From2.88% 

EIR: 5.79%

Minimum Loan Amount$500
Maximum Loan AmountUp to 10x your monthly salary
Loan Tenure1 - 5 years
Approval DurationInstant approval
More Info

Pros and cons


  • Low interest rates from 2.88% p.a (EIR 5.79% p.a)
  • Instant cash disbursal for POSB/DBS customers
  • High loan amount up to 10x your monthly salary


  • Longer application approval for non-POSB/DBS customers
  • Borrowers who require loans longer than 5 years
  • Early redemption will incur a $250 fee

Main points to consider with the POSB Personal Loan

The POSB Personal Loan lets you apply to borrow up to four times your monthly salary or up to ten times your wages if you earn over $120,000 per year at competitive rates. If you currently have a Cashline facility or a credit card with POSB or DBS, you could take advantage with a near-instant approval on your loan application. You can’t apply for this loan product if you don’t already hold certain POSB/DBS credit card and savings accounts.

Features of the POSB Personal Loan

  • Fast loan approval. If you’re an existing POSB/DBS customer, you can apply online and could get your loan approved almost instantly. After you’ve been approved, you can enjoy a very fast cash disbursement.
  • Flexible loan term. Loan agreements range between 1 - 5 years.
  • Competitive rates of interest. The interest rate on the POSB Personal Loan starts from 2.88% per annum (Effective interest rate from 5.79%).
  • Fixed rates. After you’ve agreed to a personal loan with POSB your interest rate is fixed, so you pay the same amount each month.
  • Borrowing limits. Get up to four times your monthly salary if your annual income is below $120,000; or ten times your monthly earnings if your salary is more than $120,000.
  • Sign-up Promotion. Apply online using promo code 'POSBPL' and get up to 2% cashback on your approved loan amount of $10K and above. Valid until 30 June 2022.

How much does the loan cost?

The total cost of your loan will vary depending on factors including: how much you’re borrowing, your repayment instalments and whether or not you are charged penalties during your loan term. This loan’s typical interest rate starts from 2.88% p.a (EIR 5.79%). However, in reality you could get a higher rate as POSB takes into account your risk profile and credit history before offering a personalised rate.

Make sure you read your loan terms with care, so that you’re fully aware of all the fees and charges that apply before you sign up. For example, you’ll be charged a processing fee determined by your personal credit and income profile, and also an early settlement charge of $250.

How to apply for the POSB Personal Loan

If you decide the POSB Personal Loan will meet your needs and circumstances, you can start your application by clicking Go to site on this page. Make sure you meet the eligibility requirements before doing so. You’ll need to authenticate via DBS, owner of POSB. So, you’ll need to have your digibank ID and pin ready.

Eligibility requirements

  • Age. POSB considers applicants between 21 and 65 years of age.
  • Residency. Typically you must be a citizen of Singapore or have permanent resident status.
  • Income. Your salary needs to be at least $30,000 in order to qualify for a loan.
  • POSB/DBS accountholder. Applicants need to have an active account with POSB or DBS (some account types are excluded, so make sure you check).
  • Good credit history. You need to be able to show that you have managed credit responsibly in the past.

Required documents

  • ID. Provide both the front and the back of your NRIC card.
  • Proof of income. If you are a salaried employee, you can provide your most recent computerised payslip. Applicants who are self-employed or in a commission-based role will need to supply further evidence of their income.

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