Personal Loans For No Credit History: Initiating Credit Building With No Credit

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You can select your preferred account here and apply online. Once your account is opened, you can apply for a personal loan/POSB.

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Say you borrow $5,000 at 3.88% p.a. At 1% processing fee for 1 year (EIR 8.89% p.a.), your monthly installments will be $432.83.

Monthly interest and principal are divided separately. In the first installments, a large portion of your monthly installments will go towards paying the interest on the loan. The interest portion is gradually reduced in each installment (see loan repayment schedule diagram below).

EIR: Effective Interest Rate – Based on 60 months loan tenure and includes 1% processing fee (for applicable interest rate: 3.88% p.a.)

Please note that for loans approved after 9pm at the end of the month (i.e. 31st March), the amount will be credited to the nominated deposit account on the next day only. If the next day falls on a Sunday or public holiday, the credit will be given on the next day (ie Monday to Saturday).

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Starting April 1, 2016, if you want to get a free credit report, you can get it through the following credit bureau websites within 30 calendar days of the date of approval or denial of your application. Alternatively, you can bring the approval or rejection letter and your NRIC to the registered office of the following credit bureau to get a free credit report.

* Clarification: We would like to clarify that “Free Credit Bureau Report” is limited to a new product application such as Cashline, Credit Card, More Study Assist. Credit limit increases, balance transfers from existing products/personal loans and applications for existing principal cardholders applying for another card You are not entitled to a free credit report. New features! – You don’t need to provide your income documents when you apply for Singpass through Myinfo.

Interest rates and fees shown may vary from the minimum published rate and your payment. The interest rate and fees offered to you will be disclosed at the time of your application and are based on your personal credit and income profile at the bank’s discretion.

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Enjoy personalized interest rates from as low as 3.88% p.a. + 1% processing fee (EIR 7.56% p.a.)! Please note that the maximum EIR can be up to 20.01% p.a. Based on your loan amount, tenure and personal credit history.

AIR – Applicable Interest Rate. This is the rate used to calculate the interest you pay on your loan. Interest on the loan will be calculated on a flat rate basis (simple interest) by multiplying the principal amount of the loan by the fixed annual interest rate applicable for the entire term of the loan.

EIR – Effective Interest Rate. This is a rate that reflects the true cost of a loan stated on a lower balance basis (like a home loan) and is useful for comparing different loans to get the best rate.

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Personal Loan 2% Unlimited Cashback Promotion Terms and Conditions apply. Promotion ends on 31 December 2023. Cashback will accrue within 120 days from the date of approval of the personal loan application.

DBS/personal loans require (i) a cash line and/or credit card account to authorize the loan amount and (ii) a DBS/deposit account to disburse the loan (combined, trust, MSA, (Excluding SAYE and Current Account) See FAQ tab for more details).

If you do not have a cashline/credit card account, you will need the following documents.

Please note that applications with missing documents or incomplete information may cause delays in processing.

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If you do not have an existing DBS/Deposit account, you can apply online by selecting your preferred account here.

After submission and approval of the DBS/Personal Loan on your Cashline and/or Credit Card, you will receive another SMS confirmation that the DBS/Personal Loan has been approved. Check your nominated account to deposit the approved loan amount.

A cash line is a standby line of credit account used for approved credit limit DBS/personal loans.

For Singapore citizens or Singapore permanent residents with a loan amount of S$3,000 or more, you can choose to repay the loan over 6, 12, 24, 36, 48 or 60 months.

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For non-Singapore citizens/permanent residents and/or borrowers of S$3,000 and below, you can choose to repay the loan over 6, 12 or 24 months.

You have the flexibility to use your available credit limit (up to 95%) to take out another DBS/personal loan or use your available credit limit as a standby line of credit for short-term use. can do

You can use the available credit limit (up to 95%) to get another DBS/personal loan or for other credit card purposes such as retail transactions.

You can select your preferred account here and apply online. Once your account is opened, you can apply for a DBS/personal loan.

Personal Loan Lenders To Consider If You To Borrow $3,000

Say you borrow $5,000 at 3.88% p.a. At 1% processing fee for 1 year (EIR 8.89% p.a.), your monthly installments will be $432.83.

Monthly interest and principal are divided separately. In the first installments, a large portion of your monthly installments will go towards paying the interest on the loan. The interest portion is gradually reduced in each installment (see loan repayment schedule diagram below).

EIR: Effective Interest