POSB Personal Loan Review

POSB Personal Loan Review

If you’re looking for instant cash disbursement and fixed interest rates, a POSB personal loan could be the perfect loan to suit you – but not if you’re planning to borrow for more than 5 years or spend the money on a specific purchase, like a car.

Whether you’re looking for a DBS loan, a POSB loan or a cashline account, selecting loans to suit you will always be a personal affair, as each individual’s needs may differ. Let’s look at the pros and cons of the latest personal loan POSB offers to its customers.


  • Customers looking for a good effective interest rate can secure competitive interest rates as low as 3.88% p.a (EIR 7.56% p.a).
  • POSB offers immediate cash disbursement, making a POSB personal loan perfect for anyone who needs instant cash.
  • Unlike other financial products, a POSB personal loan enables high-income customers to borrow up to 10 times their monthly salary – possibly the largest loan amount available across Singapore’s personal loan market.


  • Any customers looking for loans with loan tenures of more than five years will not be able to submit an application form to POSB – as 5 year tenures are the longest available.
  • Borrowers who intend to use their loan for a specific purpose (e.g. purchasing a car) will not be able to do so with a POSB personal loan – and might do better to compare specific car loans and other loan types offered by financial institutions using our comparison service.

POSB Personal Loan Features

If you’re interested in filling out an application form for a personal loan POSB, it’s important to have the right information to hand regarding the kind of features you can expect with this type of loan. In most instances, new customers can get a loan amount of up to 10 times their monthly salary, an interest rate as low as 3.88% p.a (EIR 7.56% p.a) and a loan tenure of up to five years.

POSB personal loans are perfect for borrowers looking for competitive interest rates and instant cash disbursement. They also offer tons of other great benefits. Our 3 favourite features here at Instant Loan, are:

  • Competitive interest rates (as low as 3.88 %)
  • Instant cash disbursement 
  • High-value loan amounts available (up to 10 times your salary)


Understanding POSB Personal Loans

As with any financial products, understanding personal loans can be difficult if you don’t have the latest information to hand. It’s always wise to assess your personal circumstances, credit card obligations and financial needs before deciding what type of loan suits you. 

It’s also a good idea to compare the market using helpful online tools like Instant Loan, which can reveal how financial institutions’ deals match up against those offered by banks like DBS or Standard Chartered.

Types of POSB Personal Loans

The types of loans POSB offers to borrowers may differ from time to time – and you might want to check how DBS personal loans, financial institutions loans and other loan types compare before making any commitments. Right now, POSB is offering one flagship personal loan product that grants borrowers:

  • Low interest rates (of 3.88% p.a (EIR 7.56% p.a))
  • Processing fee 1 % only
  • Instant cash in your account
  • A flexible cashline account 
  • A loan amount of up to 10 times your monthly income 

Customers who have a remaining credit limit on their credit card can use this limit up to 95% to take out another DBS or POSB personal loan if they wish – a big bonus for current DBS POSB credit card customers. 

There’s also a special offer that grants borrowers 1% cashback if they choose to fill in an application form right now. However, we’d still recommend considering financial institutions too and comparing the market first to ensure a POSB personal loan is definitely the best fit for you.

How Does the POSB Personal Loan Compare With Other Banks?

Let’s take a quick look at how today’s POSB personal loan compares to what top competitors are offering:

  Max. loan amount Interest rate Max. loan tenure
POSB Personal Loan Up to 10 times your monthly income  From 3.88%  Five years
Standard Chartered CashOne Up to 4 times your monthly income (max: $250,000) From 3.48% Five years
HSBC Personal Loan Up to $250,000 From 3.4% Seven years
DBS Personal Loan Up to 4 times your monthly income From 3.88% Five years
OCBC ExtraCash Loan Up to 6 times your monthly income From 4.55% Five years

What Makes the POSB Personal Loan Attractive?

As you can see, a POSB personal loan lets you borrow up to a whopping 10 times your monthly salary – a feature seldom seen across most competitor banks. This makes POSB a perfect fit for individuals with incomes of $120,000 or more who might wish to borrow larger loan amounts than other borrowers. If you already have a credit card with the same bank, that’s a bonus, but not necessarily essential.

Borrowers also benefit from competitive interest rates starting at 3.88%, immediate cash disbursement, low processing fees and some pretty straightforward eligibility requirements – which we’ll take a look at in the next section of this review.

Who Can Apply?

In order to get your hands on a POSB personal loan, you’ll need to:

  • Be either a Singapore citizen or permanent resident
  • Be between 21 and 65-years-old
  • Have a minimum annual income of at least $30,000
  • Ideally have an existing cashline or credit card account with the bank
  • Present evidence of your NRIC, CPF contributions, Income Tax Notice of Assessment and computerized payslips (if you do not have a current cashline account)

New customers who do not already have a DBS or POSB deposit account can create one here on the POSB website prior to filling in their loan application form.

How Do I Apply?

The POSB personal loan application process is pretty straightforward. You can simply:

  • Visit the POSB website.
  • Use either your iBanking Login, or your credit card details and PIN number to apply.
  • Follow the steps on-screen and submit your application form. You may be asked for a processing fee.
  • All being well, you should receive instant approval

The bank offers some helpful information and tips for borrowers confused about the process here. If you don’t have an existing cashline account or any credit cards with POSB, that’s absolutely fine – but you may need to provide various documents when applying, as we outlined in the previous section of this review.

Unsure About POSB Personal Loans? Compare Your Options With Instant Loan

Here at Instant Loan, our loan guides like to keep Singaporeans up-to-date with the latest information about different types of loans. We also offer a useful loan comparison tool that helps people just like you compare the best personal loans from financial institutions – who sometimes offer better deals with faster approvals and a lower processing fee than banks. Find your perfect loan with the best interest rate today, regardless of your annual income and credit limit or history.

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