POSB Loan Assist

Frequently Asked Questions

1. Why is the loan amount credited into my bank account different from the approved loan amount?

Upon approval of your loan, a 3% processing fee and a 1% insurance fee will be deducted upfront from your approved loan amount before the balance is credited into your designated POSB/DBS bank account.

2. What is the insurance* for?

Underwritten by AVIVA Ltd*, it is a credit life insurance that pays off the outstanding balance in the loan account in the event of death, or total and permanent disability of the borrower.

*Personal loan life insurance is underwritten by AVIVA Ltd. If you need further information, you may call AVIVA Ltd at 6321 7859.

3. Why is the approved amount lower than what I have requested for in the application form?

In accordance with the Singapore government regulations, the maximum loan amount that the bank can offer is up to 2 times of your monthly income. In addition, all applications are processed in accordance with our business and credit evaluation policies that determine the approved loan amount.

4. How will I know what is my monthly repayment amount and the due date?

Both the monthly repayment amount and date in which the bank will debit the repayment amount from your designated POSB/DBS bank account will be stated in your approval letter enclosed together with a FAQ brochure.

5. Will I get a monthly statement detailing the payment and outstanding balance?

No monthly statements will be sent to you as your monthly repayment amount is fixed every month. To find out the outstanding balance of your loan account, please call our 24-hour customer service hotline at (65) 1800 339 6666.

6. What are the fees and charges?