Individuals applying for personal loan (“Borrower”) from DBS Bank India Limited (“Bank”) will be bound by these Terms of Agreement in addition to the Terms and Conditions governing Borrower’s savings account with the Bank.

The Borrower confirms to have read and understood these Terms of Agreement before applying for personal loan (“Loan”) with the Bank. By clicking on ‘Continue’ button, the Borrower shall be deemed to have electronically accepted these Terms of Agreement. To the extent of any inconsistency between these Terms of Agreement and Terms and Conditions governing savings account, these Terms of Agreement shall prevail.

  1. The Most Important Terms & Conditions (“MITC”) document is annexed as Annexure – 1 to these Terms of Agreement.
  2. The Borrowers agrees that the Bank will rely on the identification details/documents (KYC) and use the KYC records provided by the Borrower to the Bank for granting Loan to the Borrower.
  3. The Bank reserves the right to decide the eligibility for Loan as per internal policy and guidelines which may undergo change from time to time.
  4. Interest Rate – The Loan shall carry interest rate as specified at the time of applying for Loan and set out in Annexure 2 (Schedule of Charges) of the Terms of Agreement sent by email to the Borrower.
  5. Unless otherwise specified in our banking arrangement, interest is calculated based on a 365 day year basis except in case of leap year when it will be 366 day year.
  6. Interest is payable on the dates set out at the time of applying for Loan.
  7. Loan Term – The Loan Term/tenure shall be as specified at the time of applying for Loan and specified in Annexure 2 (Schedule of Charges).
  8. Disbursal – The Borrower agrees that the approved Loan amount shall be disbursed only in Borrowers digiSavings account with the Bank.
  9. Free Look Period – If the Borrower disagrees with any of the terms of Loan, there is an option to cancel the Loan within two (2) days of disbursement of Loan subject to sufficient credit balance in your digiSavings account to cancel the entire Loan amount. The Loan account will accordingly be cancelled and the total Loan amount will be debited from Borrower’s digiSavings account. The Borrower agrees that processing fee will not be refunded in case of such cancellation. All the rights under this Loan shall stand extinguished immediately on the cancellation of the Loan and successful repayment of the Loan amount.
  10. EMI – The Borrower agrees to repay Loan along with applicable interest rate through Equated Monthly Instalments (EMI).
  11. Interest on the Loan shall accrue from the date on which the disbursal has been effected in the Loan account and accordingly the computation of first and last EMI shall be only for the actual number of days remaining for the due date of the instalment. For rest of the instalments the entire period of 30 days based on a pre-drawn schedule shall be taken into consideration. Your last EMI may be slightly higher depending on your EMI cycle.
  12. The Borrower authorises the Bank to debit the EMI from Borrower’s digiSavings account in which the sanctioned Loan amount is disbursed. If the EMI due date falls on a public holiday, EMI would be debited on the next working day.
  13. The Borrower is liable to pay the EMI from the EMI payment date even if the Loan funds are not withdrawn/used from the digiSavings account.
  14. The Borrower agrees that EMI comprises of principal and interest amount. The Borrower agrees to refer the amortization schedule that will be sent after Loan is set up for details of principal amount and interest amount.
  15. The Borrower agrees to submit such information and documents requested by the Bank for the purposes of the Loan.
  16. The Borrower acknowledges that the Bank may at its discretion conduct residential/office address verification through its agencies before or after acceptance of the loan application.
  17. The Borrower undertakes to maintain sufficient credit balance in the digiSavings account to honour each EMI. The Borrower agrees that if the Borrower does not pay EMI on or before the relevant due date, the Loan amount plus all accrued but unpaid interest plus any other sum due to the Bank is immediately due and payable along with applicable fees and charges set out in Schedule of Charges. The Borrower authorises the Bank to debit Borrower’s digiSavings/other bank account with the Bank for any dues, irrespective of whether sufficient funds are available or not in that account.
  18. Statement of Account – The Loan account statement shall be available in the digibank app. Any discrepancy in the Loan statement of account should be brought to the notice of the Bank within seven (7) days of receipt by the Borrower.
  19. Pre-payment – The Borrower cannot foreclose the Loan or make pre-payments till six (6) months from the date of Loan disbursement. The Borrower may foreclose or make pre-payments after six (6) months subject to maximum two (2) pre-payments in one year. Foreclosure and pre-payment will be subject to payment of applicable charges. Borrower/s who have defaulted in making payments, cannot foreclose or make pre-payments until all outstanding dues are cleared.
  20. Fees and Charges
    1. The Borrower agrees to pay fees and charges specified in Annexure 2 (Schedule of Charges) including processing fee, stamp duty, EMI dishonour charges etc. as specified at the time of applying for Loan.
    2. The Borrower authorises the Bank (i) to debit processing fees from the Loan amount before depositing it in the digiSavings account and (ii) to debit fees and charges from Borrowers digiSavings/other account with the Bank.
    3. Any overdue payment incurs interest at the penal interest rate (which is higher than the usual interest rate) and dishonour charges set out in Annexure 2 (Schedule of Charges). The Bank may change the interest rate, if the required by statutory/regulatory authority.
    4. Bank may charge a fee for any overdue payment as set out in Annexure 2 (Schedule of Charges) and debit the same from Borrower’s digiSavings Account if required.
    5. The Borrower agrees that fees and charges specified in Annexure 2 (Schedule of Charges) may be revised by the Bank from time to time and binding on the Borrower.
    6. The Borrower agrees to pay applicable Goods and Service Tax.
    7. Any changes in the default rates and other charges specified in Annexure 2 (Schedule of Charges) shall be binding on the Borrower.
  21. Bank may vary the default rate and such changes will impact instalment amount and the number of instalments. Bank will keep the Borrower informed on any such change/s.
  22. Borrower Representations – The Borrower represents and covenants that the Borrower:
    1. will use the Loan amount for legitimate purposes.
    2. will not use the Loan for any capital market use, purchase of gold/gold bullions/gold coins/gold jewellery/gold exchange traded funds/gold mutual funds or any speculative, antisocial or prohibited purposes. If the Loan funds have been used for purposes as stated above, Bank shall be entitled to do all acts and things that the Bank deems necessary to comply with its policies. The Borrower agrees to bear all costs and expenses the Bank incurs as a result thereof.
    3. shall notify the Bank, within 30 calendar days, if any information given by the Borrower changes. In the specific event of change in address due to relocation or any other reason, the Borrower shall intimate the new address to the Bank as soon possible but not later than two weeks of such a change.
    4. information of the Borrower with the Bank is correct, complete and updated.
    5. has read and understood the Bank’s Privacy Policy available on Bank’s website.
  23. Notice – Bank may send Loan related notices, statements or any other communication to the Borrower by in-app messages, short message system (SMS), Whatsapp messaging service provided by Gupshup Technology India Private Limited, electronic mail, ordinary prepaid post or personal delivery to Borrower’s registered communication address. Communication and notices sent by in-app messages/facsimile/SMS/email will be considered to have been sent and received by the Borrower on the same day irrespective of carrier delays. Communication and notices sent by pre-paid mail will be considered to have been delivered on the day immediately after the date of posting.
  24. Consent to Disclose
    1. The Borrower has no objection in and gives consent to the Bank for sharing Loan details including Borrower’s personal details to Bank’s branches, affiliates, services providers, agents, contractors, surveyors, agencies, credit bureaus, etc. in or outside India, to enable Bank to provide services under the banking arrangement with the Bank including customized solutions and marketing services. The Borrower confirms that the authorisation given above shall be valid till written communication of withdrawal of Borrower’s consent is acknowledged by the Bank. The Borrower understands and accepts the risks involved in sharing personal information including sensitive personal information like account details with third party.
    2. The Borrower consents to share Borrower’s personal information with third parties for processing, statistical or risk analysis, conducting credit or anti-money laundering checks, designing financial services or related products, marketing financial services or related products, customer recognition on Bank's website/app, offering relevant product and service offers to customers, etc.
    3. The Borrower agrees that provision of banking services could be suspended/discontinued, if Borrower withdraws consent regarding Borrower’s personal information. The Borrower understands that the list of third parties who may get access to Borrower’s sensitive personal information is available on Bank’s website and Borrower shall himself/herself updated on the same.
    4. The Borrower agrees that the Bank may disclose Borrower’s information to Reserve Bank of India, other statutory/regulatory authorities, arbitrator, credit bureaus, local authority, credit rating agency, information utility, marketing agencies, service providers if required.
  25. Subject to applicable local laws, the Bank or any of its affiliates (including branches) may share the Borrowers information with statutory/regulatory authorities (domestic or overseas) where necessary to establish the Borrowers tax liability in any jurisdiction pursuant to orders, agreements with regulators or authorities or otherwise.
  26. The Borrower authorizes the Bank to provide monthly details of the Loan Account and the credit facilities extended to the Borrower to credit information companies. The Bank may obtain information of credit facilities availed by the Borrower from other financial institutions to determine whether the Bank can extend additional credit facility. On regularization of the Borrowers account, the Bank will update the credit information companies accordingly.
  27. The Borrower hereby undertakes and agrees to comply with Information Utility Regulations (as applicable) under the Insolvency and Bankruptcy Code 2016 and Reserve Bank of India’s circular no. DBR.No.Leg.BC.98/09.08.019/2017-18 dated December 19, 2017 (as applicable). Borrower authorizes the Bank to share the financial information to any information utility notified under the Insolvency and Bankruptcy Code 2016. The Borrower shall authenticate the financial information on the relevant Information Utilities platform (“IU Platform”) and in case of any error, intimate the Bank about such error and support the Bank to rectify such error. In case Borrower fails to comply with its obligations under this clause, Bank shall be entitled to declare such non-compliance as an event of default.
  28. The Borrower authorizes the Bank to verify any of the information of the Borrower including Borrower’s credit standing from anyone the Bank may consider appropriate including credit bureaus, local authority, credit rating agency etc.
  29. The Borrower authorises the Bank to inform Borrower’s employer of any default in repayment and to instruct the employer to pay any of Borrower’s salary or remuneration to the Bank to settle the outstanding balance in Borrower’s Loan account. The Borrower agrees to do things necessary to fulfil Borrower’s obligations, including giving authorisation to the employer to pay any of Borrower’s salary to the Bank in accordance with Bank’s instructions without prior consultation with the Borrower.
  30. The Borrower agrees that the offered loan amount is calculated basis Borrower’s information provided to or available with the Bank. Any enhanced loan amount will be subject to verification of further information and documents submitted by the Borrower, whether electronically or otherwise, to the Bank or its representatives/agencies.
  31. The Bank records about the Loan shall be conclusive and binding on the Borrower.
  32. If the Borrower signs up for any additional services (as may be available from time to time), the Borrower agrees to comply with terms of the additional services. To the extent of any inconsistency between the terms of the additional services and these Terms of Agreement, these Terms of Agreement prevails unless the terms of the additional services specify otherwise.
  33. The Borrower is not related to any of the Banks directors and senior officers, nor related to any director of any other bank in India. If this is not the case at any time, the Borrower undertakes to inform the Bank about the same. On such intimation by the Borrower, the Bank may re-evaluate the disbursement of the Loan and could recall the Loan and seek immediate repayment.
  34. Event of Default – The Borrower shall be deemed to have committed an Event of Default on happening of any one or more events specified below:
    1. The Borrower fails to pay the Loan, EMI, Fee and Charges or part thereof;
    2. The Borrower commits breach of these Terms of Agreement or any covenant under any other banking arrangement with the Bank;
    3. If the Borrower has been declared an insolvent.
    4. If the Borrower is involved in any proceedings by any authority, court of law or professional body or association, for any misconduct or breach/violation of any law or regulations or code of conduct, etc.
    5. If the Borrower fails to furnish information/documents demanded by the Bank.
    6. If the Borrower defaults on any loan with other financial institution.
    7. On death of the Borrower.
    8. Closure of digiSavings account.
    9. If the conduct of the Borrower with regard to Loan is found to be improper, suspicious, irregular or such other reason which in Bank’s opinion is prejudicial to the Bank’s interest.
  35. Amendment – Bank shall have the right to amend any of the terms and conditions of these Terms of Agreement including but not limited to revision of interest rate, periodicity of compounding interest, method of effecting credit of the repayments without assigning any reason or notifying the Borrower and the Borrower agree that such revision shall become applicable from date of such revision in the records of the Bank. The Bank shall give thirty (30) days’ notice to the Borrower in case of any changes as aforesaid.
  36. The Borrower agrees to foreclose the Loan before closing Borrower’s digiSavings account with the Bank and pay the foreclosure charges.
  37. In the event of death of the Borrower during continuance of the Loan, Bank shall be authorised to debit the bank account of the Borrower with the Bank to the extent of outstanding balance in the Loan account. Further, legal heirs of the Borrower shall be liable to pay the Loan and outstanding dues on death of the Borrower.
  38. In the event of occurrence of Event of Default or Borrower committing default, the Bank may:
    1. Recall the Loan and seek immediate repayment;
    2. Recover the Loan and outstanding dues from Borrower’s other bank accounts with the Bank by exercising right of lien and set-off till such time the overdues are settled;
    3. Initiate appropriate proceedings for recovery of the Loan and outstanding dues.
  39. Despite any other term in these Terms of Agreement, at any time the Bank may demand immediate payment of the Loan in full, together with all accrued but unpaid interest, fees and charges relating to the Loan.
  40. In case of default in payment of EMI, Borrower authorises the Bank and our collection assistance specialist, engaged through our authorized agencies, to contact Borrower over phone, office or visit Borrower’s residence or such other place where Borrower is located. To view the complete list of our authorised agencies, please visit our website
  41. The Borrower agrees and undertakes to indemnify and keep the Bank indemnified against all losses, costs, claims and expense that the Bank may incur because of any act/default of the Borrower in respect of the Loan and/or recovery proceedings or breach of these Terms of Agreement. This clause applies only when Loan amount is more than Rupees One (1) Lakh.
  42. These Terms of Agreement are also available on Bank’s website.
  43. Effective Date – These Terms of Agreement shall be effective from the date when the Bank disburses the Loan amount.
  44. Assignment – The Borrower agrees that the Bank shall, with or without intimation to the Borrower, be authorised to sell and /or assign to any third party, the Loan and all outstanding dues under this Agreement, in any manner, in whole or in part and on such terms as the Bank may decide. Any such sale or assignment shall bind the Borrower, and the Borrower shall accept the third party as its sole creditor or creditor jointly with the Bank and in such event the Borrower shall pay to the Bank or such creditor or as the Bank may direct, the outstanding amounts due from the Borrower under this Agreement.
  45. Governing Law & Jurisdiction – The Loan shall be governed by the laws of India and all claims and disputes arising out of or in connection with the Loan shall be settled by arbitration in accordance with the provisions of the Arbitration and Conciliation Act, 1996 by a sole arbitrator to be appointed by the Bank except where such claim or dispute falls within the jurisdiction of the Debts Recovery Tribunal established under the Recovery of Debts Due to Banks and Financial Institutions Act, 1993. Any arbitration award/ direction passed shall be final and binding on the parties. The language of the arbitration shall be English and the venue of such arbitration shall be at Mumbai.

Acceptance of these Terms of Agreement

Accepted by <> in digibank app on <>

Annexure 1 – Most Important Term & Conditions (MITC)

  1. The Loan shall carry fixed rate of interest specified at the time of applying Loan.
  2. The Loan amount shall be disbursed, after debiting processing fees, in Borrower’s digiSavings account only with the Bank on accepting the Personal Loan Terms of Agreement.
  3. During the Free Look Period of two (2) days from date of Loan disbursement, the Borrower can cancel the Loan. Processing fees will not be refunded in case of cancellation.
  4. EMI shall consist of principal and interest component. The Borrower authorises the Bank to debit EMI from Borrower’s digiSavings account on the specified EMI date.
  5. Interest on the amount of the loan will be applied at the agreed rate on daily reducing balance.
  6. If any EMI is not honoured, the Borrower will be liable for dishonour charges and penal interest.
  7. The Borrower may foreclose or make pre-payments after six (6) months with applicable charges subject to maximum two (2) pre-payments in one year.

Annexure 2 – Schedule of Charges

Name of the Borrower:

1 Loan amount As approved/selected
2 Loan term As approved/selected
3 Interest type Fixed
4 Interest chargeable (In case of Fixed Rate Loans) As approved/selected
5 Date of reset of interest Not Applicable
6 Mode of communication of changes in interest rates Not Applicable
7.a Non-refundable Processing Fee As approved/selected
7.b Foreclosure Charges Foreclosure of loan can only be done after completion of 6 months from date of disbursement.

Loan Tenure Foreclosure Charges will be collected on the Loan Principal outstanding + GST as applicable
7-12 months 4.50%
13-24 months 4.50%
25-36 months 2.50%
>36 months 2.00%
7.c Part pre-payment Charges Partial pre-payment of loan can only be done after completion of 6 months from date of disbursement subject to maximum 2 pre-payments in a year.

Loan Tenure Pre-payment Charges will be collected on the Loan Principal paid + GST as applicable
7-12 months 4.50%
13-24 months 4.50%
25-36 months 2.50%
>36 months 2.00%
7.d Loan Cancellation Charges Loan cancellation can be done during the free look period of 2 days within the disbursal of the loan. Post which cancellation is not allowed

There are no cancellation charges.

However, processing Fee + applicable taxes collected earlier will not be refunded.
7.e Dishonour of Standing Instruction Rs. 600/- per instance + GST as applicable
7.f Penal Interest Rate @ 24% per annum i.e. 2 % per month on the overdue instalment
7.g Fee refundable if loan not sanctioned/disbursed Not Applicable
7.h Conversion charges for switching from floating to fixed interest and vice-versa Not Applicable
8.a EMI payable As approved/selected
8.b Nos. of Instalments As approved/selected
9 Details of security/collateral obtained Not Applicable
10 Date on which annual outstanding balance statement will be issued By 30th April for each year the statements can be downloaded from the digibank mobile application.