Personal Loan Interest Rates
Want cash in a hurry? A personal loan from digibank by DBS may just be the thing you need. You can use it for that family vacation you’ve always wanted, the latest gadget, renovating your home, or for a loved one’s wedding. We offer the most competitive personal loan interest rates in India, starting as low as 10.99% p.a. You can avail a personal loan up to Rs. 15 lakh with digibank in no time without bearing the burden of substantial interest payments. What’s more, the process of obtaining it is 100% paperless. Calculate your eligibility instantly and apply online using your digibank by DBS app in just three simple steps.
Personal Loan Interest Rates Table
digibank by DBS offers attractive personal loan interest rates and charges. A fixed processing charge is applicable irrespective of the loan amount or tenure. Refer to this table to know more about the applicable rates and fees.
Effective from 15th March 2021
10.99% to 34%
1.00% to 3.00% + GST as applicable
Standing instructions dishonour
Rs. 600 per instance + GST as applicable
24% per annum or 2% overdue interest per month of delay
Depends on loan tenure, and are detailed below
Depends on loan tenure, and are detailed below
Personal Loan Fees & Charges
You can make partial pre-payment or foreclosure any time after 6 months on personal loans by digibank by DBS. Detailed below are applicable personal loan charges.
Foreclosure charges: Permitted only after 6 months from the date of disbursement
|Loan Tenure||Foreclosure Charges will be collected on the Loan Principal outstanding + GST as applicable|
Prepayment charges: You are allowed to make a partial prepayment of loans after 6 months from the disbursement date. However, this is subject to a maximum of two prepayments a year.
|Loan Tenure||Pre-payment Charges will be collected on the Loan Principal paid+ GST as applicable|
You can also cancel the loan during the free look period, two days within the disbursal of the personal loan. There are no cancellation fees, but processing charges paid earlier will not be refunded.
Things to Know While Taking a Personal Loan
Your personal loan interest depends on three factors – your loan amount, the tenure, and the interest rate. You must remember that personal loan rates vary from individual to individual.
Before you take a personal loan, find out how much you can realistically pay back each month. The amount you pay each month will also depend on the tenure of the personal loan. A shorter tenure will mean larger instalments, while a longer one will involve smaller payments. Your total interest payments on a personal loan will be lower with a shorter tenure. A longer tenure will mean more interest payments.
Personal loan rates are calculated using the reducing balance method. Your interest obligation for the month will depend on the principal outstanding after previous repayments. With every payment, the principal outstanding goes down, and so does your interest burden. You can use the digibank by DBS EMI calculator to estimate your monthly EMI obligations.
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Frequently Asked Questions
While applying online for a personal loan, you need to pay 1.00% to 3.00% of the loan amount you have applied for as processing fees. Taxes at applicable rates will be levied over and above processing charges.
You can apply for personal loans through digibank by DBS for a minimum of 12 months and a maximum of 60 months (1-5 years).
The interest rates on personal loans by digibank by DBS are as low as 10.99% per annum. This rate is fixed throughout the tenure of the loan.
Personal loans through digibank by DBS are hassle-free. You needn't provide collateral or arrange guarantors to avail of personal loans.
You can cancel a personal loan within 48 hours of the amount being credited to your account. No charges are levied for the cancellation. The processing fees paid at the time of applying for the loan, however, cannot be refunded.
For dishonor of standing instruction, a charge of Rs. 600 plus GST is applicable for every instance. Partial prepayment and foreclosures are not permitted within the first 6 months of disbursal. The charges post 6 months from disbursement vary depending on the personal loan tenure.
The interest of 2% per month is levied on every delayed EMI payment. Penal interest is charged at 24% per annum.
You can use our Personal Loan EMI Calculator to get an estimate of your EMIs instantly. Just input your loan amount, tenure and interest rate to calculate your estimated monthly pay-out immediately.
Once you complete the application process, the digibank by DBS account verification is initiated. Once the personal loan is sanctioned, the amount - after deducting the processing fees and taxes – is credited directly into your digiSavings account. Part-disbursement is not available for personal loans, so you get the entire amount once the loan is sanctioned.
Applying for a personal loan is now easy. For digibank by DBS users, all you need to do is log in to the app and use the navigation menu to go to the “Loans” section. Click on `Personal Loans’ and apply instantly.
**All loans will be given out at the sole discretion of DBS Bank India Limited.
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