To be eligible for DBS's Cashline personal line of credit, applicants must be Singapore Citizens or Permanent residents and be at least 21 years old.
Additionally, DBS requires minimum monthly payments of 2. We strongly advise borrowers to carefully review the terms of any loan in order to avoid fees, which can significantly increase the total cost of borrowing. Variable and commission-based employees must provide their latest 12 months' CPF contribution history statement or their Income Tax Notice of Assessments for the last 2 years.
He holds a Bachelor of Arts degree in International Studies from the University of Washington, and his prior work experience include risk management and underwriting for professional liability and specialty insurance at Victor Insurance. Additionally, Stephen is a former US Peace Corps Volunteer in Myanmar serving between , where he continues to provide business development consulting services to HR companies in Asia Pacific.
Advertiser Disclosure: ValueChampion is a free source of information and tools for consumers. Our site may not feature every company or financial product available on the market. However, the guides and tools we create are based on objective and independent analysis so that they can help everyone make financial decisions with confidence. Once you have a credit line, you can access your cash through several methods, the most convenient of which is through an ATM. This is what makes it ideal for handling short-term expenses.
Think of a credit line as an emergency fund you can borrow from the bank. In these situations, a credit line can tide you over at interest rates you can afford. You can pay as little as the minimum sum during a month when cash is tight, or pay everything off within the next due date. In general, it is good to pay off as much of what you owe as possible, to minimise interest.
DBS Cashline works exactly like a credit line, but it is also a lot more than that. Besides giving you standby access to cash, DBS Cashline can also be used as an account to take up other unsecured loans.
This means that if you need a personal loan or balance transfer from DBS, you can get it through your Cashline account, and borrow up to the credit limit assigned to you. Because of these features, your Cashline account can help you with the following, without the risk of overspending on interest:.
Credit lines are designed to deal with short-term financial needs. As such, you might find it helpful for making ends meet if you earn commissions or otherwise have irregular income. At Of course, the sooner you pay back what you withdrew from your Cashline account, the less you pay in interest.
If you need to take care of a big expense like medical bills or course fees for a new skill, you can pay for it with a personal loan through your Cashline account. All you need to do is fill up a form to get a DBS personal loan through your Cashline account — no need to submit income documents or do further paperwork. Once you have the loan, you can repay it through fixed monthly instalments over a period of 1 to 5 years. You also enjoy a much lower interest rate around 6. This makes bigger loans a lot easier to manage.
Just like the personal loan, all you need to do is fill up a form and pay a small admin fee of 2. You then have 6 or 12 months to pay off your credit card debt. If you think a credit line can help you, consider using DBS Cashline. But there are other reasons to use Cashline as well:. Use this to apply and receive approval-in-principle within minutes.
Once your Cashline account has been approved, you can log on to your IB account to transfer cash, top up your Cashline, and request for an IB e-cheque online. Your credit limit depends on several factors like your annual income and credit score.
In general, however, DBS Cashline lets you borrow as much as 4 times your monthly income. You can apply for DBS Cashline online , or use our free comparison tools to compare credit lines in Singapore.
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