DBS Cashline
Get instant cash from S$1, low 0.07% daily interest, no transaction fee or early repayment fee, flexible terms, exclusive cashback offers for new approvals.
DBS Cashline is a personal line of credit designed for Singaporeans and Permanent Residents. This option suits those who need instant access to extra funds with clear terms and competitive rates. With a prevailing interest rate of just 0.07% daily (22.9% p.a. for most applicants), there is no minimum loan amount or transaction fee. Annual fees are S$120, but these are waived for the first year. Applicants can withdraw any amount from S$1, repay at their leisure, and enjoy greater flexibility than traditional loans.
Application Steps
- Log in to your digibank online or mobile app.
- Select ‘Apply’ and go to ‘Personal Loans’.
- Choose ‘Cashline’, complete your details and employment information.
- Submit the application and await approval notification.
Pros of DBS Cashline
The standout benefit is the low daily interest rate, starting at 0.07%, and no penalty for early repayment. Approval comes with S$50 cashback, with further rewards for higher balances. Repayment can be made any time without penalty, giving users control and peace of mind compared with stricter term loans.
Cons of DBS Cashline
Rates can climb to 29.8% p.a. for applicants with annual incomes below S$30,000. The product is only available to Singaporeans and PRs, so foreigners are excluded. Also, missing minimum payments results in a steep 8% interest hike.
Verdict
DBS Cashline stands out for flexibility, fast access, and attractive initial rates, making it an excellent choice for those seeking quick, fuss-free financing. However, vigilance is essential; late repayment incurs higher rates. Ensure you repay on time to reap the best value from this offer.