Best DBS Personal Loans in Hong Kong 2024

Originally from Singapore, DBS Bank is now one of the top 10 largest banks in Hong Kong. DBS offers a range of personal loan options in Hong Kong, including a standard instalment loan and a debt consolidation loan. Find out which is best for you.

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DBS Revolving Loan

Unlike the DBS Personal Instalment Loan and Debt Consolidation Loan, the DBS Cashline Revolving Loan does not have a fixed repayment schedule.

Instead, DBS Cashline works more like a credit card. You will get a credit limit set by the bank - this can be up to 8 times your monthly salary or HK$800,000, whichever is lower.

You can choose to withdraw from that credit limit by either a Cashline card or cheque book (both provided). Only the amount that you withdraw will be subject to interest. But, as with a credit card, you need to repay it as soon as possible to avoid incurring high interest, which is charged daily. Once you repay the amount, the credit limit will be restored and you can redraw the amount at any time.

Given the distinct nature of the revolving loan, it only makes sense to go for this type of loan if you are very confident that you can repay the amount in a very short time. Otherwise, you may decide to convert your Cashline credit limit into a regular instalment loan (12 to 60 months) for a more manageable loan structure.

DBS Cashline Revolving Loan eligibility requirements are similar to that of the DBS Personal Instalment Loan. You must be a Hong Kong resident, at least 18 years old, and earning at least HK$80,000 a year.

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MoneySmart helps you compare all personal loans available from DBS Bank, so that you can find a personal loan most suitable for your needs.

How to Apply for DBS Personal Loan?

Choose Your Loan Product

Find a suitable loan product that best fits your financial needs. Make sure you read the fine print and understand the loan structure. Once selected, fill in the application form and submit all the required documents. You can also submit an application on the DBS website or DBS Loans app.

Wait for Your Loan Approval Result

For the DBS Personal Instalment Loan, the application result is instant once you upload your HKID, which cuts short the loan approval process to as little as one minute. Otherwise, a DBS Loan Specialist will contact you after reviewing your application to confirm the terms of the loan.

Disbursement of Your Loan

If you opt for the DBS Personal Instalment Loan, once approved, the loan will be disbursed into your designated bank account on the same day. For the Debt Consolidation Loan, DBS will disburse the loan amount directly to your outstanding credit card accounts. There is no disbursement for the Cashline Revolving Loan until you decide to withdraw against your credit limit.

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DBS Loan Offers & Promotions

DBS may offer seasonal promotions for their personal loan products, for example, a cash coupon for online application or reduced promotional interest rate for new customers. While such promotions are tempting, a personal loan is a major financial commitment and it would be unwise to base your decision on a limited-time-only offer. Check the terms of each loan type to make sure that it's the right one for your needs before you apply for it. Also, note that the bank may choose to claw back the offer in certain scenarios, such as if you decide to make early repayment of your loan.

DBS Loan Application Requirements

The basic criteria for DBS personal loans are listed above. Minimally, you must be a Hong Kong resident, at least 18 years old, and earn HK$80,000 a year. More stringent criteria will apply if you opt for the DBS Debt Consolidation Loan. You will need to furnish your HKID card and disbursement account to apply for a loan, as well as the following:

Proof of income

DBS does not state the specific type of income proof they require, but it is standard practice to submit at least the past month's payslip or bank statement showing your salary credit. Those who are self-employed or freelancers may need to show additional documents, such as a Tax Demand Note. DBS may also request a practicing certificate issued by a relevant association if it applies to your profession.

Residential proof

Proof of address is another standard document that most banks will ask for before they will lend you any money. For DBS, this needs to be something that was issued within the past two months. It can be a government letter or utility bill with your name and address stated on it.

DBS Loan Fees & Charges

We have discussed interest rates and loan structures quite a bit above, but it is also important to know about any hidden fees that DBS might charge.

Handling Fee

For personal instalment loans, DBS charges 1% to 1.5% handling fee depending on your loan amount. The handling fee for the debt consolidation loan is 1.5%. By law, all banks must include the handling fee in the stated APR interest rate. There is no handling fee for DBS Cashline revolving loan.

Late Repayment Fee

It pays to be punctual with your personal loan or debt consolidation loan repayments. Otherwise, you'll be charged HK$300 for each month you do not make the monthly payment in full when it's due. The late repayment fee of HK$150 to HK$250 for Cashline appears more lenient, but you will be charged much higher interest (42.58% per annum) on overdue amounts.

Early Settlement Fee

Want to settle your personal loan ahead of schedule? DBS charges a hefty fee of 1.5% multiplied by the number of years left on the loan. So if you have 3 years left on the loan tenure, that's 4.5% of the principal you need to pay. This is a potential cost to bear in mind when deciding on your loan tenure - it doesn't always make sense to choose the longest option, even if the instalments are smaller.

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Frequently Asked Questions

What is the interest rate for DBS personal loans?

Generally, DBS charges APRs of 2.98% to 8.62% for their personal loans. The bank has final say on how much interest to charge each individual customer, and they may tailor the interest rate depending on your profile and financial situation.

Can foreigners get a DBS loan in Hong Kong?

If you are a foreigner but are registered as a Hong Kong resident, i.e. you have a valid Hong Kong ID card, you can apply for a DBS loan. However, the DBS debt consolidation loan is only open to Hong Kong permanent residents (those who have lived in Hong Kong for at least 7 years).

Can you top up an existing DBS loan?

Yes, if you are an existing DBS personal loan customer, you can apply for the Top Up Loan to redraw money from the amount you've repaid. You must have repaid at least one instalment, be punctual with your repayments, and have at least HK$5,000 of repaid principal to draw from.

Can I repay a DBS personal loan early?

Yes, but be aware of the early settlement administrative fee of 1.5% of the original loan amount, multiplied by the number of years you will cut short your loan. In addition, DBS will claim any outstanding handling fee. You should compare this amount against the interest you would save by settling the loan. Should you decide to go ahead, you need to give 7 days' written notice to DBS.