Name of the Organization : POSB Bank
Type of Facility : POSB Credit Card Installment Loan
Country: Singapore
Website : https://www.posb.com.sg/personal/default.page
POSB Credit Card Installment Loan:
Manage your cash flow with one of the lowest interest rates in town!
Related : POSB Bank Send Money to an Overseas Visa Card Singapore : www.statusin.org/6240.html
Benefits:
Loan amount and tenure to fit your needs – Choose a loan amount within your credit limit, and your preferred repayment tenure, ranging from 12 to 60 months.
Financial control – structured and convenient way to manage your finances.
How to Apply:
Online Application form
Apply now: https://www.dbs.com.sg/index/default.page
SMS PROMO<space>IL<space>NRIC to 76060
By completing the online form or sending an SMS to DBS Bank, you agree to DBS Bank contacting you with regards to the promotion or related product and services even though if you are registered with the DNC registry.
Terms and Conditions :
DBS Credit Cards Instalment Loan Terms and Conditions (Ref V8. 15 March 2013)
1. The application for Credit Cards Instalment Loan (“IL”) is subject to:
a. your Credit Card account being in good standing; and
b. you not being in breach of any of the applicable terms governing the Credit Card.
2. An IL application may only be made in respect of a personal Credit Card and only by the Principal Cardholder.
3. DBS Points will not be awarded for this application or in relation to the value of the IL.
4. The loan amount requested by you in your IL application (including interest charges and processing fee if any) (“Total Loan Amount”) together with any existing IL granted to you shall not exceed 90% of the available aggregated credit limit on your Credit Card account(s) (“Accounts”) set by us (“Credit Limit”). The monthly instalment amount is derived from dividing the Total Loan Amount with the number of instalment payments granted by DBS.
5. Should a IL application specify an amount (“Specified Amount”) which exceeds the available credit limit on your stipulated Credit Card account herein (“Credit Card Account”), you hereby instruct that the IL amount shall be the Specified Amount, provided always that the Specified Amount does not cause the aggregated credit limit on your Accounts to exceed:
(i) four times your monthly income;
(ii) such aggregated limit set by us; or
(iii) such other amount as stipulated by any regulatory authority,
in which case, DBS may either
(iv) transfer such amount it deems appropriate; or
(v) reject the application, without liability to any party.
6. Subject to Clause 2, there is no limit on the number of IL that can be taken up for each Credit Card account.
7. The loan amount disbursed to you will be the full approved amount.
8. Minimum monthly payment due will be the higher of:
a. the amount equal to 3% of the Credit Cards outstanding balance specified in your Credit Card account statement; or
b. S$50/-.
9. The aggregated credit limit in relation to your Account will be reduced by blocking out an amount equivalent to the entire IL amount (in relation to this application) but will be progressively restored as each monthly instalment amount is received by DBS.
10. The processing fee, where applicable, is a one-time fee charged upon approval of the IL and is at such rate as DBS may determine. It will be debited from your Credit Card Account on your Credit Card Account statement date.
11. The monthly instalment amount shall be debited from your Credit Card Account on your Credit Card Account statement date. If such day is not a business day, the debiting shall be effected on the preceding business day. “Business day” for these purposes means any day from Monday to Friday, excluding public holidays.
12. Interest on IL will be calculated on a flat rate basis and shall be fixed for the entire duration of each IL.
13. Partial prepayment is not allowed.
14. You may, at any time cancel any one or more of your IL by giving DBS 30 days’ notice in writing, unless otherwise agreed by DBS. Upon cancellation of the IL(s), the outstanding loan amount shall be directly charged to and debited from your Credit Card Account. DBS may suspend or terminate your IL facility without giving any reasons or notice.
15. An early termination fee of S$150 will be levied for each IL if full repayment is made prior to the expiry of each IL’s respective loan tenures.