There is this saying that keeps doing the rounds – your car defines your personality. Well, going by these standards, you might definitely want to consider purchasing the perfect vehicle and let it define your personality. With a car loan from DBS, you will be on track almost immediately!
DBS is one of the largest banks in Singapore and offers a wide array of banking products and services. Consumer banking, retail banking, corporate banking and wealth management are amongst its most prominent service offerings. Under the consumer banking vertical, the bank offers loans, credit cards, investment options, savings options and more.
If you are looking for a car loan to finance the purchase of your new car, DBS might well be your ideal option, as the bank offers affordable interest rates and flexible tenures. That’s not all, even if you are looking to purchase a used car, DBS Bank’s used car loan will be immensely resourceful.
Let us go ahead and look at what you can expect from DBS Bank as far as applying for your car loan and the interest rates on your loan are concerned.
Atleast 21 years old
Above 21 years
Salaried or self-employed with regular income
Earn more than the minimum income required
Minimum income required S$2,000
Maximum Loan 60%-70%
EMIs of other loans lower your eligibility
Pay off your credit card bills
Choose longer tenure loan up to 7 years
|Interest Rate||2.28 p.a.*, EIR - 4.29 p.a.*|
|Margin of Finance||60% to 70%|
|Loan Tenure||1 year to 7 years|
|Guarantor Requirement||No Info|
Terms and Conditions: The promotional offer is only valid for car loans with tenures of over two years.
There are basically two types of Car Loans that DBS offers:
Here are some things you should know about DBS Bank’s New Car Loan:
Are you thinking of applying for a used car loan from DBS? Here is exactly what you need to know.
Choosing DBS to finance the purchase of your vehicle comes with a host of features and benefits indeed. Let us look at the most prominent features and benefits that you can enjoy:
|Car loan tenure (No. of years)||Applied Interest Rate (AIR % p.a.)||Effective Interest Rate (EIR % p.a.)|
|1 year||2.78% p.a.||5.56% p.a.|
|2 years||2.78% p.a.||5.62% p.a.|
|3 years||2.78% p.a.||5.68% p.a.|
|4 years||2.78% p.a.||5.73% p.a.|
|5 years||2.78% p.a.||5.76% p.a.|
|6 years||2.78% p.a.||5.78% p.a.|
|7 years||2.78% p.a.||5.80% p.a.|
In order to apply for a car loan from DBS, the following eligibility parameters need to be met:
You can apply for the DBS car loan by visiting the official DBS website and filling out the online application form. Once you fill out the online application form, you will also have the provision of uploading your documents. Once you upload your documents, an executive from DBS will get in touch with you and help you take your loan application forward. He/she will also verify the authenticity of the information you’ve provided and subsequently process your loan application.
Once your application is processed, it will be reviewed by the bank’s credit team and will be approved if your application meets the bank’s internal credit norms.
DBS provides car loans for foreigners as well. If you are a foreigner and wish to apply for a DBS Car Loan, you will be required to submit your income and identity documents along with your passport and work permit.
The DBS Car Loan Calculator lets you calculate your monthly payments towards your car loan by entering details including your down payment, loan amount needed and loan tenure. You can enter all these details and the calculator will indicate the amount you’d be paying on a monthly basis through your loan tenure. Note that your monthly payments will remain fixed throughout your loan tenure.
The following are the documents that applicants need to submit in order to initiate their car loan application. This is applicable for both new cars as well as used cars.
If you have any questions or queries about your DBS Car Loan application, you can contact the DBS hotline number for car loan on +6333 0033.
DBS Car Loan Frequently Asked Questions
If you have opted for a 7-year loan tenure, refinancing with any bank will not allow for a tenure of 7 years again. If you decide to refinance your loan after a 3-year period, you will have to make repayments through the remainder of your 7-year tenure.
Car loan interest rates are fixed interest rates. Repayments, thus, remain fixed throughout the tenure of the loan.
Yes, it is. The vehicle itself acts as collateral. Car loans are secured loans, so as long as your credit score meets the minimum criteria in accordance with the bank’s internal norms, your loan application will get approved.
Car loan interest rates are calculated in accordance with the Effective Interest Rate. The Effective Interest Rate takes into consideration your payments over the course of your tenure and calculates your interest payments for the remainder of your tenure.
Yes, you can. Depending on how soon you wish to pre-close your loan, you will have to pay pre-closure charges as may hold applicable.
Over the weekend of 10 and 11 February 2018, DBS finalised their acquisition of ANZ’s wealth management and retail banking business in Indonesia. With a presence now in 5 markets, namely, Singapore, Hong Kong, Mainland China, Taiwan, and Indonesia, DBS’ assets under management (AUM) and loans have increased to S$206 billion. Of this, S$18 billion comes from ANZ.
Indonesia and Taiwan are important markets for the bank and this acquisition has increased DBS’ customer base. In Indonesia alone, the bank has gained around 37,000 new customers and currently has approximately 600,000 cards in circulation. In Taiwan, they have gained around 520,000 new customers, bringing the total of their new customer base to 890,000.
This deal has forced more than 90% of ANZ’s staff in these 5 markets to move over to DBS.
13th February 2018
DBS has partnered up with 7-Eleven stores, the most popular chain of convenience stores in Singapore, to include its complete suite of payment apps as a payment option.
15 January 2018
DBS Bank has entered into a partnership with Equinox, a leading data centre provider, to plug one of its data centres into the cloud in Singapore.
The bank expects to save up to 75% on costs by moving its key data centre to an area which is only a quarter of the existing size. By moving the data centres into the cloud, the bank will be able to host applications and services over the internet on a pay-for-use basis.
According to David Gledhill, the Chief Information Officer and Technology & Operations Head of the DBS Group, this move will help DBS Bank deliver services and products to customers quickly. The bank will also be able to reduce its carbon footprint and considerably improve its energy efficiency.
The DBS Group has in the past taken steps to migrate to cloud technology. The bank’s trading app and iWealth portfolio management for high-net-worth customers are already on the cloud along with digital online mobile banking systems in Indonesia and India.
The car marketplace for DBS is also on the cloud. The bank’s target is to shift half of its computing workload to the cloud by next year. As part of this effort, even the bank’s employees are making use of cloud-based productivity tools from Microsoft.
27th November 2017
DBS group holdings and DBS bank have a new member on-board – Lim Tse Ghow, announced the bank in a press release.
With Lim’s appointment, the number of board members has come up to 10. Lim has an illustrious work experience with Singapore’s Citibank, where he spent almost 13 years, in various profiles including as real estate head. His previous role lasted for 11 years with CapitaLand.
Lim is also a member of board at Banyan Tree holdings, Raffles Medical Group, JTC corporation, Northlight school, and Institute for Societal Leadership at the Singapore Management University.
Lim’s rich knowledge and experience in the real estate sector along with a strong hold on investment banking and risk management is expected to help the board make profitable decisions in the future.
09th November 2017
DBS has made its way into the used car market in Singapore by launching its DBS Car Marketplace. The bank has entered into partnerships with sgCarMart and Carro to initiate things. The marketplace allows sellers to directly sell their automobiles off to potential buyers.
To this end, using the marketplace this month, buyers can access an online interest rate of 1.99% p.a., which would finally stand at an effective interest rate of 3.77% p.a. for a seven-year tenure. Moreover, sellers can list their cars until 4 October 2017 on both sgCarMart and Carro without paying any charge. The bank has already received 3,500 direct-owner car listings.
The marketplace allows users to calculate car budget, to provide the buyer with the loan amount he could eligibly apply for. Based on this, buyers are provided with a list of cars. Buyers can arrange for a test drive directly with the seller, if they are interested in buying any of the cars. Besides, both buyers and sellers are fully guided throughout the process, and they can access paperwork services that precede owning of the car, free of cost.
For DBS, the car loan segment primary contributes to the bank’s loan growth. With this move, DBS has entered an online consumer space and it will enjoy additional revenue. Moreover, it will open opportunities for more such ventures in the future.
03rd November 2017
Most of the people prefer using electronic gadgets for their financial transactions. In order to accomplish this, DBS Bank is currently looking for a partner who can work on adding a robo-adviser.
Several banks have already implemented robo-advisers
In the U.K., Smart Wealth robi-adviser has been launched by UBS. One of the top banks in Switzerland is already working on a project that aims to provide service using robotic advice. Recently, Standard Chartered Bank started a project with Bambu. J.P. Morgan is working on a robo-adviser for its investment management clients. The U.S. bank is almost close to taking possession of SigFig Wealth Management.
Many wealth management firms and banks have have also chosen to invest in wealth tech since 2012. Citi Ventures and Northwestern Mutual have been co-investors in Betterment. Santander InnoVentures and UBS are investors in SigFig. Likewise, J.P. Morgan Chase and Goldman Sachs have invested in Motif together.
Clients from the younger age groups will surely find the robo-powered solutions easy and convenient. Chances are high that robo-advisers will be a great success in Asia considering the fact it has high internet penetration rates.
31st October 2017
Buying a car in Singapore is an expensive affair. But this doesn’t stop Singaporeans from buying cars. Take a look at various costs that are involved in owning a car in Singapore.
• Purchase cost
Here are some important purchase costs:
• Price of the car depending on its Open Market Value (OMV)
• Amount to be paid in order to obtain a Certificate of Entitlement (COE)
• Registration fee
• Initial road tax payment
• Road tax
Once in six months, all car owners of Singapore-registered vehicles will be liable to pay road tax. Based on the engine capacity of your vehicle, the road tax amount will be determined.
• Car loans
Your total car loan value will include:
• Car price
• Down payment
• Loan amount
• Car loan for a fixed tenure at a particular interest rate
• Insurance premium
The insurance premium is based on several factors considered by insurance companies. These factors consist of:
• Driving experience
• Qualification for No Claim Discount (NCD)
• Maintenance costs
To keep your car in top-notch condition, you will need to bear the regular maintenance costs of your car. The costs of servicing will depend on the type, mileage and the engine capacity of the car. Car maintenance services are recommended after every 10,000 km or after every 6 months.
04th October 2017
Looking to apply for a car loan in Singapore? Here is your chance to enjoy excellent rates on your car loan application when you apply online on the DBS website.
• Sign up for a DBS Car loan and enjoy a low interest rate of 1.99% p.a. (Effective Interest Rate of 3.77% p.a.) when you sign-up for the car loan online.
• The car loan promotion is valid till 30 September 2017. The loan tenure ranges from 1 year to a maximum of 7 years.
• Also, get excellent rates when you sign-up for the car loan online and purchase the DriveShield Insurance from DBS.
16th August 2016
Land Rover is all set to introduce its best Range Rover Sport edition in the year 2017. The Range Rover Sport that will be launched in 2017 efficient Ingenium powertrain, upgraded infotainment system with connectivity and Wi-Fi capability, innovative new semi-autonomous driving connected technologies and a chance to personalise it to your taste.The 2017 model will sport the new 2.0-litre four-cylinder Ingenium Diesel Engine manufactured at Jaguar Land Rover's own engine plant in Wolverhampton. Land Rover will also incorporate a series of semi-autonomous driving technologies along with the new engine in the new model.
22nd August 2016
Runtime: Till 31st May, 2016
Particulars: Apply for a car loan from DBS by 31 May, 2016 and enjoy an attractive interest rate of 2.28 percent per annum (Effective Interest Rate of 4.33 percent per annum for a loan tenure of 5 years) for a used car loan. You can save up to 0.70 percent per annum on interest as the prevailing rate offered with DBS car loan is 2.98 percent per annum (Effective Interest Rate of 5.61 percent per annum).
Terms and Conditions: Please contact the bank for applicable terms and conditions.
Runtime: From now till 29 Feb, 2016
Particulars: Purchase your dream car by applying for a car loan from DBS Bank and enjoy a low interest rate of 2.28 percent per annum (Effective Interest Rate of 4.33 percent per annum) for a tenure of 5 years. The car loan specialists of the bank will assist you with the application process and will also assist you in making the right financial decision.
Terms and Conditions
• This interest rate promotion is only available for the purchase of used cars.
• The loan application should be approved by 29 Feb, 2016.
• Please contact DBS Bank for all applicable terms and conditions for this promotion.
15th January 2016