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
Minimum income required
Maximum Loan 60%-70%
EMIs of other loans lower
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.
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