DBS Car Loan

    Credit Card Application

    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.

    You’re probably eligible for an DBS Bank Car Loan if you are

    DBS Bank Car Loan Minimum Age

    Atleast 21 years old

    DBS Bank Car Loan Maximum Age

    Above 21 years

    DBS Bank Car Loan Eligible Employment Type

    Salaried or self-employed with regular income

    DBS Bank Car Loan Minimum Income

    Earn more than the minimum income required

    Your DBS Bank Car Loan amount eligibility is based on these factors

    DBS Bank Car Loan Minimum Salary

    Minimum income required S$2,000

    DBS Bank Car Loan Maximum Loan to Value

    Maximum Loan 60%-70%

    DBS Bank Car Loan EMI

    EMIs of other loans lower your eligibility

    Increase your eligible DBS Bank Car Loan amount by these steps

    DBS Bank Car Loan Payoff Outstanding Credit Card Bills

    Pay off your credit card bills

    DBS Bank Car Loan Maximum Tenure

    Choose longer tenure loan up to 7 years

    Documentation needed to apply for an DBS Car Loan

    • 1. Proof of Identity
      • Singaporean/Permanent Residents - Copy of NRIC
      • Foreigner - Copy of valid passport and a copy of employment pass
    • 2. Salaried
      • CPF contribution statement (Latest month dated not more than 2 months ago)
      • Computerized pay slip (Latest month dated not more than 2 months ago) OR any of the below
      • Full set of Employment / Appointment Letter - (Latest month dated not more than 2 months ago) Tax Assessment (Recent year)
      • Latest 2 months of Bank Statement showing Salary Credit
    • 3. Self Employed
      • Tax Assessment
      • Variable income - Bonus
      • Require both latest computerized pay slip and latest tax assessment

    DBS Bank Car Loan DetailsUpdated on 19 Nov 2018

    DBS Bank Car Loan Details
    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

    DBS Car Loan Promotion 2017

    • Apply for the DBS Car Loan online by visiting the DBS website and get an interest-free period of up to 6 months on your car loan.
    • You can also enjoy preferential rates of interest, starting at 2.18% p.a. (4.11% EIR) when you apply for the loan online!
    • You can save big through these interest rates, as these are amongst the lowest rates in the Singaporean Car Loan market.

    Terms and Conditions: The promotional offer is only valid for car loans with tenures of over two years.

    Types of DBS Car Loans

    There are basically two types of Car Loans that DBS offers:

    DBS New Car Loan

    Here are some things you should know about DBS Bank’s New Car Loan:

    • The DBS New Car Loan can only be taken for the purchase of a new car.
    • The loan amount for the vehicle is dependent on the vehicle’s Open Market Value (OMV). Basically, the amount is pegged to the car’s OMV.
    • While applying for a new car loan from DBS, it is highly advisable not to transfer ownership of the vehicle to your name until the loan amount is approved.
    • The loan amount is dependent on the price of the car. DBS does not finance the entire cost of the vehicle.
    • If the price of the vehicle is greater than S$20,000, then 60% of the vehicle’s Open market Value will be financed by DBS. If the price is lesser than S$20,000, 70% of the vehicle’s Open Market Value will be financed.

    DBS Used Car Loan

    Are you thinking of applying for a used car loan from DBS? Here is exactly what you need to know.

    • The price of the vehicle and the loan amount is dependent on the vehicle’s Open Market Value, as is the case with loans offered by most banks.
    • The Open Market Value in the case of used cars is calculated by taking the age of the vehicle into consideration. This is done specifically to determine the LTV (Loan-to-Value) ratio. If the LTV value meets the bank’s financial regulatory framework, the loan will be approved by DBS.
    • In the case of used cars, just as is the case with new cars, the tenures can stretch from 1 years to 7 years.

    DBS Car Loan Features and Benefits

    Dbs Car Loan

    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:

    • DBS offers loans for both new cars and used cars. So, whether you decide to buy a used car or a new car, DBS has anything you need.
    • Used car loan interest rates are slightly higher than new car loans. As such, the used car market is growing quite strongly in Singapore.
    • DBS offers tenures that stretch from one year to 7 years. Depending on the vehicle you wish to purchase and the amount you wish to borrow, you can choose a tenure of your choice.
    • Usually, the interest paid is higher for longer tenures and lesser for shorter tenures. The rate of interest, however, will be higher for shorter tenures and lesser for longer tenures.
    • DBS’s promotional offer on car loans will give you a 6-month interest free period besides offering you a preferential interest rate of 2.78%. The offer is valid for tenures that exceed a 2-year period.
    • The loan amount is completely dependent on the vehicle’s Open Market Value. Also, as a car loan customer, you will not receive 100% financing for your vehicle.
    • If the price of the car is greater than S$20,000, then only 60% of the vehicle’s Open Market Value will be financed through the DBS loan. If the price of the car is lesser than S$20,000, 70% of the vehicle’s open market value will be financed by DBS.

    DBS Car Loan Interest Rates in Singapore

    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.

    DBS Car Loan Eligibility Parameters

    In order to apply for a car loan from DBS, the following eligibility parameters need to be met:

    • The car loan applicant has to be over 21 years of age.
    • The applicant must meet the minimum income criteria set by the bank in order to qualify for the car loan. This is applicable in the case of both new car loans as well as used car loans.
    • The applicant has to be a Singaporean citizen, a Permanent Resident or a Foreigner.
    • All documents submitted have to be consistent in the information they present. Inconsistencies will result in the rejection of the loan application.

    How to apply for the DBS Car Loan?

    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 Car Loan for Foreigners

    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.

    DBS Car Loan Calculator

    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.

    Documents to be Submitted for DBS Car Loan

    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.

    • You are required to submit your completed application form.
    • Identity proof - front and back copy of NRIC
    • Income documents include the following:
      • Latest computerized payslips.
      • CPF Contribution history for the last 1 year.
      • Income Tax Notice of Assessment.
    • Foreigners are required to submit their relevant documents including the employer letter obtained from the employer, and employment pass.
    • Applicants purchasing a used car must submit their seller’s plate number and IC or their vehicle electronic log card.

    DBS Car Loan Hotline

    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

    1. In case of loan refinancing, will the loan tenure be adjusted to a 7-year period?
    2. 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.

    3. Are repayments fixed throughout the tenure of the loan?
    4. Car loan interest rates are fixed interest rates. Repayments, thus, remain fixed throughout the tenure of the loan.

    5. Is it possible to get a car loan with a low credit score?
    6. 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.

    7. Is the interest rate calculated on AIR or EIR?
    8. 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.

    9. Can you pre-close your car loan with DBS?
    10. 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.

    News About DBS Car Loan

    • DBS finalises deal with ANZ, assets soar to S$206 billion

      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

    • Payment at 7-Eleven Stores to Be Easier With DBS Payment Apps

      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 Launches its cloud data centre to reduce costs

      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

    • New member on board at DBS

      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 enters the market for used cars in Singapore

      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

    • DBS Bank Is Keen On Implementing A Robo-Adviser Solution

      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

    • What are the Several Costs a Car Owner in Singapore Needs to be Ready for?

      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:

          • Gender

          • Age

          • Occupation

          • 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

    • DBS Car Loan Promotion 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

    • 2017 Range Rover Sport to have new engines and advanced technology

      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

    • DBS Car Loan Promotion 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.

    • DBS Car Loan Promotion

      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

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