DBS Bank Car Loan

About DBS Bank Car Loan

DBS Bank (The Development Bank of Singapore Limited) is a multinational bank that has its headquarters in Singapore. It is one of the finest banks in Asia and the top most bank in Singapore. The bank provides a huge range of financial services and products that are catered to suit the specific needs or retail as well as corporate customers. These products and services also include loans like personal loans, business loans, car loans, home loans and more.

The car loans of the bank are one of the most attractive products of the bank and come with many attractive features like affordable rates and higher loan value with a comfortable repayment tenure that make it a very convenient option for the customers among the available options in the market. The details of the car loans of DBS Bank are mentioned in this article.

Eligibility for DBS Bank Car Loan

The eligibility for DBS Car Loan is set in a manner to ensure that maximum persons are eligible for the car loan of the bank. The bank has certain basic criteria that have been set up to determine the eligibility of the customer to qualify for the loan of the bank. These criteria can set based on many factors like

Age

The applicant should be of minimum 21 years of age to enter into the contract to purchase a car loan from the bank. The maximum age of the applicant in many cases that makes them eligible or qualified for the loan is usually the retirement age.

Citizenship

Citizenship of the country is another important criterion for determining eligibility. DBS car loans are available only for the citizens of the country and not non-residents.

Income

The applicants have to provide the details of their income to determine their eligibility for the DBS car loans. The income qualification is an important criterion that determines the repaying capacity of the applicant.

Employment status

DBS Car loans can be applied by salaried employees as well as self-employed persons. The employment status of the applicant will also help in determining the income eligibility of the customer.

Documents required for DBS Bank Car Loan

The documents required for DBS Bank Car Loans are the basic KYC Documents along with the documents related to the vehicle to be purchased out of the loan. The details of the same are provided hereunder.

Identity Proof

The identity proof of the applicant can be provided by any of the following documents

• PAN Card
• Aadhaar Card
• Election Card
• Driving License

Address Proof

• Registered House Deed
• Aadhaar Card
• PAN Card
• Passport
• Registered Rent agreement
• Latest Utility Bills

Income Proof

The income proof of the applicant can be provided through the following documentations

Salaried Applicants – latest salary slips, latest tax returns

Self employed Persons – latest tax returns

Bank Statements

The bank statements (for the past 6 months at least) of the applicants have to be provided as part of the documentation process for the DBS Bank Car Loans.

Vehicle Documents

The documents related to the vehicle that have to be submitted with the application form are,

• Proforma invoice of the car to be purchased out of the loan amount
• RC copy of the vehicle
• Insurance copy of the vehicle

Salient Features of the DBS Car Loan

DBS Bank provides a very attractive car loan package for the customers that come with many features and benefits. These features give it an edge over the competition in the market and make it a very lucrative deal for the customers. The details of the features of the DBS Bank Car loan are mentioned below.

Loan amount

The loan amount offered by DBS Bank for its car loans depends on the amount applied as well as the repaying capacity of the applicant. The bank usually provides a percentage of the open market value of the vehicle to be purchased as the loan. Such percentage is dependent on various factors like internal limits set by the bank, details of the car, open market value determined by the bank, etc.

Rate of interest

The rates of interest on DBS Bank Car loans are very competitive. Customers can get easy and affordable loans from DBS Bank and can repay the same in easy and convenient Equated Monthly Installments (EMIs). The final rate of interest may vary on case to case basis depending on the credit profile of the applicant, amount of loan, tenure requested by the customer, etc.

Tenure

DBS Bank offers easy and affordable loans to the customers for purchase of new or used vehicles. The tenure of the loan may vary depending on the vehicle being new or used as the case may be. The tenure offered by DBS Bank is among the better loan tenures offered by banks in this category.

Processing charges

The customers will be charged a nominal amount as processing charges or fees. These processing charges are usually a percentage of the loan amount subject to any minimum or maximum amount set by the bank in this regard.

Margin money

The margin money is the down payment or the money to be provided by the customer to complete the cost of the vehicle. This margin money is the balance amount to be paid by the customer to the dealer of the vehicle in addition to the loan amount provided by the Bank.

Other charges

The Bank may charge many other charges on the Car loan sanctioned to the customer. These charges may be late payment charges, cheque bounce charges, prepayment charges, foreclosure charges, etc. The details of the same can be obtained from the customer care of the bank or by visiting the nearest branch of the Bank.

Application Process for DBS Bank Car Loan

Customers can apply for the car loan of the bank either through the online mode or offline mode.

Online mode is the application for the loan through the website of the bank. Customers can register at the website first and then login to apply for the loan by providing basic details like name, address, mobile number, loan amount etc.

Offline mode of application is by visiting the nearest branch of the bank and directly applying for the loan there. Customers can fill the application form at the branch with the help of the branch executives if needed, and submit the documents related along with the application.

The application will be processed in each case along with the documents to be verified and after due verification of the same, the applicant will be granted the loan upon satisfaction of the bank or rejected if the applicant does not meet the criteria as per the bank.

DBS Bank Car Loan FAQs