DBS Car Loan - What you Need to Know

If you are looking for a car loan with accommodating interest rates, you can explore DBS Bank’s attractive loan offers. The loan can be availed on a wide range of vehicles and repayments can be made through flexible, extended tenures. The prevailing preferential interest rate offered by the bank on car loans is 2.08% p.a. if you apply for the loan online. DBS also issues you a credit report to your registered address within 30 days of rejection or approval of your car loan application. Also, enjoy increased savings if you apply for a car loan with DBS at prevailing interest rates.

Things couldn’t have gotten any better! With the approval of your car loan application, you get preferential, customised rates through DriveShield on your car insurance. Simply sign up for DBS Bank’s Christmas Promotion and get a free quote on your DriveShield insurance policy.

The loan process can be completed online in two simple steps by signing up through your details on the DBS website and emailing the required documents. The loan application, once filled out and submitted, will be approved subject to meeting the eligibility parameters.

What are the features of the DBS Car Loan?

Exciting features are what make Loan options attractive, especially if you are comparing offers from various banks and arriving at the best option. Here are the salient features of the DBS Car Loan Application.

• The loan amount is dependent on the Open Market Value.
• You can choose a convenient and flexible repayment period with tenors extending up to 7 years.
• Your chances of getting the loan approved is greater if you have a good credit score.
• Repayment histories, total debt owed and type of debt influence credit scores.
• Loan applications are mostly disapproved if credit scores do not meet in-house standards.
• The vehicle once purchased is covered by insurance.

Can DBS Car Loans be availed for used cars as well?

DBS provides car loans for purchase of used cars too. Usually the Open Market Value for a used car is determined by factors including its age and depreciation. The car has to meet a certain Loan to Value ratio that is deemed appropriate by the bank. Once the depreciation is determined (straight line depreciation), a certain value called the applicable OMV is derived, following which the Loan to Value ratio is computed. Once done, the amount that can be availed towards the financing of the used car will be computed.

Upon completing the application form online and submitting it, the documents can be uploaded on the bank’s official website (by signing in with your credentials). Your application will be reviewed and approved solely at the discretion of the bank (the bank has the right to reject your card loan application if your credentials do not meet the eligibility parameters). Aspects like a good credit score through effective handling of credit, the extent of your relationship with the bank and the total amount of debt owed by you are decisive factors in determining the approval of your car loan application.

So, if you wish to avail a DBS Car Loan, visit the bank’s official website and check out the available interest rates also you can you can receive preferential interest rates to finance your dream car. If you’ve been a DBS Credit Card customer or looking to buy a credit card then you would love to check DBS Credit card Reviews in the last post.