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DBS Singapore- DBS Bank

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DBS Singapore- DBS Bank

DBS Bank was established in 1968 by the government of Singapore with the main purpose of providing loans and financial aid to industries to help establish and upgrade existing industries in Singapore. The company was known as “The Development Bank of Singapore Limited” and in 2003 the name was changed to “DBS Bank”.

DBS is the largest bank in South East Asia by assets and among the largest banks in Asia. It has a dominant position in treasury and market, asset management, consumer banking, securities brokerage, equity and debt fund-raising in Singapore. The bank was also awarded the Best Digital Bank in the world in the year 2016. With operations in 17 markets, the bank has a regional network spanning more than 250 branches and over 1100 ATM across 50 cities.

Available Loans:

Home Loans: When you want to build your own house and need financial assistance you can apply for a home loan at DBS Bank which they have enhanced to offer a fixed monthly repayment and a protection coverage against sudden loss of income or any unexpected event.

Personal Loans: Personal loans are the most common types of loans that you can apply for at DBS Bank. DBS Bank has an affordable package for a personal loan with a fixed repayment method, low-interest rates and tenure leading up to 5 years.

Car Loans: Purchasing a car is one of the biggest financial commitments a person makes, which usually means taking out a loan. This is called car loan and DBS Bank has one the best packages with low interest for you to give you greater peace of mind with a loan tenor from 1 to 7 years.

Education Loans: Education is becoming more and more expensive students who have the potential for further studies miss out on them because they cannot afford the tuition fees. DBS Bank offers an interest-free loan during the course of study and features up to 20 years repayment period DBS Banks aims to provide students with the best and affordable package for a student’s better future.

Foreigner loans: Now foreigners can apply for “Foreigner loan” in their financial needs with all the benefits that they deserve. It involves a simple process that is not demanding and has no restrictions. DBS Singapore gives financial freedom to foreigners to cover their expenses. 

Things to know before applying for a loan:

Before applying for a loan, you should know that the bank and check if it is licensed and the given package is ideal for you compare it with other banks or loan services. DBS Bank provides all its customers the financial help they require. The interest rate is depending on the type of your loan; if it’s collateral-free then the interest rate will be higher if not then the interest rate will be low. But it is important to know the interest rate should not be exorbitant. Also here is a list of things you need to consider before taking out a loan.

Eligibility Criteria:

  • Age must be between 21 and 65 
  • Provide proof of income
  • Utility bills and proof of residence
  • Work permit (only required for Foreigners)
  • Copy of NRIC card

How much you can borrow:

For personal Loans, you can get up to 4x of your monthly salary and 10x if your annual income is S$120,000 on monthly installments of 1 to 5 years.

For Home loans, the amount is dependent on the amount of loan and the interest will be calculated on the average salary and other factors.

Interest rates & Repayment Methods:

The interest rates of a loan are subject to change as a penalty for late payment and can become a hassle for a borrower but in October “Moneylending Advisory Committee” introduced a 4% cap interest rate. And DBS Bank follows this rule to provide the best services to its customers.

When a customer takes a loan from a bank, the bank expects that customers will be able to repay this loan. Interest rates are charged on the amount of money. You can repay your loan in three different methods.

Equal Instalments: When you want to make bigger repayment at the beginning go for this repayment method. Normally installment remains the same but according to the interest rate it varies: the increase in reference rate causes an increment in repayment; a decrease in reference rate causes a decrement in repayment.  

Fixed Equal Payment: When you know how much you are going to repay; it is a handy repayment method because increment in reference rate extends the tenure period and decrement in reference rate shortens the tenure period. 

Choose the repayment method that suits you.

News Room: 

Enjoy 0% interest and up to S$500 cashback: 

This online exclusive promotion gives you instant cash with a fast and easy online application. This offer gives you a short-term loan with 0$ interest and you only have to pay a one-time promotional administration fee. And you can get up to S$500 if you fulfill these conditions.

  • Apply for a 12-month tenure Balance Transfer,
  • In a single application or same-day combined applications on both Cash line and Credit Card.
  • The application must be submitted via a self-apply online application platform.

Up to $1,088 cashback with DBS Personal Loan: 

This online exclusive offer is only for people who apply for a personal loan at DBS bank using online services.

You will need to fulfill these conditions:

  • Minimum approved loan amount of S$30,000,
  • In a single application or same-day combined applications on both Cash line and Credit Card.
  • You will be entitled to only a one-time Cashback in the respective tier and an additional S$200 only if you are a New-to-Bank customer.

Customer Reviews: 

Online customer reviews can be simply thought as personal recommendations and users will trust a brand or a service based on its customer service and in this online review play a vital role in giving anyone an idea of how your experience will be with this company or service. 

“I have never experienced such great customer service at a bank or services organization like this before! Filzah greeted me as I walked in and what I have been told is a very complicated process (setting up a new account as a foreigner moving to Singapore) became a breeze. She told me all the documents I needed and even went inside to double-check. After getting the documents I returned to have my slot held and straight to Chee Man who spent more than 45 minutes (after closing) setting up my account, producing a card and even helping me set up the DBS app! Wow! Other organizations need to take note of how to provide an exceptional CX! All my banking will be with DBS based on this moving forward.” ~ Muralee Kanagaratnam

“It was quite a pleasant experience while I opened an account.  Especially a staff opening an account always smiled and answered clearly that I could understand the Singapore banking system in an hour.  The only opportunity would be making a separate source of information on the documents. Applicants must prepare prior to the visit make it easier for the customers.  And hope that kind of information can be easily searched through google. It was a great experience anyway!” ~ Brian Cho.

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