Singapore's small and medium- sized enterprises (SMEs) can now apply for up to 11 types of loan products using DBS Bank's online loans application service.
This is the latest in a slew of initiatives by DBS to bring greater convenience and value to customers through digital banking.
"We have adopted the human-centred design discipline and redesigned the entire loan application process, enabling SME owners to apply for loans on the go," said Mr Lim Chu Chong, DBS Bank's regional head of SME Banking.
Using the online service, rolled out yesterday, customers can track their applications in real time and receive instant notifications on the loan processing.
DBS' instant notification feature will automatically update applicants when their loan applications have reached critical stages - such as when it is received or approved.
Across the banking industry today, SME owners still have to fill in and sign physical forms by hand when applying for loans.
But by making the entire process paperless, the bank's new initiative - an industry first - will bring greater convenience to time-strapped SMEs.
The online application process has been shortened to 10 minutes, through the redesign of application forms to include simple and jargon-free language. The number of fields to be completed has also been reduced by 76 per cent.
To further save time, DBS has also linked its backend system to the Accounting and Corporate Regulatory Authority's database to pre-fill loan application forms.
The loans and services SME owners can apply for include: business loans, overdrafts, property loans, equipment loans, foreign exchange, import and export lines, and business credit cards.