DBS Bank Ltd is an international banking and financial services corporation headquartered in Marina Bay, Singapore. The company was referred to as The Development Bank of Singapore Limited, before the current name was embraced in July 2003 to reflect its transforming function as a regional bank.
The bank was set up by the Government of Singapore in July 1968 to take control of the industrial financing activities from the Economic Development Board. Today, its branches numbering more than 100 can be found island-wide. DBS Bank is the largest bank in South East Asia by assets and among the larger banks in Asia, with total assets of S$ 482 billion as at 31 Dec 2016. It has market-dominant positions in consumer banking, treasury and markets, asset management, securities brokerage, equity and debt fund-raising in Singapore and Hong Kong.
Tips For Securing Personal Loans In Singapore
Never ever take individual loans two to three months before another major loan. To puts it simply, no individual loans if you’re intending to purchase a automobile, home, and so on.
A key element is your DSR (Debt Servicing Ratio)when you take a bank loan for a car or home. This determines what percentage of your earnings can go into paying back the housing or vehicle loan, including other overheads (e.g. repayment for other personal loans).
A DSR of 50% suggests your loan repayments, plus payments of any other loans you have, can’t go beyond 50% of your income.Just for referral, many banks allow 40% DSR for a house, and 30% DSR for a automobile.
Particular Loans Are Cheaper – Take out a particular loan where you take a renovation loan for your renovation requirements and a vehicle loan for your cars and truck. It is not wise to secure a individual loan for your automobile or renovation requirements. When it concerns banks, specific loans’ rate of interest are lower.
They are unsecured where you have absolutely nothing to back the loans if you can not pay back the banks when it comes to individual loans. Such loans are riskier for the banks and they have a greater interest rate for individual loans. Due to the nature of such individual loans, it is not advisable to take individual loans except for emergency circumstances.