DBS Bank Ltd is a multinational banking and financial services corporation headquartered in Marina Bay, Singapore. The company was known as The Development Bank of Singapore Limited, before the present name was taken up in July 2003 to mirror its transforming function as a regional bank.
The bank was put together by the Government of Singapore in July 1968 to take over the industrial financing activities from the Economic Development Board. Today, its branches numbering in excess of 100 can be found island-wide. DBS Bank is the biggest 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.
Recommendation Regarding Taking Personal Loans In Singapore
Never take personal loans two to three months prior to another major loan. In other words, no personal loans if you’re meaning to buy a cars and truck, home, etc.
When you take a bank loan for a automobile or house, a crucial aspect is your DSR (Debt Servicing Ratio ). This determines exactly what percentage of your earnings can go into paying back the real estate or auto loan, consisting of other overheads (e.g. payment for other personal loans).
So a DSR of 50% means your loan repayments, plus repayments of other loans you have, cannot surpass 50% of your income.Just for referral, most banks enable 40% DSR for a house, and 30% DSR for a vehicle.
Specific Loans Are Cheaper – Take out a particular loan where you take a renovation loan for your renovation requirements and a car loan for your cars and truck. It is not a good idea to take out a personal loan for your vehicle or renovation requirements. When it comes to banks, particular loans’ rate of interest are lower.
When it comes to personal loans, they are unsecured where you have absolutely nothing to back the loans if you can not repay the banks. Such loans are riskier for the banks and they have a higher interest rate for individual loans. Due to the nature of such individual loans, it is not a good idea to take individual loans except for emergency situation circumstances.