DBS Bank Ltd is an international banking and financial services corporation headquartered in Marina Bay, Singapore. The company was named The Development Bank of Singapore Limited, before the present name was embraced in July 2003 to demonstrate its transforming role as a regional bank.
The bank was started by the Government of Singapore in July 1968 to take over the industrial financing activities from the Economic Development Board. Today, its branches numbering over 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.
Recommendation Regarding Securing Personal Loans In Singapore
Never ever take individual loans 2 to 3 months before another significant loan. In other words, no individual loans if you’re meaning to buy a cars and truck, home, etc.
A crucial aspect is your DSR (Debt Servicing Ratio)when you take a bank loan for a car or house. This measures what portion of your income can go into paying back the housing or auto loan, including other overheads (e.g. repayment for other individual loans).
In other words, a Debt Servicing Ratio of 50% indicates that your debt commitment can not go beyond 50% of your earnings. As a guide, many banks enable 40% Debt Servicing Ratio for a home and 30% for a car loan
Specific Loans Are Cheaper – Take out a specific loan where you take a renovation loan for your renovation requirements and a auto loan for your automobile. It is not a good idea to get a individual loan for your car or renovation needs. When it pertains to banks, particular loans’ rates of interest are lower.
When it pertains to personal loans, they are unsecured where you have nothing to back the loans if you can not pay back the banks. Such loans are riskier for the banks and they have a greater rates of interest for individual loans. Due to the nature of such personal loans, it is not recommended to take personal loans except for emergency scenarios.