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 reflect its transforming function as a regional bank.
The bank was established 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 greater than 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 When it comes to Getting Personal Loans In Singapore
If you are preparing to take a significant loan, do never take out a personal loan from a bank a few months before the major loan. This will impact you.
A essential element is your DSR (Debt Servicing Ratio)when you take a bank loan for a car or home. This measures what percentage of your income can enter into repaying the real estate or car loan, including other overheads (e.g. payment for other individual loans).
Simply puts, a Debt Servicing Ratio of 50% indicates that your debt commitment can not exceed 50% of your income. As a guide, the majority of banks permit 40% Debt Servicing Ratio for a house and 30% for a vehicle loan
Particular Loans Are Cheaper – Take out a particular loan where you take a renovation loan for your renovation requirements and a car loan for your car. It is not a good idea to take out a individual loan for your vehicle or renovation requirements. When it pertains to banks, specific loans’ interest rates 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 higher interest rate for personal loans. Due to the nature of such individual loans, it is not recommended to take personal loans except for emergency situation circumstances.