DBS Bank Ltd is an international 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 embraced in July 2003 to mirror its changing function as a regional bank.
The bank was established by the Government of Singapore in July 1968 to take over 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.
Idea For Securing Personal Loans In Singapore
If you are planning to take a major loan, do not ever get a personal loan from a bank a couple of months prior to the significant loan. This will affect you.
A key aspect is your DSR (Debt Servicing Ratio)when you take a bank loan for a vehicle or home. This measures exactly what portion of your earnings can go into paying back the housing or car loan, including other overheads (e.g. payment for other personal loans).
A DSR of 50% indicates your loan payments, plus payments of any other loans you have, cannot go beyond 50% of your income.Just for reference, a lot of banks permit 40% DSR for a house, and 30% DSR for a car.
Loans Get Cheaper As the Loan Gets More Specific – So when it pertains to getting loans, be as particular as you can. Do not take a personal loan to refurbish your house, not when there’s a renovation loan bundle. Don’t take a personal loan to spend for your education, when there’s an education loan plan.
In order to encourage you, particular loan bundles often have lower rate of interest. Individual loans tend to charge interest of about 6% to 8%, whereas particular loans (renovation loans, education loans, etc). have rates as low as 2%. Ask the banker to match a bundle to your requirements.
A lot of personal loans are unsecured. As in, there’s no security behind them. And considering that the issuing banks have no security, they’ll compensate by jacking up interest rates.
That implies you must never take a individual loan without understanding of exactly when and how you’ll pay it back.
Don’t utilize individual loans as alternative business loans. You need to only take a personal loan to relieve cash flow issues.