DBS Bank Ltd is a global 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 adopted in July 2003 to reflect its changing role as a regional bank.The bank’s strong capital position, as well as “AA-” and “Aa1” credit ratings by Standard & Poor’s and Moody’s that are among the top-notch in the Asia-Pacific region, acquired it Global Finance’s “Safest Bank in Asia” accolade for six continuous years, from 2009 to 2015. The Bank was also rewarded the Best Digital Bank in the World in the year 2016 by EuroMoney. With operations in 17 markets, the bank has a regional network covering more than 250 branches and over 1,100 ATMs across 50 cities
Tips When it comes to Taking Personal Loans In Singapore
Do not ever take out a personal loan from a bank a few months prior to the major loan if you are planning to take a major loan. This will impact you.
If you are taking a loan from the bank for a house or car, it is important to note your Debt Servicing Ratio which is a procedure of the portion of your routine income towards the payment of your car or house loan.
In other words, a Debt Servicing Ratio of 50% implies that all your debt responsibility can not surpass 50% of your income. As a guide, a lot of banks permit 40% Debt Servicing Ratio for a home and 30% for a auto loan
Particular Loans Are Cheaper – Take out a specific loan where you take a renovation loan for your renovation needs and a auto loan for your automobile. It is not smart to take out a personal loan for your vehicle or renovation requirements. When it concerns banks, particular loans’ rates 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 higher rates of interest for individual loans. Due to the nature of such individual loans, it is not a good idea to take personal loans except for emergency situations.