DBS Bank Ltd is a multinational 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 demonstrate its transforming function as a regional bank.
The bank was started 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 over 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.
Suggestion With regard to Obtaining Personal Loans In Singapore
Never ever take individual loans 2 to 3 months before another major loan. Simply puts, no individual loans if you’re intending to purchase a vehicle, house, and so on.
If you are taking a loan from the bank for a house or automobile, it is necessary to note your Debt Servicing Ratio which is a procedure of the percentage of your regular earnings to the repayment of your automobile or house loan.
So a DSR of 50% suggests your loan repayments, plus repayments of any other loans you have, can’t exceed 50% of your income.Just for recommendation, many banks enable 40% DSR for a house, and 30% DSR for a automobile.
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 car. It is not wise to secure a personal loan for your vehicle 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 interest rate for individual loans. Due to the nature of such personal loans, it is not suggested to take personal loans except for emergency situation scenarios.