DBS Bank Ltd is an international banking and financial services corporation headquartered in Marina Bay, Singapore. Started on 16 July 1968 by the Government of Singapore to manage the industrial financing activities from the Economic Development Board, the bank’s foremost purpose was to provide loans and financial aid to the manufacturing and processing industries and to assist establish and upgrade existing industries in Singapore. In 1960, the Singapore government invited a United Nations (UN) industrial survey mission to assess the economical situation in Singapore and to come up with an industrialisation programme for the city.The proposal included setting up a development bank, together with an economic body to attract foreign investments and provide financing and managing the industrial estates. The bank was incorporated in July 1968 and began operations in September of the same year
Tips For Acquiring Personal Loans In Singapore
If you are planning to take a significant loan, do not ever get a individual loan from a bank a few months before the major loan. This will impact you.
When you take a bank loan for a vehicle or home, a essential element is your DSR (Debt Servicing Ratio ). This determines what percentage of your income can go into repaying the housing or vehicle loan, including other overheads (e.g. payment for other personal loans).
In other words, a Debt Servicing Ratio of 50% implies that all your debt responsibility can not surpass 50% of your earnings. As a guide, a lot of banks permit 40% Debt Servicing Ratio for a house 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 car. It is not a good idea to secure a personal loan for your car or renovation requirements. When it comes to banks, particular loans’ rates of interest are lower.
When it concerns personal loans, they are unsecured where you have absolutely nothing to back the loans if you can not repay 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 advisable to take individual loans except for emergency scenarios.