DBS Bank Ltd is a multinational banking and financial services corporation headquartered in Marina Bay, Singapore. The company was referred to as The Development Bank of Singapore Limited, before the present name was taken up in July 2003 to mirror its evolving role as a regional bank.The bank’s strong capital position, together with “AA-” and “Aa1” credit ratings by Standard & Poor’s and Moody’s that are among the top-notch in the Asia-Pacific region, earned it Global Finance’s “Safest Bank in Asia” accolade for six consecutive 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 spanning more than 250 branches and over 1,100 ATMs across 50 cities
Idea With regard to Taking Personal Loans In Singapore
If you are planning to take a significant loan, do not ever get a individual loan from a bank a couple of months prior to the significant loan. This will affect you.
When you take a bank loan for a car or house, a essential element is your DSR (Debt Servicing Ratio ). This measures what portion of your income can go into paying back the real estate or car loan, including other overheads (e.g. repayment for other individual loans).
In other words, a Debt Servicing Ratio of 50% means that your debt obligation can not surpass 50% of your income. As a guide, the majority of banks permit 40% Debt Servicing Ratio for a home and 30% for a vehicle loan
Particular Loans Are Cheaper – Take out a specific loan where you take a renovation loan for your renovation needs and a vehicle loan for your car. It is not wise to take out a personal loan for your automobile or renovation needs. When it concerns banks, specific loans’ interest rates are lower.
When it comes 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 higher interest rate for personal loans. Due to the nature of such individual loans, it is not suggested to take individual loans except for emergency situation scenarios.