DBS Bank Ltd is an international 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 taken up in July 2003 to demonstrate its transforming function as a regional bank.
The bank was put together by the Government of Singapore in July 1968 to take over the industrial financing activities from the Economic Development Board. Today, its branches numbering greater 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.
Recommendation Regarding Taking Personal Loans In Singapore
If you are planning to take a major loan, do never take out a personal loan from a bank a few months before the major loan. This will affect you.
If you are taking a loan from the bank for a home or car, it is necessary to note your Debt Servicing Ratio which is a measure of the portion of your routine income towards the payment of your car or home loan.
So a DSR of 50% means your loan repayments, plus repayments 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 home, and 30% DSR for a car.
Specific Loans Are Cheaper – Take out a particular 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 take out a personal loan for your vehicle or renovation requirements. When it comes to banks, particular loans’ interest rates are lower.
When it pertains to individual loans, they are unsecured where you have nothing to back the loans if you can not repay 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 recommended to take personal loans except for emergency scenarios.