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 embraced in July 2003 to mirror its transforming function as a regional bank.
The bank was established by the Government of Singapore in July 1968 to take over the industrial financing activities from the Economic Development Board. Today, its branches numbering in excess of 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.
Tips Regarding Securing Personal Loans In Singapore
If you are preparing to take a major loan, do not ever secure a personal loan from a bank a few months before the significant loan. This will affect you.
If you are taking a loan from the bank for a house or automobile, it is very important to note your Debt Servicing Ratio which is a measure of the percentage of your regular earnings to the repayment of your car or house loan.
In other words, a Debt Servicing Ratio of 50% implies that your debt obligation can not exceed 50% of your earnings. As a guide, most banks enable 40% Debt Servicing Ratio for a home and 30% for a car loan
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 cars and truck. It is not a good idea to secure a personal loan for your automobile or renovation needs. When it pertains to banks, particular 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 greater interest rate for personal loans. Due to the nature of such individual loans, it is not a good idea to take individual loans except for emergency scenarios.