DBS Bank Ltd is an international banking and financial services corporation headquartered in Marina Bay, Singapore. The corporation was known as The Development Bank of Singapore Limited, before the present name was adopted in July 2003 to mirror its transforming function as a regional bank.
The bank was set up 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 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.
Advice 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.
A essential factor is your DSR (Debt Servicing Ratio)when you take a bank loan for a automobile or house. This determines exactly what portion of your earnings can enter into repaying the real estate or car loan, consisting of other overheads (e.g. repayment for other personal loans).
To puts it simply, a Debt Servicing Ratio of 50% indicates that your debt responsibility can not exceed 50% of your earnings. As a guide, the majority of banks permit 40% Debt Servicing Ratio for a house and 30% for a car loan
Particular Loans Are Cheaper – Take out a particular loan where you take a renovation loan for your renovation requirements and a car loan for your automobile. It is not wise to secure a personal loan for your cars and truck or renovation needs. When it concerns banks, particular loans’ interest rates are lower.
They are unsecured where you have absolutely nothing to back the loans if you can not pay back the banks when it comes to individual loans. Such loans are riskier for the banks and they have a higher rates of interest for individual loans. Due to the nature of such individual loans, it is not recommended to take personal loans except for emergency scenarios.