DBS Bank Ltd is an international banking and financial services corporation headquartered in Marina Bay, Singapore. The company was referred to as The Development Bank of Singapore Limited, before the current name was taken up in July 2003 to reflect its transforming function as a regional bank.
The bank was set up by the Government of Singapore in July 1968 to take control of the industrial financing activities from the Economic Development Board. Today, its branches numbering more than 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
Never take individual loans two to three months prior to another significant loan. In other words, no individual loans if you’re intending to purchase a vehicle, house, and so on.
A crucial factor is your DSR (Debt Servicing Ratio)when you take a bank loan for a automobile or house. This measures what percentage of your earnings can go into paying back the housing or vehicle loan, including other overheads (e.g. payment for other personal loans).
In other words, a Debt Servicing Ratio of 50% indicates that all your debt responsibility can not go beyond 50% of your earnings. As a guide, the majority of banks permit 40% Debt Servicing Ratio for a house and 30% for a auto loan
Specific Loans Are Cheaper – Take out a particular loan where you take a renovation loan for your renovation needs and a car loan for your automobile. It is not a good idea to get a individual loan for your car or renovation requirements. When it pertains to banks, particular loans’ rate of interest are lower.
When it pertains to personal 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 higher rate of interest for personal loans. Due to the nature of such personal loans, it is not recommended to take personal loans except for emergency circumstances.