DBS Bank Ltd is a multinational 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 adopted in July 2003 to reflect its evolving function as a regional bank.
The bank was set up by the Government of Singapore in July 1968 to manage 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 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 With regards to Acquiring Personal Loans In Singapore
Never take individual loans two to three months prior to another major loan. In other words, no personal loans if you’re planning to buy a car, home, and so on.
A key element is your DSR (Debt Servicing Ratio)when you take a bank loan for a cars and truck or home. This determines exactly what portion of your income can enter into paying back the real estate or car loan, consisting of other overheads (e.g. repayment for other individual loans).
Simply puts, a Debt Servicing Ratio of 50% means that your debt obligation can not surpass 50% of your income. As a guide, many banks permit 40% Debt Servicing Ratio for a house and 30% for a vehicle loan
Particular Loans Are Cheaper – Take out a particular loan where you take a renovation loan for your renovation needs and a vehicle loan for your car. It is not smart to get a personal loan for your cars and truck or renovation needs. When it pertains to banks, particular loans’ rate of interest are lower.
They are unsecured where you have nothing to back the loans if you can not pay back the banks when it comes to personal loans. Such loans are riskier for the banks and they have a higher rates of interest for personal loans. Due to the nature of such personal loans, it is not advisable to take personal loans except for emergency scenarios.