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 demonstrate its transforming role as a regional bank.
The bank was established by the Government of Singapore in July 1968 to manage 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.
Recommendation With respect to Getting Personal Loans In Singapore
If you are planning to take a major loan, do not ever secure a individual loan from a bank a few months before the significant loan. This will impact you.
If you are taking a loan from the bank for a home or car, it is very important to note your Debt Servicing Ratio which is a measure of the percentage of your routine earnings to the repayment of your cars and truck or house loan.
To puts it simply, a Debt Servicing Ratio of 50% indicates that your debt commitment can not surpass 50% of your earnings. As a guide, a lot of banks permit 40% Debt Servicing Ratio for a home and 30% for a auto loan
Loans Get Cheaper As the Loan Gets More Specific – So when it concerns getting loans, be as specific as you can. Do not take a individual loan to refurbish your house, not when there’s a renovation loan package. Don’t take a individual loan to spend for your education, when there’s an education loan plan.
In order to encourage you, specific loan plans frequently have lower rate of interest. Personal loans tend to charge interest of about 6% to 8%, whereas specific loans (renovation loans, education loans, etc). have rates as low as 2%. Ask the banker to match a plan to your requirements.
The majority of personal loans are unsecured. As in, there’s no security behind them. And because the issuing banks have no security, they’ll compensate by boosting rate of interest.
That implies you need to never take a individual loan without knowledge of exactly when and how you’ll pay it back.
Don’t utilize personal loans as alternative business loans. You must only take a individual loan to ease cash issues.