DBS Bank Ltd is a global 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 reflect its evolving role as a regional bank.The bank’s strong capital position, as well as “AA-” and “Aa1” credit ratings by Standard & Poor’s and Moody’s that are among the top-notch in the Asia-Pacific region, received it Global Finance’s “Safest Bank in Asia” accolade for six increasing years, from 2009 to 2015. The Bank was also rewarded the Best Digital Bank in the World in the year 2016 by EuroMoney. With operations in 17 markets, the bank has a regional network spanning more than 250 branches and over 1,100 ATMs across 50 cities
Tips When it comes to Acquiring Personal Loans In Singapore
Do not ever take out a personal loan from a bank a couple of months prior to the significant loan if you are preparing to take a significant loan. This will impact you.
When you take a bank loan for a vehicle or house, a key aspect is your DSR (Debt Servicing Ratio ). This determines exactly what portion of your earnings can enter into paying back the housing or vehicle loan, consisting of other overheads (e.g. repayment for other individual loans).
In other words, a Debt Servicing Ratio of 50% implies that all your debt responsibility can not surpass 50% of your earnings. As a guide, many banks permit 40% Debt Servicing Ratio for a house and 30% for a vehicle loan
Specific Loans Are Cheaper – Take out a specific loan where you take a renovation loan for your renovation requirements and a auto loan for your automobile. It is not a good idea to get a individual loan for your automobile or renovation requirements. When it comes to banks, particular loans’ interest rates 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 individual loans. Due to the nature of such individual loans, it is not advisable to take personal loans except for emergency circumstances.