DBS Bank Ltd is an international banking and financial services corporation headquartered in Marina Bay, Singapore. Founded on 16 July 1968 by the Government of Singapore to manage the industrial financing activities from the Economic Development Board, the bank’s foremost purpose was to provide loans and financial aid to the manufacturing and processing industries and in order to help establish and upgrade existing industries in Singapore. In 1960, the Singapore government invited a United Nations (UN) industrial survey mission to assess the economical situation in Singapore and to come up with an industrialisation programme for the city.The plan included establishing a development bank, together with an economic body to attract foreign investments and provide financing and managing the industrial estates. The bank was incorporated in July 1968 and began operations in September of the same year
Idea Regarding Obtaining Personal Loans In Singapore
Do not ever take out a individual loan from a bank a couple of months prior to the major loan if you are preparing to take a major loan. This will affect you.
If you are taking a loan from the bank for a house or vehicle, it is necessary to note your Debt Servicing Ratio which is a procedure of the portion of your routine income to the repayment of your cars and truck or house loan.
In other words, a Debt Servicing Ratio of 50% indicates that all your debt responsibility can not surpass 50% of your income. As a guide, most banks permit 40% Debt Servicing Ratio for a house and 30% for a auto loan
Particular Loans Are Cheaper – Take out a specific loan where you take a renovation loan for your renovation needs and a vehicle loan for your cars and truck. It is not a good idea to secure a personal loan for your automobile or renovation requirements. When it comes 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 individual loans. Such loans are riskier for the banks and they have a higher rate of interest for individual loans. Due to the nature of such personal loans, it is not advisable to take individual loans except for emergency situation situations.