DBS Bank Ltd is a multinational 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 adopted in July 2003 to demonstrate its changing function as a regional bank.
The bank was started 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 over 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.
Recommendation Regarding Obtaining Personal Loans In Singapore
Never ever take personal loans two to three months before another significant loan. Simply puts, no individual loans if you’re intending to purchase a car, home, and so on.
If you are taking a loan from the bank for a house or vehicle, it is important to note your Debt Servicing Ratio which is a step of the percentage of your regular income to the repayment of your car or house loan.
In other words, a Debt Servicing Ratio of 50% suggests that your debt obligation can not exceed 50% of your earnings. As a guide, many banks permit 40% Debt Servicing Ratio for a home and 30% for a auto loan
Particular Loans Are Cheaper – Take out a specific loan where you take a renovation loan for your renovation requirements and a vehicle loan for your cars and truck. It is not a good idea to secure a individual loan for your automobile or renovation needs. 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 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 situation circumstances.