DBS Bank Ltd is an international banking and financial services corporation headquartered in Marina Bay, Singapore. The company was referred to as The Development Bank of Singapore Limited, before the current name was taken up in July 2003 to reflect its evolving function as a regional bank.
The bank was put together 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 greater than 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.
Idea With regard to Taking Personal Loans In Singapore
Do not ever take out a personal loan from a bank a couple of months before the major loan if you are planning to take a major loan. This will affect you.
A key element is your DSR (Debt Servicing Ratio)when you take a bank loan for a vehicle or house. This measures exactly what portion of your income can go into repaying the real estate or auto loan, including other overheads (e.g. repayment for other personal loans).
Simply puts, a Debt Servicing Ratio of 50% implies that all your debt commitment can not surpass 50% of your income. As a guide, the majority of banks allow 40% Debt Servicing Ratio for a home and 30% for a car loan
Particular Loans Are Cheaper – Take out a specific loan where you take a renovation loan for your renovation needs and a auto loan for your automobile. It is not a good idea to get a individual loan for your vehicle or renovation needs. When it concerns banks, specific loans’ rates of interest are lower.
They are unsecured where you have absolutely 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 personal loans. Due to the nature of such personal loans, it is not a good idea to take individual loans except for emergency situation scenarios.