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 taken up in July 2003 to reflect its improving role as a regional bank.The bank’s strong capital position, together with “AA-” and “Aa1” credit ratings by Standard & Poor’s and Moody’s that are among the highest in the Asia-Pacific region, earned it Global Finance’s “Safest Bank in Asia” accolade for six increasing years, from 2009 to 2015. The Bank was also awarded 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
Advice For Obtaining Personal Loans In Singapore
If you are planning to take a significant loan, do never take out a individual loan from a bank a few months prior to the significant loan. This will impact you.
A essential aspect is your DSR (Debt Servicing Ratio)when you take a bank loan for a automobile or home. This determines exactly what portion of your earnings can enter into repaying the housing or auto loan, including other overheads (e.g. payment for other individual loans).
So a DSR of 50% means your loan payments, plus repayments of any other loans you have, can’t exceed 50% of your income.Just for reference, the majority of banks permit 40% DSR for a house, and 30% DSR for a vehicle.
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 smart to get a individual loan for your automobile or renovation requirements. When it comes to banks, specific loans’ interest rates are lower.
They are unsecured where you have nothing to back the loans if you can not repay the banks when it comes to personal loans. Such loans are riskier for the banks and they have a higher rates of interest for individual loans. Due to the nature of such individual loans, it is not a good idea to take personal loans except for emergency situation circumstances.