DBS Bank Ltd is a global banking and financial services corporation headquartered in Marina Bay, Singapore. The company was known as The Development Bank of Singapore Limited, before the present name was taken up in July 2003 to demonstrate its transforming 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 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 Regarding Acquiring Personal Loans In Singapore
If you are preparing to take a major loan, do not ever take out a personal loan from a bank a few months before the major loan. This will impact you.
A essential element is your DSR (Debt Servicing Ratio)when you take a bank loan for a vehicle or home. This measures exactly what portion of your income can go into paying back the housing or vehicle loan, including other overheads (e.g. payment for other individual loans).
In other words, a Debt Servicing Ratio of 50% indicates that your debt responsibility can not go beyond 50% of your earnings. As a guide, many banks allow 40% Debt Servicing Ratio for a home and 30% for a vehicle loan
Particular Loans Are Cheaper – Take out a specific loan where you take a renovation loan for your renovation needs and a car loan for your automobile. It is not smart to secure a personal loan for your automobile or renovation needs. When it concerns banks, particular loans’ rate of interest are lower.
When it pertains to individual loans, they are unsecured where you have absolutely nothing to back the loans if you can not pay back the banks. 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 suggested to take individual loans except for emergency situation circumstances.