DBS Bank Ltd is a multinational banking and financial services corporation headquartered in Marina Bay, Singapore. Founded on 16 July 1968 by the Government of Singapore to take control of the industrial financing activities from the Economic Development Board, the bank’s principal 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 proposal included putting together a development bank, also 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
Advice With respect to Taking Personal Loans In Singapore
Never take individual loans 2 to 3 months before another major loan. In other words, no personal loans if you’re intending to buy a car, home, etc.
If you are taking a loan from the bank for a house or car, it is essential to note your Debt Servicing Ratio which is a measure of the percentage of your regular income towards the repayment of your vehicle or house loan.
To puts it simply, a Debt Servicing Ratio of 50% implies that all your debt obligation can not go beyond 50% of your earnings. As a guide, a lot of banks allow 40% Debt Servicing Ratio for a home and 30% for a auto loan
Particular Loans Are Cheaper – Take out a particular loan where you take a renovation loan for your renovation needs and a vehicle loan for your cars and truck. It is not smart to take out a individual loan for your vehicle or renovation requirements. When it pertains to banks, specific loans’ rates of interest are lower.
When it pertains to personal loans, they are unsecured where you have absolutely nothing to back the loans if you can not repay 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 recommended to take personal loans except for emergency circumstances.