DBS Bank Ltd is a multinational banking and financial services corporation headquartered in Marina Bay, Singapore. The corporation was known as The Development Bank of Singapore Limited, before the present name was taken up in July 2003 to mirror its changing role as a regional bank.
The bank was established by the Government of Singapore in July 1968 to manage 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.
Advice For Taking Personal Loans In Singapore
If you are planning to take a major loan, do not ever secure a individual loan from a bank a couple of months prior to the major loan. This will impact you.
When you take a bank loan for a vehicle or home, a crucial aspect is your DSR (Debt Servicing Ratio ). This determines what portion of your earnings can enter into repaying the housing or car loan, consisting of other overheads (e.g. payment for other personal loans).
A DSR of 50% suggests your loan repayments, plus repayments of any other loans you have, can’t surpass 50% of your income.Just for reference, a lot of banks enable 40% DSR for a home, and 30% DSR for a cars and truck.
Specific Loans Are Cheaper – Take out a particular loan where you take a renovation loan for your renovation needs and a auto loan for your cars and truck. It is not wise to take out a individual loan for your cars and truck or renovation needs. When it comes to banks, particular loans’ rates 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 greater rate of interest for individual loans. Due to the nature of such personal loans, it is not a good idea to take individual loans except for emergency circumstances.