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 adopted in July 2003 to reflect its transforming role as a regional bank.
The bank was set up 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 in excess of 100 can be found island-wide. DBS Bank is the largest 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 When it comes to Obtaining Personal Loans In Singapore
Never ever take individual loans 2 to 3 months before another significant loan. In other words, no individual loans if you’re meaning to purchase a vehicle, home, etc.
If you are taking a loan from the bank for a house or automobile, it is essential to note your Debt Servicing Ratio which is a step of the percentage of your routine income to the payment of your automobile or home loan.
In other words, a Debt Servicing Ratio of 50% suggests that your debt responsibility can not surpass 50% of your income. As a guide, the majority of banks enable 40% Debt Servicing Ratio for a house and 30% for a car loan
Particular Loans Are Cheaper – Take out a specific loan where you take a renovation loan for your renovation requirements and a car loan for your cars and truck. It is not a good idea to take out a personal loan for your cars and truck or renovation requirements. When it comes to banks, specific loans’ rates of interest are lower.
They are unsecured where you have 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 greater rate 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.