DBS Bank Ltd is an international banking and financial services corporation headquartered in Marina Bay, Singapore. The corporation was named The Development Bank of Singapore Limited, before the present name was taken up in July 2003 to demonstrate its changing role as a regional bank.
The bank was set up by the Government of Singapore in July 1968 to manage the industrial financing activities from the Economic Development Board. Today, its branches numbering more than 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 Taking Personal Loans In Singapore
Never take individual loans two to three months before another significant loan. To puts it simply, no individual loans if you’re planning to buy a vehicle, home, and so on.
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 procedure of the percentage of your regular income towards the payment of your cars and truck or house loan.
So a DSR of 50% implies your loan payments, plus payments of other loans you have, cannot exceed 50% of your income.Just for recommendation, most banks permit 40% DSR for a home, and 30% DSR for a vehicle.
Particular Loans Are Cheaper – Take out a particular loan where you take a renovation loan for your renovation requirements and a vehicle loan for your car. It is not smart to take out a personal loan for your car or renovation needs. When it pertains to banks, specific loans’ interest rates are lower.
When it pertains to individual loans, they are unsecured where you have 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 suggested to take individual loans except for emergency situation scenarios.