DBS Bank Ltd is a multinational banking and financial services corporation headquartered in Marina Bay, Singapore. The company was named The Development Bank of Singapore Limited, before the current name was embraced in July 2003 to reflect its transforming 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 greater than 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.
Recommendation Regarding Acquiring Personal Loans In Singapore
Never ever take individual loans two to three months prior to another significant loan. Simply puts, no individual loans if you’re meaning to buy a vehicle, home, and so on.
If you are taking a loan from the bank for a house or automobile, it is necessary to note your Debt Servicing Ratio which is a step of the percentage of your regular earnings towards the repayment of your automobile or house loan.
A DSR of 50% implies your loan payments, plus payments of any other loans you have, cannot exceed 50% of your income.Just for recommendation, a lot of banks allow 40% DSR for a house, and 30% DSR for a car.
Specific Loans Are Cheaper – Take out a specific loan where you take a renovation loan for your renovation needs and a car loan for your vehicle. It is not smart to get a individual loan for your automobile or renovation requirements. When it pertains to banks, particular loans’ rate of interest are lower.
When it concerns personal 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 rate of interest for personal loans. Due to the nature of such individual loans, it is not a good idea to take individual loans except for emergency circumstances.