DBS Bank Ltd is a global 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 main 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, as well as 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 When it comes to Securing Personal Loans In Singapore
Never take personal loans two to three months before another significant loan. In other words, no individual loans if you’re meaning to purchase a cars and truck, home, etc.
When you take a bank loan for a car or house, a key aspect is your DSR (Debt Servicing Ratio ). This determines exactly what portion of your income can go into paying back the real estate or car loan, including other overheads (e.g. payment for other personal loans).
So a DSR of 50% implies your loan repayments, plus payments of any other loans you have, can’t surpass 50% of your income.Just for reference, many banks permit 40% DSR for a house, and 30% DSR for a car.
Loans Get Cheaper As the Loan Gets More Specific – So when it concerns getting loans, be as particular as you can. Do not take a individual loan to renovate your house, not when there’s a renovation loan plan. Don’t take a personal loan to spend for your education, when there’s an education loan bundle.
In order to motivate you, specific loan packages often have lower interest rates. Individual loans tend to charge interest of about 6% to 8%, whereas specific loans (renovation loans, education loans, etc).
Many individual loans are unsecured. As in, there’s no collateral behind them. And because the issuing banks have no security, they’ll compensate by jacking up rate of interest.
That means you should never ever take a personal loan without understanding of precisely when and how you’ll pay it back.
Don’t use personal loans as alternative business loans. You need to just take a individual loan to ease flow issues.