DBS Bank Ltd is a multinational banking and financial services corporation headquartered in Marina Bay, Singapore. The company was known as The Development Bank of Singapore Limited, before the present name was taken up in July 2003 to reflect 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 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.
Tips Regarding Taking Personal Loans In Singapore
Never take personal loans two to three months before another major loan. To puts it simply, no individual loans if you’re meaning to purchase a automobile, home, etc.
If you are taking a loan from the bank for a home or vehicle, it is necessary to note your Debt Servicing Ratio which is a step of the percentage of your regular income to the repayment of your vehicle or home loan.
To puts it simply, a Debt Servicing Ratio of 50% means that your debt obligation can not go beyond 50% of your earnings. As a guide, many banks enable 40% Debt Servicing Ratio for a home and 30% for a auto loan
Specific Loans Are Cheaper – Take out a particular loan where you take a renovation loan for your renovation requirements and a car loan for your automobile. It is not smart to secure a individual loan for your car or renovation needs. When it comes to banks, particular loans’ interest rates are lower.
They are unsecured where you have absolutely nothing to back the loans if you can not repay the banks when it comes to individual loans. Such loans are riskier for the banks and they have a higher rate of interest for individual loans. Due to the nature of such personal loans, it is not a good idea to take personal loans except for emergency scenarios.