DBS Bank Ltd is a global banking and financial services corporation headquartered in Marina Bay, Singapore. The company was referred to as The Development Bank of Singapore Limited, before the present name was embraced in July 2003 to reflect its transforming role as a regional bank.The bank’s strong capital position, as well as “AA-” and “Aa1” credit ratings by Standard & Poor’s and Moody’s that are among the top-notch in the Asia-Pacific region, earned it Global Finance’s “Safest Bank in Asia” accolade for six continuous years, from 2009 to 2015. The Bank was also awarded the Best Digital Bank in the World in the year 2016 by EuroMoney. With operations in 17 markets, the bank has a regional network covering more than 250 branches and over 1,100 ATMs across 50 cities
Tips When it comes to Obtaining Personal Loans In Singapore
If you are preparing to take a major loan, do not ever secure a personal loan from a bank a few months before the major loan. This will affect you.
If you are taking a loan from the bank for a home or automobile, it is very important to note your Debt Servicing Ratio which is a step of the portion of your routine income towards the repayment of your cars and truck or house loan.
A DSR of 50% indicates your loan repayments, plus repayments of any other loans you have, can’t go beyond 50% of your income.Just for reference, many banks allow 40% DSR for a home, and 30% DSR for a cars and truck.
Specific Loans Are Cheaper – Take out a specific loan where you take a renovation loan for your renovation needs and a auto loan for your vehicle. It is not wise to get a individual loan for your cars and truck or renovation needs. When it concerns banks, particular loans’ rate of interest 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 personal loans. Such loans are riskier for the banks and they have a higher rates of interest for personal loans. Due to the nature of such personal loans, it is not a good idea to take personal loans except for emergency situation scenarios.