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 present name was embraced in July 2003 to mirror its evolving role as a regional bank.
The bank was started by the Government of Singapore in July 1968 to take control of 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 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 With regard to Securing Personal Loans In Singapore
Never ever take individual loans 2 to 3 months before another major loan. In other words, no personal loans if you’re intending to purchase a cars and truck, house, etc.
If you are taking a loan from the bank for a house or automobile, it is essential to note your Debt Servicing Ratio which is a step of the portion of your routine income to the repayment of your vehicle or house loan.
A DSR of 50% means your loan repayments, plus payments of any other loans you have, cannot go beyond 50% of your income.Just for recommendation, most banks enable 40% DSR for a home, and 30% DSR for a cars and truck.
Specific Loans Are Cheaper – Take out a particular loan where you take a renovation loan for your renovation needs and a car loan for your car. It is not wise to take out a personal loan for your car or renovation requirements. When it pertains to banks, particular loans’ rates of interest are lower.
They are unsecured where you have nothing to back the loans if you can not pay back 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 individual loans except for emergency circumstances.