DBS Bank Ltd is a multinational banking and financial services corporation headquartered in Marina Bay, Singapore. Founded on 16 July 1968 by the Government of Singapore to take over the industrial financing activities from the Economic Development Board, the bank’s primary purpose was to provide loans and financial aid to the manufacturing and processing industries and 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 plan included setting up a development bank, also 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
Recommendation When it comes to Securing Personal Loans In Singapore
Do not ever take out a individual loan from a bank a couple of months before the significant loan if you are planning to take a major loan. This will impact you.
A key factor is your DSR (Debt Servicing Ratio)when you take a bank loan for a automobile or house. This determines exactly what percentage of your earnings can go into paying back the housing or auto loan, including other overheads (e.g. payment for other personal loans).
In other words, a Debt Servicing Ratio of 50% means that all your debt responsibility can not go beyond 50% of your earnings. As a guide, most banks enable 40% Debt Servicing Ratio for a home and 30% for a car loan
Particular Loans Are Cheaper – Take out a particular loan where you take a renovation loan for your renovation needs and a car loan for your vehicle. It is not smart to secure a personal loan for your car or renovation needs. When it pertains to banks, particular loans’ rate of interest are lower.
When it concerns personal loans, they are unsecured where you have nothing to back the loans if you can not pay back the banks. Such loans are riskier for the banks and they have a greater rates of interest for personal loans. Due to the nature of such personal loans, it is not recommended to take personal loans except for emergency situation circumstances.