DBS Bank Ltd is a multinational banking and financial services corporation headquartered in Marina Bay, Singapore. The corporation was named The Development Bank of Singapore Limited, before the present name was embraced in July 2003 to demonstrate its evolving function as a regional bank.
The bank was established by the Government of Singapore in July 1968 to manage the industrial financing activities from the Economic Development Board. Today, its branches numbering in excess of 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.
Suggestion For Securing Personal Loans In Singapore
If you are planning to take a significant loan, do never get a individual loan from a bank a few months before the significant loan. This will affect you.
If you are taking a loan from the bank for a home or car, it is very important to note your Debt Servicing Ratio which is a measure of the portion of your regular earnings to the repayment of your cars and truck or house loan.
So a DSR of 50% implies your loan payments, plus payments of other loans you have, cannot surpass 50% of your income.Just for reference, most banks allow 40% DSR for a house, and 30% DSR for a vehicle.
Particular Loans Are Cheaper – Take out a specific loan where you take a renovation loan for your renovation needs and a auto loan for your automobile. It is not smart to get a personal loan for your car or renovation needs. When it pertains to banks, particular loans’ interest rates are lower.
When it concerns individual loans, they are unsecured where you have absolutely nothing to back the loans if you can not pay back the banks. Such loans are riskier for the banks and they have a higher rate of interest for individual loans. Due to the nature of such individual loans, it is not advisable to take personal loans except for emergency situation scenarios.