DBS Bank Ltd is an international banking and financial services corporation headquartered in Marina Bay, Singapore. The company was named The Development Bank of Singapore Limited, before the current name was taken up in July 2003 to reflect its changing function as a regional bank.
The bank was set up 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 in excess of 100 can be found island-wide. DBS Bank is the largest 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.
Idea When it comes to Taking Personal Loans In Singapore
Do not ever take out a individual loan from a bank a couple of months prior to the major loan if you are planning to take a significant loan. This will impact you.
A essential aspect is your DSR (Debt Servicing Ratio)when you take a bank loan for a vehicle or house. This determines exactly what portion of your earnings can go into paying back the housing or auto loan, consisting of other overheads (e.g. repayment for other personal loans).
Simply puts, a Debt Servicing Ratio of 50% means that your debt commitment can not go beyond 50% of your income. As a guide, a lot of banks permit 40% Debt Servicing Ratio for a house and 30% for a auto loan
Loans Get Cheaper As the Loan Gets More Specific – So when it pertains to getting loans, be as particular as you can. Do not take a individual loan to remodel your house, not when there’s a renovation loan bundle. Do not take a individual loan to spend for your education, when there’s an education loan bundle.
In order to encourage you, specific loan plans often have lower interest rates. Individual loans tend to charge interest of about 6% to 8%, whereas particular loans (renovation loans, education loans, etc).
A lot of personal loans are unsecured. As in, there’s no security behind them. And because the releasing banks have no security, they’ll compensate by jacking up rates of interest.
That means you need to never ever take a individual loan without understanding of exactly when and how you’ll pay it back.
Do not use individual loans as alternative business loans. You should only take a personal loan to reduce cash issues.