DBS Bank Ltd is a global 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 reflect its evolving 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, acquired it Global Finance’s “Safest Bank in Asia” accolade for six increasing years, from 2009 to 2015. The Bank was also presented 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
Recommendation Regarding Taking Personal Loans In Singapore
Never take personal loans two to three months prior to another major loan. In other words, no personal loans if you’re planning to purchase a cars and truck, home, etc.
A key element is your DSR (Debt Servicing Ratio)when you take a bank loan for a vehicle or home. This determines exactly what percentage of your earnings can go into repaying the housing or auto loan, consisting of other overheads (e.g. payment for other individual loans).
So a DSR of 50% implies your loan repayments, plus payments of other loans you have, cannot exceed 50% of your income.Just for reference, many banks allow 40% DSR for a house, and 30% DSR for a automobile.
Particular Loans Are Cheaper – Take out a particular loan where you take a renovation loan for your renovation requirements and a auto loan for your car. It is not wise to secure a personal loan for your car or renovation requirements. When it concerns banks, particular loans’ rates of interest are lower.
When it comes to individual 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 higher rate of interest for individual loans. Due to the nature of such individual loans, it is not a good idea to take individual loans except for emergency situation scenarios.