DBS Bank Ltd is an international banking and financial services corporation headquartered in Marina Bay, Singapore. The company was known as The Development Bank of Singapore Limited, before the present name was taken up in July 2003 to reflect its evolving role as a regional bank.
The bank was put together by the Government of Singapore in July 1968 to manage the industrial financing activities from the Economic Development Board. Today, its branches numbering greater than 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.
Advice With respect to Taking Personal Loans In Singapore
If you are planning to take a major loan, do not ever secure a personal loan from a bank a couple of months before the major loan. This will affect you.
When you take a bank loan for a car or house, a essential element is your DSR (Debt Servicing Ratio ). This determines what portion of your earnings can enter into repaying the housing or auto loan, consisting of other overheads (e.g. repayment for other individual loans).
In other words, a Debt Servicing Ratio of 50% indicates that all your debt responsibility can not surpass 50% of your earnings. As a guide, a lot of banks enable 40% Debt Servicing Ratio for a house and 30% for a car loan
Specific Loans Are Cheaper – Take out a specific loan where you take a renovation loan for your renovation requirements and a vehicle loan for your car. It is not a good idea to secure a personal loan for your vehicle or renovation requirements. When it pertains to banks, particular loans’ rates of interest are lower.
They are unsecured where you have absolutely nothing to back the loans if you can not pay back the banks when it comes to individual loans. Such loans are riskier for the banks and they have a higher rate of interest for personal loans. Due to the nature of such individual loans, it is not suggested to take individual loans except for emergency situations.