DBS Bank Ltd is a global banking and financial services corporation headquartered in Marina Bay, Singapore. Founded on 16 July 1968 by the Government of Singapore to take control of the industrial financing activities from the Economic Development Board, the bank’s main purpose was to provide loans and financial aid to the manufacturing and processing industries and in order 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 proposal included establishing 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
Advice With regard to Securing Personal Loans In Singapore
Do not ever take out a individual loan from a bank a few months prior to the significant loan if you are planning to take a major loan. This will affect you.
If you are taking a loan from the bank for a home or cars and truck, it is very important to note your Debt Servicing Ratio which is a measure of the percentage of your routine earnings to the repayment of your cars and truck or home loan.
To puts it simply, a Debt Servicing Ratio of 50% indicates that your debt responsibility can not surpass 50% of your income. As a guide, many banks enable 40% Debt Servicing Ratio for a home and 30% for a car loan
Specific Loans Are Cheaper – Take out a particular loan where you take a renovation loan for your renovation requirements and a car loan for your vehicle. It is not wise to get a individual loan for your automobile or renovation requirements. When it comes to banks, specific loans’ rate of interest are lower.
They are unsecured where you have absolutely nothing to back the loans if you can not repay the banks when it comes to personal loans. Such loans are riskier for the banks and they have a higher rates of interest for personal loans. Due to the nature of such personal loans, it is not suggested to take personal loans except for emergency situation scenarios.