DBS Bank Ltd is an international banking and financial services corporation headquartered in Marina Bay, Singapore. The company was referred to as The Development Bank of Singapore Limited, before the current name was taken up in July 2003 to mirror its transforming function as a regional bank.
The bank was put together 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 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.
Recommendation Regarding Taking Personal Loans In Singapore
If you are planning to take a major loan, do never secure a individual loan from a bank a few months prior to the significant loan. This will affect you.
If you are taking a loan from the bank for a house or car, it is necessary to note your Debt Servicing Ratio which is a procedure of the percentage of your regular income to the repayment of your automobile or house loan.
Simply puts, a Debt Servicing Ratio of 50% means that all your debt commitment can not go beyond 50% of your earnings. As a guide, many banks allow 40% Debt Servicing Ratio for a house and 30% for a car loan
Loans Get Cheaper As the Loan Gets More Specific – So when it concerns getting loans, be as specific as you can. Don’t take a personal loan to renovate your home, not when there’s a renovation loan plan. Don’t take a individual loan to spend for your education, when there’s an education loan plan.
In order to motivate you, particular loan packages frequently have lower interest rates. Personal loans tend to charge interest of about 6% to 8%, whereas specific loans (renovation loans, education loans, etc).
Many individual loans are unsecured. As in, there’s no collateral behind them. And given that the issuing banks have no security, they’ll compensate by jacking up interest rates.
That indicates you should never take a personal loan without understanding of exactly when and how you’ll pay it back.
Do not use personal loans as alternative business loans. You ought to only take a individual loan to reduce flow problems.