DBS Bank Ltd is a global banking and financial services corporation headquartered in Marina Bay, Singapore. Started on 16 July 1968 by the Government of Singapore to manage the industrial financing activities from the Economic Development Board, the bank’s foremost 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 plan included setting up 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
Tips With respect to Getting Personal Loans In Singapore
Do not ever take out a personal loan from a bank a few months before the major loan if you are preparing to take a major loan. This will impact you.
If you are taking a loan from the bank for a home or car, it is important to note your Debt Servicing Ratio which is a measure of the percentage of your routine income towards the payment of your car or home loan.
In other words, a Debt Servicing Ratio of 50% means that your debt responsibility can not surpass 50% of your income. As a guide, many banks enable 40% Debt Servicing Ratio for a house and 30% for a vehicle loan
Specific Loans Are Cheaper – Take out a specific loan where you take a renovation loan for your renovation needs and a vehicle loan for your vehicle. It is not a good idea to secure a personal loan for your vehicle or renovation requirements. When it pertains to banks, specific loans’ rates of interest are lower.
They are unsecured where you have nothing to back the loans if you can not pay back the banks when it comes to personal loans. Such loans are riskier for the banks and they have a greater 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 circumstances.