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 embraced in July 2003 to demonstrate its evolving function as a regional bank.
The bank was started 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 biggest 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.
Suggestion With regard to Taking Personal Loans In Singapore
Never ever take individual loans 2 to 3 months before another significant loan. To puts it simply, no individual loans if you’re intending to purchase a cars and truck, home, etc.
When you take a bank loan for a car or house, a key element is your DSR (Debt Servicing Ratio ). This measures exactly what portion of your earnings can enter into repaying the housing or auto loan, consisting of other overheads (e.g. payment for other individual loans).
So a DSR of 50% suggests your loan payments, plus payments of any other loans you have, can’t surpass 50% of your income.Just for reference, most banks enable 40% DSR for a home, and 30% DSR for a automobile.
Specific Loans Are Cheaper – Take out a particular loan where you take a renovation loan for your renovation requirements and a auto loan for your automobile. It is not a good idea to get a individual loan for your automobile or renovation requirements. When it concerns banks, specific loans’ rates of interest are lower.
When it comes to individual loans, they are unsecured where you have absolutely 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 interest rate for personal loans. Due to the nature of such individual loans, it is not advisable to take individual loans except for emergency situation circumstances.