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 reflect its changing 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.
Suggestion With regards 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 buy a vehicle, house, and so on.
When you take a bank loan for a vehicle or house, a key element is your DSR (Debt Servicing Ratio ). This determines what percentage of your income can enter into repaying the real estate or auto loan, consisting of other overheads (e.g. payment for other individual loans).
Simply puts, a Debt Servicing Ratio of 50% suggests that all your debt obligation can not exceed 50% of your income. As a guide, many banks allow 40% Debt Servicing Ratio for a house and 30% for a auto loan
Loans Get Cheaper As the Loan Gets More Specific – So when it comes to getting loans, be as particular as you can. Do not take a personal loan to remodel your home, not when there’s a renovation loan bundle. Do not take a personal loan to spend for your education, when there’s an education loan package.
In order to encourage you, specific loan plans frequently have lower interest rates. Individual loans tend to charge interest of about 6% to 8%, whereas particular loans (renovation loans, education loans, etc).
Many individual loans are unsecured. As in, there’s no collateral behind them. And since the providing banks have no security, they’ll compensate by boosting rate of interest.
That means you ought to never take a personal loan without knowledge of exactly when and how you’ll pay it back.
Do not utilize individual loans as alternative business loans. You must only take a personal loan to alleviate flow problems.