DBS Bank Ltd is a multinational 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 evolving function as a regional bank.
The bank was established by the Government of Singapore in July 1968 to take over the industrial financing activities from the Economic Development Board. Today, its branches numbering in excess of 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.
Idea With regards to Taking Personal Loans In Singapore
If you are preparing to take a significant loan, do never get a individual loan from a bank a couple of months prior to the significant loan. This will affect you.
A key aspect is your DSR (Debt Servicing Ratio)when you take a bank loan for a automobile or home. This measures what portion of your earnings can go into repaying the housing or vehicle loan, including other overheads (e.g. repayment for other individual loans).
So a DSR of 50% implies your loan repayments, plus payments of other loans you have, cannot surpass 50% of your income.Just for recommendation, many banks allow 40% DSR for a home, and 30% DSR for a car.
Specific Loans Are Cheaper – Take out a particular loan where you take a renovation loan for your renovation needs and a vehicle loan for your cars and truck. It is not smart to secure a individual loan for your car or renovation requirements. When it concerns banks, specific loans’ interest rates are lower.
When it concerns 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 greater rate of interest for individual loans. Due to the nature of such individual loans, it is not suggested to take personal loans except for emergency situations.