DBS Bank Ltd is a global banking and financial services corporation headquartered in Marina Bay, Singapore. Founded on 16 July 1968 by the Government of Singapore to take control of the industrial financing activities from the Economic Development Board, the bank’s main purpose was to offer 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 establishing a development bank, as well as 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
Recommendation When it comes to Getting Personal Loans In Singapore
Never take individual loans two to three months before another significant loan. Simply puts, no individual loans if you’re planning to purchase a car, house, and so on.
A key factor is your DSR (Debt Servicing Ratio)when you take a bank loan for a cars and truck or home. This determines exactly what portion of your income can enter into paying back the real estate or vehicle loan, including other overheads (e.g. repayment for other individual loans).
Simply puts, a Debt Servicing Ratio of 50% indicates that all your debt obligation can not go beyond 50% of your earnings. As a guide, a lot of banks permit 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 wise to get a personal loan for your automobile or renovation requirements. When it pertains to banks, specific loans’ interest rates are lower.
They are unsecured where you have absolutely 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 interest rate for personal loans. Due to the nature of such individual loans, it is not a good idea to take individual loans except for emergency circumstances.