DBS Bank Ltd is an international banking and financial services corporation headquartered in Marina Bay, Singapore. Established on 16 July 1968 by the Government of Singapore to take over 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 to assist 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
Recommendation With respect to Getting Personal Loans In Singapore
Do not ever take out a individual loan from a bank a few months before the major loan if you are preparing to take a major loan. This will affect you.
If you are taking a loan from the bank for a home or car, it is essential to note your Debt Servicing Ratio which is a step of the percentage of your routine income to the repayment of your automobile or house loan.
So a DSR of 50% means your loan repayments, plus payments of other loans you have, cannot go beyond 50% of your income.Just for referral, the majority of banks enable 40% DSR for a home, and 30% DSR for a car.
Particular Loans Are Cheaper – Take out a particular loan where you take a renovation loan for your renovation requirements and a car loan for your vehicle. It is not a good idea to take out a individual loan for your vehicle or renovation requirements. When it concerns banks, specific loans’ rates of interest are lower.
They are unsecured where you have nothing to back the loans if you can not repay the banks when it comes to individual 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 individual loans, it is not a good idea to take individual loans except for emergency situation scenarios.