DBS Bank Ltd is a global banking and financial services corporation headquartered in Marina Bay, Singapore. Started 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 provide loans and financial aid to the manufacturing and processing industries and 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 proposal included setting up a development bank, together with 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
Suggestion When it comes to Taking Personal Loans In Singapore
Never take individual loans 2 to 3 months prior to another major loan. In other words, no personal loans if you’re meaning to buy a car, house, etc.
If you are taking a loan from the bank for a house or car, it is essential to note your Debt Servicing Ratio which is a measure of the percentage of your routine income towards the repayment of your vehicle or home loan.
A DSR of 50% suggests your loan repayments, plus payments of any other loans you have, can’t go beyond 50% of your income.Just for referral, many banks allow 40% DSR for a house, and 30% DSR for a vehicle.
Particular Loans Are Cheaper – Take out a specific loan where you take a renovation loan for your renovation requirements and a car loan for your car. It is not wise to take out a individual loan for your vehicle or renovation requirements. When it concerns banks, particular loans’ interest rates are lower.
When it pertains to personal 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 interest rate for individual loans. Due to the nature of such personal loans, it is not advisable to take personal loans except for emergency scenarios.