POSB Bank (or just referred to as POSB) is a Singaporean bank offering customer banking services and is the oldest bank in constant operation in Singapore. Developed on January 1, 1877 as the Post Office Savings Bank, the bank now runs as part of DBS Bank, which got the institution and its subsidiaries on November 16, 1998.
Prior to its acquisition, the bank was a major public bank offering inexpensive banking services to Singaporeans. DBS Bank tries to continue this custom by promising to keep expenses low for standard savings accounts, and to exempt children, full-time students below the age of 21 years and full-time National Servicemen from bank charges.
Advice Regarding Securing Personal Loans In Singapore
If you are taking a loan from the bank for a home or car, it is necessary to note your Debt Servicing Ratio which is a step of the portion of your routine income to the repayment of your vehicle or home 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 automobile. It is not a good idea to get a personal loan for your cars and truck or renovation requirements. When it comes to banks, particular loans’ interest rates are lower.
They are unsecured where you have absolutely 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 higher rate of interest for personal loans. Due to the nature of such personal loans, it is not advisable to take personal loans except for emergency situation situations.
Never ever take individual loans 2 to 3 months prior to another significant loan. To puts it simply, no individual loans if you’re intending to purchase a cars and truck, house, etc.
To puts it simply, a Debt Servicing Ratio of 50% means that your debt obligation can not exceed 50% of your income. As a guide, many banks permit 40% Debt Servicing Ratio for a home and 30% for a vehicle loan