United Overseas Bank Limited (frequently called UOB) is a Singaporean international banking organisation locateded in Singapore, with branches mostly discovered in many Southeast Asian countries.UOB offers commercial and business banking services, personal financial services, personal banking and other asset management services, in addition to corporate finance, venture investment, insurance, and capital services. It has 68 branches in Singapore and a network of more than 500 offices in 19 nations and areas in Asia Pacific, Western Europe and The United States and Canada
Tips For Obtaining Personal Loans In Singapore
If you are preparing to take a significant loan, do never secure a individual loan from a bank a couple of months before the significant loan. This will affect you.
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 towards the repayment of your car or home loan.
To puts it simply, a Debt Servicing Ratio of 50% means that your debt commitment can not exceed 50% of your income. As a guide, most banks permit 40% Debt Servicing Ratio for a home and 30% for a vehicle loan
Specific Loans Are Cheaper – Take out a particular loan where you take a renovation loan for your renovation needs and a auto loan for your vehicle. It is not smart to get a individual loan for your car or renovation needs. When it comes to banks, specific loans’ rates of interest are lower.
When it concerns individual loans, they are unsecured where you have 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 personal loans. Due to the nature of such personal loans, it is not advisable to take individual loans except for emergency situation scenarios.