Prior to its acquisition, the bank was a significant public bank offering low-cost banking services to Singaporeans. DBS Bank tries to continue this custom by guaranteeing to keep expenses low for fundamental savings accounts, and to exempt kids, full-time trainees below the age of 21 years and full-time National Troop from bank charges.
POSB Bank (or just called POSB) is a Singaporean bank offering consumer 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 obtained the institution and its subsidiaries on November 16, 1998.
Tips For Securing Personal Loans In Singapore
If you are taking a loan from the bank for a home or automobile, it is essential to note your Debt Servicing Ratio which is a procedure of the portion of your routine earnings towards the repayment of your automobile or home loan.
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 automobile. It is not smart to take out a individual loan for your cars and truck or renovation requirements. When it pertains to banks, specific loans’ interest rates are lower.
In other words, a Debt Servicing Ratio of 50% suggests that all your debt commitment can not exceed 50% of your income. As a guide, many banks permit 40% Debt Servicing Ratio for a house and 30% for a vehicle loan
Never take individual loans 2 to 3 months before another major loan. Simply puts, no individual loans if you’re meaning to purchase a automobile, house, and so on.
When it concerns personal 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 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 scenarios.