United Overseas Bank Limited (typically understood as UOB) is a Singaporean international banking organisation locateded in Singapore on August 6, 1935, business person Wee Kheng Chiang, together with 6 other friends, developed the bank after raising S$ 1 million. In 1965, the bank was relabelled to United Overseas Bank and opened its very first abroad branch in Hong Kong
Suggestion For Acquiring Personal Loans In Singapore
Do not ever take out a individual loan from a bank a few months before the significant loan if you are preparing to take a significant loan. This will affect you.
If you are taking a loan from the bank for a home or cars and truck, it is important to note your Debt Servicing Ratio which is a step of the percentage of your regular income towards the repayment of your vehicle or home loan.
In other words, a Debt Servicing Ratio of 50% means that all your debt obligation can not surpass 50% of your earnings. As a guide, a lot of banks allow 40% Debt Servicing Ratio for a house and 30% for a auto loan
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 smart to secure a personal loan for your vehicle or renovation needs. When it comes to banks, particular loans’ rate of interest are lower.
When it comes to 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 individual loans. Due to the nature of such individual loans, it is not suggested to take personal loans except for emergency situation situations.