United Overseas Bank Limited (typically referred to as UOB) is a Singaporean international banking organisation headquartered in Singapore, with branches primarily found in many Southeast Asian countries. Founded in 1935 as United Chinese Bank (UCB) by Sarawak business person Wee Kheng Chiang, the bank was established together with a group of Chinese-born business people. The bank is the 3rd largest bank in South East Asia by overall assets
Idea Regarding Securing Personal Loans In Singapore
If you are preparing to take a significant loan, do not ever take out a individual loan from a bank a couple of months before the major loan. This will affect you.
If you are taking a loan from the bank for a house or car, it is necessary to note your Debt Servicing Ratio which is a step of the percentage of your routine earnings towards the repayment of your automobile or home loan.
In other words, a Debt Servicing Ratio of 50% implies that all your debt obligation can not surpass 50% of your earnings. As a guide, the majority of banks enable 40% Debt Servicing Ratio for a house and 30% for a vehicle loan
Specific Loans Are Cheaper – Take out a particular loan where you take a renovation loan for your renovation requirements and a vehicle loan for your automobile. It is not a good idea to get a individual loan for your automobile or renovation requirements. When it comes to banks, specific loans’ rate of interest 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 personal loans. Such loans are riskier for the banks and they have a higher rates of interest for personal loans. Due to the nature of such individual loans, it is not advisable to take personal loans except for emergency situation scenarios.