United Overseas Bank Limited (typically referred to as UOB) is a Singaporean international banking organisation headquartered in Singapore, with branches mainly discovered in many Southeast Asian nations. 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 owners. The bank is the third biggest bank in South East Asia by total properties
Recommendation Regarding Securing Personal Loans In Singapore
Never ever take personal loans two to three months prior to another major loan. Simply puts, no individual loans if you’re planning to buy a cars and truck, home, etc.
A key element is your DSR (Debt Servicing Ratio)when you take a bank loan for a car or house. This measures what percentage of your income can go into paying back the housing or car loan, including other overheads (e.g. repayment for other personal loans).
In other words, a Debt Servicing Ratio of 50% means that your debt responsibility can not exceed 50% of your income. As a guide, the majority of banks allow 40% Debt Servicing Ratio for a house and 30% for a car loan
Specific Loans Are Cheaper – Take out a specific loan where you take a renovation loan for your renovation requirements and a auto loan for your car. It is not wise to get a individual loan for your automobile or renovation needs. When it pertains to banks, specific loans’ interest rates are lower.
They are unsecured where you have absolutely nothing to back the loans if you can not pay back the banks when it comes to personal 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 suggested to take individual loans except for emergency situation circumstances.