POSB Bank (or simply known as POSB) is a Singaporean bank offering customer banking services and is the earliest bank in continuous operation in Singapore. Developed on January 1, 1877 as the Post Office Savings Bank, the bank now runs as part of DBS Bank, which got the institution and its subsidiaries on November 16, 1998.
Prior to its acquisition, the bank was a significant public bank offering affordable banking services to Singaporeans. DBS Bank tries to continue this custom by promising to keep expenses low for standard savings accounts, and to exempt kids, full-time students listed below the age of 21 years and full-time National Servicemen from bank charges.
Tips When it comes to Securing Personal Loans In Singapore
Loans Get Cheaper As the Loan Gets More Specific – So when it pertains to getting loans, be as specific as you can. Don’t take a individual loan to refurbish your house, not when there’s a renovation loan package. Do not take a personal loan to pay for your education, when there’s an education loan plan.
If you aren’t certain you’ll repay the loan, that suggests you must never ever take a personal loan without understanding of exactly.
Many individual loans are unsecured. As in, there’s no collateral behind them. And given that the issuing banks have no security, they’ll compensate by jacking up rate of interest.
Don’t use individual loans as alternative business loans. Don’t utilize them to trade on Forex. Do not utilize them to buy high risk equities. You need to only take a personal loan to reduce capital problems
Do not ever take out a individual loan from a bank a few months before the major loan if you are planning to take a significant loan. This will affect you.
In other words, a Debt Servicing Ratio of 50% suggests that your debt obligation can not go beyond 50% of your income. As a guide, many banks enable 40% Debt Servicing Ratio for a home and 30% for a auto loan
In order to motivate you, specific loan packages typically have lower interest rates. Individual loans tend to charge interest of about 6% to 8%, whereas particular loans (renovation loans, education loans, etc).
If you are taking a loan from the bank for a home or vehicle, it is very important to note your Debt Servicing Ratio which is a step of the portion of your routine earnings to the payment of your vehicle or home loan.