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 promising to keep expenses low for standard savings accounts, and to exempt kids, full-time trainees listed below the age of 21 years and full-time National Troop from bank charges.
POSB Bank (or merely referred to as POSB) is a Singaporean bank offering customer banking services and is the oldest bank in constant operation in Singapore. Established on January 1, 1877 as the Post Office Savings Bank, the bank now runs as part of DBS Bank, which acquired the organization and its subsidiaries on November 16, 1998.
Advice When it comes to Taking Personal Loans In Singapore
A DSR of 50% indicates your loan payments, plus payments of any other loans you have, cannot go beyond 50% of your income.Just for recommendation, many banks allow 40% DSR for a home, and 30% DSR for a vehicle.
Particular Loans Are Cheaper – Take out a specific loan where you take a renovation loan for your renovation needs and a auto loan for your automobile. It is not smart to secure a personal loan for your vehicle or renovation requirements. When it comes to banks, specific loans’ rates of interest are lower.
When it comes to personal loans, they are unsecured where you have absolutely nothing to back the loans if you can not repay the banks. Such loans are riskier for the banks and they have a higher rate of interest for individual loans. Due to the nature of such personal loans, it is not recommended to take individual loans except for emergency situation circumstances.
Do not ever take out a individual loan from a bank a couple of months before the significant loan if you are planning to take a major loan. This will impact you.
If you are taking a loan from the bank for a house or car, it is very important to note your Debt Servicing Ratio which is a procedure of the portion of your routine income to the repayment of your car or home loan.