POSB Bank (or merely known as POSB) is a Singaporean bank offering consumer banking services and is the oldest bank in constant 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 major public bank offering inexpensive banking services to Singaporeans. DBS Bank tries to continue this tradition by promising to keep costs low for fundamental savings accounts, and to exempt children, full-time students below the age of 21 years and full-time National Servicemen from bank charges.
Tips For Obtaining Personal Loans In Singapore
They are unsecured where you have nothing to back the loans if you can not repay the banks when it comes to individual loans. 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 advisable to take individual loans except for emergency situation scenarios.
Do not ever take out a personal loan from a bank a few months prior to the major loan if you are preparing to take a major loan. This will impact you.
In other words, a Debt Servicing Ratio of 50% indicates that all your debt commitment can not exceed 50% of your earnings. As a guide, most banks enable 40% Debt Servicing Ratio for a house and 30% for a vehicle loan
A key factor is your DSR (Debt Servicing Ratio)when you take a bank loan for a cars and truck or house. This measures exactly what percentage of your earnings can enter into repaying the housing or vehicle loan, including other overheads (e.g. payment for other individual loans).
Particular Loans Are Cheaper – Take out a particular loan where you take a renovation loan for your renovation needs and a auto loan for your car. It is not smart to take out a individual loan for your car or renovation requirements. When it comes to banks, specific loans’ rates of interest are lower.