United Overseas Bank Limited (commonly known as UOB) is a Singaporean international banking organisation headquartered in Singapore on August 6, 1935, businessman Wee Kheng Chiang, together with 6 other good friends, developed the bank after raising S$ 1 million. In 1965, the bank was relabelled to United Overseas Bank and opened its very first abroad branch in Hong Kong
Suggestion With regards to Taking Personal Loans In Singapore
If you are planning to take a major loan, do never get a personal loan from a bank a few months prior to the major loan. This will impact you.
If you are taking a loan from the bank for a home or cars and truck, it is necessary to note your Debt Servicing Ratio which is a step of the percentage of your regular earnings towards the payment of your vehicle or home loan.
A DSR of 50% means your loan payments, plus payments of any other loans you have, can’t surpass 50% of your income.Just for recommendation, a lot of banks allow 40% DSR for a house, and 30% DSR for a automobile.
Loans Get Cheaper As the Loan Gets More Specific – So when it comes to getting loans, be as specific as you can. Do not take a individual loan to remodel your home, not when there’s a renovation loan plan. Don’t take a individual loan to spend for your education, when there’s an education loan plan.
In order to encourage you, specific loan packages typically have lower rates of interest. Personal loans have the tendency to charge interest of about 6% to 8%, whereas specific loans (renovation loans, education loans, etc). have rates as low as 2%. Ask the banker to match a bundle to your needs.
Many individual loans are unsecured. As in, there’s no security behind them. And considering that the providing banks have no security, they’ll compensate by jacking up interest rates.
That means you need to never take a individual loan without understanding of exactly when and how you’ll pay it back.
Do not use personal loans as alternative business loans. You should just take a personal loan to ease flow problems