United Overseas Bank Limited (commonly understood as UOB) is a Singaporean international banking organisation headquartered in Singapore on August 6, 1935, business person Wee Kheng Chiang, together with six other friends, developed the bank after raising S$ 1 million. In 1965, the bank was renamed to United Overseas Bank and opened its first overseas branch in Hong Kong
Recommendation For Obtaining Personal Loans In Singapore
If you are preparing to take a major loan, do not ever get a individual loan from a bank a few months prior to the major loan. This will impact you.
When you take a bank loan for a vehicle or home, a crucial element is your DSR (Debt Servicing Ratio ). This measures what percentage of your earnings can enter into repaying the real estate or car loan, consisting of other overheads (e.g. repayment for other individual loans).
Simply puts, a Debt Servicing Ratio of 50% indicates that your debt commitment can not surpass 50% of your income. As a guide, a lot of banks allow 40% Debt Servicing Ratio for a home and 30% for a vehicle loan
Specific Loans Are Cheaper – Take out a specific loan where you take a renovation loan for your renovation requirements and a car loan for your automobile. It is not smart to take out a personal loan for your cars and truck or renovation requirements. When it concerns banks, specific loans’ rates of interest are lower.
When it pertains to personal loans, they are unsecured where you have nothing to back the loans if you can not pay back the banks. Such loans are riskier for the banks and they have a greater rates of interest for personal loans. Due to the nature of such personal loans, it is not a good idea to take personal loans except for emergency circumstances.