POSB Bank (or just known as POSB) is a Singaporean bank offering consumer banking services and is the oldest bank in continuous operation in Singapore. Developed on January 1, 1877 as the Post Office Savings Bank, the bank now operates as part of DBS Bank, which obtained the organization and its subsidiaries on November 16, 1998.
Prior to its acquisition, the bank was a significant public bank offering low-priced banking services to Singaporeans. DBS Bank tries to continue this tradition by assuring to keep expenses low for basic savings accounts, and to exempt kids, full-time trainees below the age of 21 years and full-time National Servicemen from bank charges.
Advice Regarding Obtaining Personal Loans In Singapore
Never take individual loans 2 to 3 months prior to another major loan. In other words, no personal loans if you’re meaning to buy a cars and truck, home, etc.
Specific Loans Are Cheaper – Take out a particular loan where you take a renovation loan for your renovation needs and a car loan for your cars and truck. It is not wise to take out a personal loan for your car or renovation needs. When it comes to banks, particular loans’ interest rates are lower.
Simply puts, a Debt Servicing Ratio of 50% means that your debt commitment can not surpass 50% of your income. As a guide, a lot of banks enable 40% Debt Servicing Ratio for a home and 30% for a auto loan
When you take a bank loan for a automobile or home, a key factor is your DSR (Debt Servicing Ratio ). This measures what portion of your income can go into repaying the real estate or auto loan, including other overheads (e.g. payment for other individual loans).
When it comes to individual loans, they are unsecured where you have absolutely nothing to back the loans if you can not pay back the banks. Such loans are riskier for the banks and they have a higher rate of interest for personal loans. Due to the nature of such individual loans, it is not advisable to take individual loans except for emergency scenarios.