United Overseas Bank Limited (typically called UOB) is a Singaporean international banking organisation headquartered in Singapore, with branches mainly found in the majority of Southeast Asian countries. Founded in 1935 as United Chinese Bank (UCB) by Sarawak entrepreneur Wee Kheng Chiang, the bank was set up together with a group of Chinese-born entrepreneurs. The bank is the 3rd largest bank in South East Asia by total properties
Suggestion For Acquiring Personal Loans In Singapore
Never take personal loans 2 to 3 months before another major loan. To puts it simply, no personal loans if you’re planning to purchase a vehicle, home, and so on.
A essential factor is your DSR (Debt Servicing Ratio)when you take a bank loan for a car or home. This measures what percentage of your earnings can go into repaying the real estate or vehicle loan, consisting of other overheads (e.g. payment for other individual loans).
Simply puts, a Debt Servicing Ratio of 50% suggests that all your debt responsibility can not surpass 50% of your earnings. As a guide, most banks enable 40% Debt Servicing Ratio for a house and 30% for a vehicle loan
Specific Loans Are Cheaper – Take out a specific loan where you take a renovation loan for your renovation needs and a car loan for your car. It is not a good idea to take out a personal loan for your vehicle or renovation requirements. When it concerns banks, specific loans’ rates of interest are lower.
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 higher rate of interest for personal loans. Due to the nature of such individual loans, it is not suggested to take personal loans except for emergency circumstances.