Prior to its acquisition, the bank was a major public bank offering low-cost banking services to Singaporeans. DBS Bank attempts to continue this tradition by guaranteeing to keep costs low for basic savings accounts, and to exempt kids, full-time trainees below the age of 21 years and full-time National Troop from bank charges.
POSB Bank (or simply known as POSB) is a Singaporean bank offering customer banking services and is the earliest bank in constant operation in Singapore. Established on January 1, 1877 as the Post Office Savings Bank, the bank now runs as part of DBS Bank, which acquired the organization and its subsidiaries on November 16, 1998.
Tips With regard to Securing Personal Loans In Singapore
Loans Get Cheaper As the Loan Gets More Specific – So when it concerns getting loans, be as specific as you can. Do not take a personal loan to refurbish your house, not when there’s a renovation loan package. Don’t take a individual loan to pay for your education, when there’s an education loan package.
Most individual loans are unsecured. As in, there’s no security behind them. And because the providing banks have no security, they’ll compensate by jacking up interest rates.
Don’t use personal loans as alternative business loans. Don’t use them to trade on Forex. Do not use them to buy high danger equities. You ought to just take a personal loan to relieve capital issues
That suggests you should never ever take a individual loan without knowledge of precisely when and how you’ll pay it back.
If you are taking a loan from the bank for a house or car, it is important to note your Debt Servicing Ratio which is a procedure of the portion of your routine income towards the payment of your automobile or house loan.
In order to motivate you, specific loan packages frequently have lower interest rates. Personal loans tend to charge interest of about 6% to 8%, whereas particular loans (renovation loans, education loans, etc). have rates as low as 2%. Ask the banker to match a plan to your requirements.
If you are planning to take a significant loan, do never get a personal loan from a bank a couple of months prior to the major loan. This will impact you.
Simply puts, a Debt Servicing Ratio of 50% suggests that your debt commitment can not exceed 50% of your earnings. As a guide, many banks enable 40% Debt Servicing Ratio for a home and 30% for a car loan.