United Overseas Bank Limited (frequently referred to as UOB) is a Singaporean multinational banking organisation locateded in Singapore, with branches mainly found in the majority of Southeast Asian countries. Founded in 1935 as United Chinese Bank (UCB) by Sarawak businessman Wee Kheng Chiang, the bank was set up together with a group of Chinese-born business owners. The bank is the 3rd biggest bank in South East Asia by overall assets
Advice With regard to Acquiring Personal Loans In Singapore
Never ever take individual loans two to three months before another major loan. Simply puts, no individual loans if you’re meaning to buy a car, house, etc.
If you are taking a loan from the bank for a home or vehicle, it is essential to note your Debt Servicing Ratio which is a measure of the percentage of your routine income towards the repayment of your automobile or house loan.
To puts it simply, a Debt Servicing Ratio of 50% suggests that all your debt obligation can not exceed 50% of your income. As a guide, the majority of banks enable 40% Debt Servicing Ratio for a house and 30% for a car loan
Particular Loans Are Cheaper – Take out a specific loan where you take a renovation loan for your renovation requirements and a vehicle loan for your car. It is not smart to secure a individual loan for your vehicle or renovation requirements. When it concerns banks, particular loans’ rates of interest are lower.
They are unsecured where you have absolutely nothing to back the loans if you can not repay the banks when it comes to personal 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 individual loans except for emergency situations.