United Overseas Bank Limited (commonly known as UOB) is a Singaporean international banking organisation headquartered in Singapore, with branches mainly discovered in the majority of Southeast Asian countries.UOB supplies corporate and industrial banking services, personal monetary services, private banking and other possession management services, along with business finance, venture financial investment, capital, and insurance services. It has 68 branches in Singapore and a network of more than 500 workplaces in 19 nations and territories in Asia Pacific, Western Europe and The United States and Canada
Tips With respect to Securing Personal Loans In Singapore
Do not ever take out a personal loan from a bank a couple of months before the significant loan if you are preparing to take a major loan. This will affect you.
A key factor is your DSR (Debt Servicing Ratio)when you take a bank loan for a vehicle or house. This determines what portion of your income can go into repaying the housing or car loan, consisting of other overheads (e.g. payment for other personal loans).
In other words, a Debt Servicing Ratio of 50% suggests that your debt commitment can not exceed 50% of your earnings. As a guide, a lot of banks allow 40% Debt Servicing Ratio for a home and 30% for a car 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 cars and truck. It is not a good idea to secure a individual loan for your cars and truck or renovation needs. When it comes to banks, specific loans’ interest rates are lower.
When it concerns 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 higher rates of interest for personal loans. Due to the nature of such personal loans, it is not suggested to take personal loans except for emergency scenarios.