POSB Bank (or just referred to as POSB) is a Singaporean bank offering customer banking services and is the earliest bank in constant 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 institution and its subsidiaries on November 16, 1998.
Prior to its acquisition, the bank was a major public bank offering inexpensive banking services to Singaporeans. DBS Bank attempts to continue this tradition by guaranteeing to keep costs low for basic savings accounts, and to exempt children, full-time trainees listed below the age of 21 years and full-time National Servicemen from bank charges.
Idea With regards to Acquiring Personal Loans In Singapore
Do not ever take out a individual loan from a bank a few months prior to the major loan if you are planning to take a major loan. This will impact you.
A crucial element is your DSR (Debt Servicing Ratio)when you take a bank loan for a vehicle or home. This determines exactly what portion of your earnings can go into repaying the housing or car loan, consisting of other overheads (e.g. repayment for other personal loans).
In other words, a Debt Servicing Ratio of 50% indicates that your debt obligation can not go beyond 50% of your income. As a guide, a lot of banks enable 40% Debt Servicing Ratio for a house and 30% for a auto loan
Specific 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 a good idea to secure a personal loan for your cars and truck or renovation needs. When it pertains to banks, specific loans’ interest rates are lower.
They are unsecured where you have 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 individual loans. Due to the nature of such individual loans, it is not recommended to take personal loans except for emergency situation situations.