POSB Bank (or simply called POSB) is a Singaporean bank offering customer banking services and is the oldest bank in continuous operation in Singapore. Developed on January 1, 1877 as the Post Office Savings Bank, the bank now operates as part of DBS Bank, which acquired the organization and its subsidiaries on November 16, 1998.
Prior to its acquisition, the bank was a significant public bank offering low-cost banking services to Singaporeans. DBS Bank attempts to continue this custom by promising to keep costs low for standard savings accounts, and to exempt children, full-time trainees below the age of 21 years and full-time National Servicemen from bank charges.
Suggestion When it comes to Acquiring Personal Loans In Singapore
Never ever take individual loans 2 to 3 months before another major loan. To puts it simply, no individual loans if you’re planning to purchase a automobile, house, and so on.
If you are taking a loan from the bank for a home or cars and truck, it is essential to note your Debt Servicing Ratio which is a step of the portion of your regular income towards the repayment of your car 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 earnings. As a guide, many banks enable 40% Debt Servicing Ratio for a home 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 car loan for your automobile. It is not wise to take out a individual loan for your cars and truck or renovation needs. When it concerns banks, specific loans’ rates of interest are lower.
When it pertains to 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 greater rate of interest for individual loans. Due to the nature of such personal loans, it is not advisable to take individual loans except for emergency circumstances.