United Overseas Bank Limited (commonly known as UOB) is a Singaporean international banking organisation locateded in Singapore on August 6, 1935, businessman Wee Kheng Chiang, together with 6 other good friends, developed the bank after raising S$ 1 million. The bank was called United Chinese Bank (UCB) to stress its connect to the Chinese population in Singapore. On October 1935, UCB opened for business in the three story Bonham Building. In 1965, the bank was relabelled to United Overseas Bank and opened its first abroad branch in Hong Kong
Recommendation With respect to Taking 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 significant loan. This will affect you.
If you are taking a loan from the bank for a house or vehicle, it is important to note your Debt Servicing Ratio which is a procedure of the portion of your routine income towards the repayment of your cars and truck or home loan.
A DSR of 50% suggests your loan repayments, plus payments of any other loans you have, can’t exceed 50% of your income.Just for recommendation, most banks enable 40% DSR for a home, and 30% DSR for a vehicle.
Specific Loans Are Cheaper – Take out a particular loan where you take a renovation loan for your renovation requirements and a car loan for your vehicle. It is not smart to secure a personal loan for your vehicle or renovation requirements. When it comes to banks, particular loans’ rate of interest 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 greater rate of interest for individual loans. Due to the nature of such personal loans, it is not recommended to take personal loans except for emergency situation circumstances.