United Overseas Bank Limited (commonly called UOB) is a Singaporean international banking organisation headquartered in Singapore, with branches mostly found in the majority of Southeast Asian countries. Founded in 1935 as United Chinese Bank (UCB) by Sarawak business owner Wee Kheng Chiang, the bank was set up together with a group of Chinese-born businessmen. The bank is the 3rd biggest bank in South East Asia by total properties
Suggestion Regarding Getting Personal Loans In Singapore
Never take personal loans 2 to 3 months before another significant loan. To puts it simply, no individual loans if you’re planning to buy a vehicle, home, and so on.
If you are taking a loan from the bank for a home or automobile, it is necessary to note your Debt Servicing Ratio which is a step of the percentage of your routine earnings to the repayment of your vehicle or house loan.
In other words, a Debt Servicing Ratio of 50% indicates that your debt commitment can not exceed 50% of your income. As a guide, many banks allow 40% Debt Servicing Ratio for a house and 30% for a vehicle loan
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 automobile. It is not smart to secure a individual loan for your cars and truck or renovation needs. When it concerns banks, specific loans’ rates of interest are lower.
When it concerns personal loans, they are unsecured where you have absolutely 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 personal loans except for emergency situation circumstances.