United Overseas Bank Limited (typically called UOB) is a Singaporean international banking organisation locateded in Singapore, with branches mainly found in many Southeast Asian countries. Founded in 1935 as United Chinese Bank (UCB) by Sarawak business person Wee Kheng Chiang, the bank was established together with a group of Chinese-born business owners. The bank is the third biggest bank in South East Asia by overall assets
Recommendation When it comes to Obtaining Personal Loans In Singapore
Never take individual loans 2 to 3 months before another significant loan. In other words, no individual loans if you’re planning to purchase a car, home, and so on.
If you are taking a loan from the bank for a house or car, it is very important to note your Debt Servicing Ratio which is a step of the percentage of your regular income towards the payment of your cars and truck or house loan.
So a DSR of 50% suggests your loan repayments, plus repayments of other loans you have, can’t exceed 50% of your income.Just for recommendation, the majority of banks allow 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 vehicle loan for your cars and truck. It is not a good idea to get a personal loan for your cars and truck or renovation needs. When it comes to banks, specific loans’ rate of interest are lower.
When it comes to individual 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 rate of interest for personal loans. Due to the nature of such individual loans, it is not advisable to take personal loans except for emergency scenarios.