United Overseas Bank Limited (frequently known as 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 businessman Wee Kheng Chiang, the bank was set up together with a group of Chinese-born business people. The bank is the third biggest bank in South East Asia by overall properties
Recommendation When it comes to Getting Personal Loans In Singapore
Do not ever take out a personal loan from a bank a couple of months prior to the major loan if you are preparing to take a major loan. This will impact you.
If you are taking a loan from the bank for a home or car, it is essential to note your Debt Servicing Ratio which is a measure of the portion of your regular earnings towards the payment of your vehicle or house loan.
In other words, a Debt Servicing Ratio of 50% implies that all your debt commitment can not surpass 50% of your income. As a guide, most banks allow 40% Debt Servicing Ratio for a home and 30% for a car loan
Particular Loans Are Cheaper – Take out a specific loan where you take a renovation loan for your renovation requirements and a car loan for your cars and truck. It is not smart to take out a personal loan for your vehicle or renovation requirements. When it concerns banks, specific loans’ rates 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 repay the banks. Such loans are riskier for the banks and they have a higher rates of interest for individual loans. Due to the nature of such individual loans, it is not suggested to take individual loans except for emergency scenarios.