POSB Bank (or simply known as POSB) is a Singaporean bank offering customer banking services and is the earliest bank in constant operation in Singapore. Established on January 1, 1877 as the Post Office Savings Bank, the bank now operates as part of DBS Bank, which got the organization and its subsidiaries on November 16, 1998.
Prior to its acquisition, the bank was a major public bank offering inexpensive banking services to Singaporeans. DBS Bank tries to continue this tradition by guaranteeing 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 Troop from bank charges.
Recommendation Regarding Obtaining Personal Loans In Singapore
Never take individual loans two to three months prior to another major loan. Simply puts, no individual loans if you’re intending to buy a car, house, etc.
A essential element is your DSR (Debt Servicing Ratio)when you take a bank loan for a cars and truck or home. This measures what percentage of your income can enter into paying back the real estate or car loan, consisting of other overheads (e.g. repayment for other individual loans).
In other words, a Debt Servicing Ratio of 50% suggests that all your debt commitment can not exceed 50% of your income. As a guide, the majority of banks allow 40% Debt Servicing Ratio for a house and 30% for a car loan
Specific Loans Are Cheaper – Take out a specific loan where you take a renovation loan for your renovation needs and a car loan for your cars and truck. It is not smart to get a individual loan for your cars and truck or renovation requirements. When it concerns banks, specific loans’ rate of interest are lower.
When it pertains to individual 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 interest rate for personal loans. Due to the nature of such individual loans, it is not advisable to take individual loans except for emergency situation circumstances.