POSB Bank (or simply known as POSB) is a Singaporean bank offering customer banking services and is the earliest bank in continuous operation in Singapore. Established on January 1, 1877 as the Post Office Savings Bank, the bank now runs as part of DBS Bank, which acquired the institution and its subsidiaries on November 16, 1998.
Prior to its acquisition, the bank was a major public bank offering low-priced banking services to Singaporeans. DBS Bank tries to continue this custom by promising to keep expenses 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 When it comes to Getting Personal Loans In Singapore
Do not ever take out a individual loan from a bank a few months prior to the significant loan if you are planning to take a significant loan. This will impact you.
If you are taking a loan from the bank for a house or car, it is necessary to note your Debt Servicing Ratio which is a measure of the percentage of your regular earnings to the repayment of your car or house loan.
A DSR of 50% indicates your loan payments, plus repayments of any other loans you have, cannot go beyond 50% of your income.Just for referral, a lot of banks allow 40% DSR for a house, and 30% DSR for a cars and truck.
Specific Loans Are Cheaper – Take out a specific loan where you take a renovation loan for your renovation requirements and a car loan for your automobile. It is not a good idea to get a personal loan for your car or renovation needs. When it comes to banks, particular loans’ interest rates are lower.
When it comes 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 higher interest rate for individual loans. Due to the nature of such individual loans, it is not a good idea to take individual loans except for emergency circumstances.