POSB Bank (or merely referred to as POSB) is a Singaporean bank offering consumer 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 obtained the organization and its subsidiaries on November 16, 1998.
Prior to its acquisition, the bank was a significant public bank offering low-priced banking services to Singaporeans. DBS Bank tries to continue this tradition by assuring to keep costs low for standard savings accounts, and to exempt children, full-time students below the age of 21 years and full-time National Servicemen from bank charges.
Tips Regarding Getting Personal Loans In Singapore
Do not ever take out a individual loan from a bank a few months prior to the major 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 cars and truck, it is very important to note your Debt Servicing Ratio which is a measure of the percentage of your regular income towards the payment of your automobile or home loan.
In other words, a Debt Servicing Ratio of 50% implies that your debt obligation can not go beyond 50% of your income. As a guide, the majority of banks enable 40% Debt Servicing Ratio for a house and 30% for a car loan
Loans Get Cheaper As the Loan Gets More Specific – So when it comes to getting loans, be as particular as you can. Do not take a individual loan to remodel your home, not when there’s a renovation loan bundle. Do not take a personal loan to pay for your education, when there’s an education loan plan.
In order to encourage you, particular loan packages often have lower interest rates. Individual loans tend to charge interest of about 6% to 8%, whereas specific loans (renovation loans, education loans, etc). have rates as low as 2%. Ask the banker to match a package to your requirements.
A lot of personal loans are unsecured. As in, there’s no collateral behind them. And because the releasing banks have no security, they’ll compensate by boosting rate of interest.
If you do not feel confident you’ll pay it back, that implies you should never take a individual loan without knowledge of precisely.
Do not utilize individual loans as alternative business loans. You should only take a individual loan to ease cash issues.