POSB Bank (or merely referred to as POSB) is a Singaporean bank offering consumer 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 acquired the institution 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 attempts to continue this tradition by promising to keep costs low for basic savings accounts, and to exempt kids, full-time trainees below the age of 21 years and full-time National Servicemen from bank charges.
Suggestion Regarding Obtaining Personal Loans In Singapore
If you are planning to take a major loan, do not ever secure a individual loan from a bank a couple of months prior to the significant loan. This will affect you.
If you are taking a loan from the bank for a house or automobile, it is necessary to note your Debt Servicing Ratio which is a procedure of the portion of your routine earnings towards the repayment of your automobile or home loan.
In other words, a Debt Servicing Ratio of 50% indicates that all your debt commitment can not exceed 50% of your income. As a guide, a lot of banks enable 40% Debt Servicing Ratio for a home and 30% for a vehicle loan
Loans Get Cheaper As the Loan Gets More Specific – So when it pertains to getting loans, be as particular as you can. Do not take a personal loan to remodel your home, not when there’s a renovation loan package. Do not take a personal loan to spend for your education, when there’s an education loan bundle.
In order to motivate you, specific loan plans typically have lower rates of interest. Personal loans tend to charge interest of about 6% to 8%, whereas particular loans (renovation loans, education loans, etc). have rates as low as 2%. Ask the lender to match a bundle to your needs.
Many individual loans are unsecured. As in, there’s no collateral behind them. And because the issuing banks have no security, they’ll compensate by jacking up rates of interest.
That suggests you ought to never ever take a personal loan without knowledge of exactly when and how you’ll pay it back.
Don’t use personal loans as alternative business loans. Do not use them to trade on Forex. Don’t use them to purchase high threat equities. You should just take a personal loan to relieve capital issues.