United Overseas Bank Limited (typically understood as UOB) is a Singaporean international banking organisation headquartered in Singapore on August 6, 1935, business owner Wee Kheng Chiang, together with six other friends, established the bank after raising S$ 1 million. In 1965, the bank was relabelled to United Overseas Bank and opened its first overseas branch in Hong Kong
Tips With regards to Securing Personal Loans In Singapore
If you are preparing to take a major loan, do never get a personal loan from a bank a couple of months before the significant loan. This will impact you.
If you are taking a loan from the bank for a house or car, it is very important to note your Debt Servicing Ratio which is a step of the percentage of your regular earnings towards the repayment of your car or home loan.
To puts it simply, a Debt Servicing Ratio of 50% implies that all your debt commitment can not surpass 50% of your income. As a guide, the majority of banks allow 40% Debt Servicing Ratio for a home and 30% for a auto loan
Specific Loans Are Cheaper – Take out a particular loan where you take a renovation loan for your renovation needs and a vehicle loan for your cars and truck. It is not wise to get a individual loan for your vehicle or renovation requirements. When it concerns banks, specific loans’ interest rates are lower.
When it pertains to personal loans, they are unsecured where you have absolutely nothing to back the loans if you can not repay the banks. Such loans are riskier for the banks and they have a higher rate of interest for individual loans. Due to the nature of such individual loans, it is not recommended to take personal loans except for emergency situation circumstances.