POSB Bank (or just 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 obtained the organization and its subsidiaries on November 16, 1998.
Prior to its acquisition, the bank was a major public bank offering affordable banking services to Singaporeans. DBS Bank attempts to continue this custom by promising to keep costs low for basic savings accounts, and to exempt children, full-time trainees below the age of 21 years and full-time National Servicemen from bank charges.
Advice When it comes to Taking Personal Loans In Singapore
Specific Loans Are Cheaper – Take out a particular loan where you take a renovation loan for your renovation needs and a auto loan for your automobile. It is not a good idea to take out a individual loan for your car or renovation needs. When it pertains to banks, specific loans’ rate of interest are lower.
So a DSR of 50% implies your loan repayments, plus payments of other loans you have, can’t go beyond 50% of your income.Just for reference, a lot of banks permit 40% DSR for a house, and 30% DSR for a cars and truck.
If you are planning to take a significant loan, do not ever secure a personal loan from a bank a couple of months before the major loan. This will affect you.
They are unsecured where you have absolutely nothing to back the loans if you can not pay back the banks when it comes to personal loans. Such loans are riskier for the banks and they have a higher rates of interest for individual loans. Due to the nature of such personal loans, it is not recommended to take personal loans except for emergency situation situations.
When you take a bank loan for a car or house, a key factor is your DSR (Debt Servicing Ratio ). This measures exactly what percentage of your earnings can go into repaying the real estate or vehicle loan, including other overheads (e.g. repayment for other personal loans).