POSB Bank (or merely known as POSB) is a Singaporean bank offering customer banking services and is the oldest bank in continuous operation in Singapore. Established on January 1, 1877 as the Post Office Savings Bank, the bank now operates as part of DBS Bank, which obtained 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 assuring to keep expenses low for fundamental savings accounts, and to exempt kids, full-time students below the age of 21 years and full-time National Troop from bank charges.
Recommendation With regards to Obtaining Personal Loans In Singapore
They are unsecured where you have nothing to back the loans if you can not repay the banks when it comes to personal loans. 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 recommended to take personal loans except for emergency situation situations.
A DSR of 50% suggests your loan repayments, plus repayments of any other loans you have, cannot exceed 50% of your income.Just for recommendation, the majority of banks permit 40% DSR for a home, and 30% DSR for a car.
A key factor is your DSR (Debt Servicing Ratio)when you take a bank loan for a automobile or house. This determines what percentage of your earnings can go into paying back the real estate or auto loan, including other overheads (e.g. repayment for other individual loans).
Never take personal loans two to three months before another significant loan. In other words, no personal loans if you’re meaning to buy a car, house, etc.
Particular Loans Are Cheaper – Take out a particular loan where you take a renovation loan for your renovation requirements and a car loan for your cars and truck. It is not smart to secure a individual loan for your vehicle or renovation requirements. When it comes to banks, specific loans’ interest rates are lower.