POSB Bank (or merely known as POSB) is a Singaporean bank offering customer banking services and is the oldest 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 organization and its subsidiaries on November 16, 1998.
Prior to its acquisition, the bank was a significant public bank offering inexpensive banking services to Singaporeans. DBS Bank attempts to continue this tradition by promising to keep costs low for standard savings accounts, and to exempt kids, full-time students listed below the age of 21 years and full-time National Troop from bank charges.
Suggestion With regard 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 individual loans. Such loans are riskier for the banks and they have a greater interest rate for individual loans. Due to the nature of such individual loans, it is not suggested to take individual loans except for emergency scenarios.
Never ever take personal loans two to three months before another major loan. In other words, no individual loans if you’re planning to buy a vehicle, house, etc.
A crucial element is your DSR (Debt Servicing Ratio)when you take a bank loan for a car or house. This determines exactly what portion of your income can enter into repaying the housing or vehicle loan, consisting of other overheads (e.g. payment for other individual loans).
Particular Loans Are Cheaper – Take out a specific loan where you take a renovation loan for your renovation requirements and a auto loan for your automobile. It is not smart to take out a personal loan for your cars and truck or renovation needs. When it pertains to banks, specific loans’ rate of interest are lower.
In other words, a Debt Servicing Ratio of 50% implies that your debt responsibility can not go beyond 50% of your income. As a guide, most banks permit 40% Debt Servicing Ratio for a house and 30% for a vehicle loan.