United Overseas Bank Limited (typically called UOB) is a Singaporean international banking organisation locateded in Singapore on August 6, 1935, business person Wee Kheng Chiang, together with six other friends, developed the bank after raising S$ 1 million. The bank was called United Chinese Bank (UCB) to emphasize its links to the Chinese population in Singapore. On October 1935, UCB opened for business in the three story Bonham Structure. In 1965, the bank was renamed to United Overseas Bank and opened its first abroad branch in Hong Kong
Tips With respect to Taking Personal Loans In Singapore
Never take personal loans two to three months before another significant loan. Simply puts, no personal loans if you’re intending to purchase a vehicle, house, and so on.
If you are taking a loan from the bank for a house or car, it is important to note your Debt Servicing Ratio which is a step of the percentage of your regular income to the repayment of your car or house loan.
A DSR of 50% suggests your loan repayments, plus repayments of any other loans you have, cannot exceed 50% of your income.Just for referral, the majority of banks enable 40% DSR for a home, and 30% DSR for a cars and truck.
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 cars and truck. It is not a good idea to get a personal loan for your car or renovation needs. When it pertains to banks, specific loans’ rate of interest are lower.
When it pertains to individual loans, they are unsecured where you have absolutely nothing to back the loans if you can not pay back the banks. Such loans are riskier for the banks and they have a greater rate of interest for individual loans. Due to the nature of such personal loans, it is not recommended to take individual loans except for emergency situation circumstances.