POSB Bank (or just referred to 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 obtained the institution and its subsidiaries on November 16, 1998.
Prior to its acquisition, the bank was a significant public bank offering low-cost banking services to Singaporeans. DBS Bank attempts to continue this custom by assuring to keep costs low for basic savings accounts, and to exempt kids, full-time students listed below the age of 21 years and full-time National Servicemen from bank charges.
Tips When it comes to Getting 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 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 scenarios.
A DSR of 50% suggests your loan payments, plus repayments of any other loans you have, can’t surpass 50% of your income.Just for recommendation, many banks allow 40% DSR for a home, and 30% DSR for a automobile.
Never take individual loans two to three months prior to another major loan. To puts it simply, no personal loans if you’re meaning to buy a automobile, house, etc.
If you are taking a loan from the bank for a house or vehicle, it is necessary to note your Debt Servicing Ratio which is a procedure of the percentage of your regular income towards the repayment of your vehicle or home loan.
Particular Loans Are Cheaper – Take out a particular loan where you take a renovation loan for your renovation needs and a vehicle loan for your automobile. It is not smart to get a personal loan for your automobile or renovation needs. When it concerns banks, particular loans’ rate of interest are lower.