United Overseas Bank Limited (commonly called UOB) is a Singaporean international banking organisation locateded in Singapore on August 6, 1935, business owner Wee Kheng Chiang, together with 6 other good friends, developed the bank after raising S$ 1 million. The bank was named 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 Building. In 1965, the bank was renamed to United Overseas Bank and opened its very first overseas branch in Hong Kong
Advice When it comes to Taking Personal Loans In Singapore
If you are preparing to take a major loan, do never take out a personal loan from a bank a couple of months prior to the major loan. This will impact you.
A essential factor is your DSR (Debt Servicing Ratio)when you take a bank loan for a automobile or house. This determines what portion of your income can go into paying back the housing or vehicle loan, including other overheads (e.g. repayment for other individual loans).
To puts it simply, a Debt Servicing Ratio of 50% implies that your debt obligation can not exceed 50% of your income. As a guide, a lot of banks permit 40% Debt Servicing Ratio for a house and 30% for a auto loan
Particular Loans Are Cheaper – Take out a specific loan where you take a renovation loan for your renovation needs and a car loan for your automobile. It is not a good idea to secure a individual loan for your car or renovation needs. When it comes to banks, particular loans’ rate of interest are lower.
When it comes to individual loans, they are unsecured where you have 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 interest rate for personal loans. Due to the nature of such individual loans, it is not a good idea to take individual loans except for emergency situation circumstances.