United Overseas Bank Limited (frequently known as UOB) is a Singaporean multinational banking organisation locateded in Singapore on August 6, 1935, business person Wee Kheng Chiang, together with 6 other good friends, established the bank after raising S$ 1 million. In 1965, the bank was relabelled to United Overseas Bank and opened its very first overseas branch in Hong Kong
Recommendation With regard to Securing Personal Loans In Singapore
Never ever take individual loans 2 to 3 months prior to another major loan. Simply puts, no individual loans if you’re planning to buy a car, home, etc.
If you are taking a loan from the bank for a house or automobile, it is important to note your Debt Servicing Ratio which is a measure of the percentage of your regular earnings to the repayment of your cars and truck or house loan.
Simply puts, a Debt Servicing Ratio of 50% implies that all your debt commitment can not exceed 50% of your income. As a guide, the majority of banks enable 40% Debt Servicing Ratio for a house and 30% for a car loan
Particular Loans Are Cheaper – Take out a specific loan where you take a renovation loan for your renovation requirements and a car loan for your automobile. It is not a good idea to secure a individual loan for your vehicle or renovation needs. When it comes to banks, particular loans’ rate of interest are lower.
They are unsecured where you have nothing to back the loans if you can not pay back the banks when it comes to individual loans. Such loans are riskier for the banks and they have a higher interest rate for personal loans. Due to the nature of such individual loans, it is not recommended to take personal loans except for emergency situation circumstances.