United Overseas Bank Limited (frequently known as UOB) is a Singaporean international banking organisation headquartered in Singapore, with branches mostly found in most Southeast Asian countries. Founded in 1935 as United Chinese Bank (UCB) by Sarawak entrepreneur Wee Kheng Chiang, the bank was established together with a group of Chinese-born businessmen. The bank is the third biggest bank in South East Asia by total assets
Tips For Obtaining Personal Loans In Singapore
Do not ever take out a personal loan from a bank a couple of months before the major loan if you are preparing to take a significant loan. This will impact you.
A key element is your DSR (Debt Servicing Ratio)when you take a bank loan for a vehicle or home. This determines exactly what percentage of your earnings can enter into paying back the real estate or car loan, consisting of other overheads (e.g. payment for other personal loans).
To puts it simply, a Debt Servicing Ratio of 50% means that your debt responsibility can not go beyond 50% of your earnings. As a guide, a lot of banks enable 40% Debt Servicing Ratio for a home and 30% for a car loan
Loans Get Cheaper As the Loan Gets More Specific – So when it comes to getting loans, be as particular as you can. Do not take a individual loan to renovate your house, not when there’s a renovation loan bundle. Do not take a individual loan to pay for your education, when there’s an education loan bundle.
In order to encourage you, specific loan bundles typically have lower interest rates. Individual loans tend to charge interest of about 6% to 8%, whereas specific loans (renovation loans, education loans, etc).
Most personal loans are unsecured. As in, there’s no security behind them. And since the providing banks have no security, they’ll compensate by boosting rate of interest.
That indicates you should never take a personal loan without knowledge of precisely when and how you’ll pay it back.
Don’t utilize personal loans as alternative business loans. You must only take a individual loan to ease cash flow problems.