United Overseas Bank Limited (typically understood as UOB) is a Singaporean international 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 renamed to United Overseas Bank and opened its first overseas branch in Hong Kong
Recommendation With regard to Obtaining Personal Loans In Singapore
If you are planning to take a major loan, do never get a individual loan from a bank a couple of months before the significant loan. This will affect you.
If you are taking a loan from the bank for a home or vehicle, it is very important to note your Debt Servicing Ratio which is a measure of the percentage of your routine income to the payment of your vehicle or house loan.
To puts it simply, a Debt Servicing Ratio of 50% implies that your debt obligation can not surpass 50% of your income. As a guide, many banks enable 40% Debt Servicing Ratio for a home and 30% for a auto loan
Specific Loans Are Cheaper – Take out a particular loan where you take a renovation loan for your renovation needs and a vehicle loan for your car. It is not smart to get a personal loan for your car or renovation needs. When it pertains to banks, particular loans’ interest rates are lower.
When it concerns personal loans, they are unsecured where you have nothing to back the loans if you can not repay the banks. Such loans are riskier for the banks and they have a greater rate of interest for personal loans. Due to the nature of such individual loans, it is not advisable to take personal loans except for emergency circumstances.