Prior to its acquisition, the bank was a significant public bank offering inexpensive banking services to Singaporeans. DBS Bank attempts to continue this tradition by assuring to keep costs low for basic savings accounts, and to exempt children, full-time trainees listed below the age of 21 years and full-time National Servicemen from bank charges.
POSB Bank (or just referred to as POSB) is a Singaporean bank offering customer banking services and is the earliest bank in continuous operation in Singapore. Developed on January 1, 1877 as the Post Office Savings Bank, the bank now operates as part of DBS Bank, which acquired the institution and its subsidiaries on November 16, 1998.
Advice With regard to Securing Personal Loans In Singapore
If you are taking a loan from the bank for a house or cars and truck, it is important to note your Debt Servicing Ratio which is a step of the portion of your routine income to the repayment of your vehicle or house loan.
Specific Loans Are Cheaper – Take out a specific loan where you take a renovation loan for your renovation requirements and a car loan for your car. It is not wise to get a individual loan for your car or renovation needs. When it pertains to banks, particular loans’ interest rates are lower.
So a DSR of 50% means your loan repayments, plus repayments of other loans you have, can’t go beyond 50% of your income.Just for referral, most banks permit 40% DSR for a house, and 30% DSR for a automobile.
When it comes to personal loans, they are unsecured where you have absolutely nothing to back the loans if you can not repay the banks. Such loans are riskier for the banks and they have a higher rates of interest for personal loans. Due to the nature of such individual loans, it is not recommended to take individual loans except for emergency scenarios.
Do not ever take out a individual loan from a bank a couple of months before the major loan if you are planning to take a significant loan. This will affect you.