POSB Bank (or just called POSB) is a Singaporean bank offering customer banking services and is the earliest bank in constant operation in Singapore. Developed on January 1, 1877 as the Post Office Savings Bank, the bank now runs as part of DBS Bank, which got the organization and its subsidiaries on November 16, 1998.
Prior to its acquisition, the bank was a significant public bank offering low-cost banking services to Singaporeans. DBS Bank attempts to continue this custom by assuring to keep expenses low for basic savings accounts, and to exempt kids, full-time students listed below the age of 21 years and full-time National Troop from bank charges.
Advice With regard to Obtaining Personal Loans In Singapore
If you are taking a loan from the bank for a house or car, it is necessary to note your Debt Servicing Ratio which is a step of the portion of your routine income to the payment of your cars and truck or home loan.
To puts it simply, a Debt Servicing Ratio of 50% means that your debt obligation can not exceed 50% of your income. As a guide, most banks allow 40% Debt Servicing Ratio for a home and 30% for a auto loan
They are unsecured where you have absolutely nothing to back the loans if you can not pay back the banks when it comes to personal loans. Such loans are riskier for the banks and they have a higher interest rate for personal loans. Due to the nature of such personal loans, it is not advisable to take individual loans except for emergency situation scenarios.
Specific Loans Are Cheaper – Take out a specific loan where you take a renovation loan for your renovation needs and a car loan for your cars and truck. It is not a good idea to take out a personal loan for your vehicle or renovation requirements. When it concerns banks, specific loans’ interest rates are lower.
Never take personal loans 2 to 3 months prior to another significant loan. In other words, no individual loans if you’re intending to purchase a car, home, and so on.