Prior to its acquisition, the bank was a significant public bank offering affordable banking services to Singaporeans. DBS Bank tries to continue this tradition by assuring to keep costs low for fundamental savings accounts, and to exempt children, full-time trainees below the age of 21 years and full-time National Servicemen from bank charges.
POSB Bank (or merely referred to as POSB) is a Singaporean bank offering consumer banking services and is the oldest bank in continuous 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 institution and its subsidiaries on November 16, 1998.
Suggestion Regarding Acquiring Personal Loans In Singapore
A DSR of 50% means your loan payments, plus payments of any other loans you have, can’t go beyond 50% of your income.Just for recommendation, a lot of banks permit 40% DSR for a house, and 30% DSR for a automobile.
Do not ever take out a individual loan from a bank a few months before the major loan if you are preparing to take a major loan. This will affect you.
When you take a bank loan for a cars and truck or house, a crucial aspect is your DSR (Debt Servicing Ratio ). This determines what percentage of your income can go into repaying the housing or car loan, consisting of other overheads (e.g. repayment for other individual loans).
When it concerns individual loans, they are unsecured where you have nothing to back the loans if you can not pay back the banks. Such loans are riskier for the banks and they have a higher interest rate for individual loans. Due to the nature of such individual loans, it is not recommended to take individual loans except for emergency situation circumstances.
Specific Loans Are Cheaper – Take out a specific loan where you take a renovation loan for your renovation needs and a vehicle loan for your car. It is not smart to take out a personal loan for your vehicle or renovation requirements. When it concerns banks, specific loans’ interest rates are lower.