United Overseas Bank Limited (commonly understood as UOB) is a Singaporean international banking organisation headquartered in Singapore on August 6, 1935, business person Wee Kheng Chiang, together with six other good friends, developed 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
Idea With respect to Obtaining Personal Loans In Singapore
Do not ever take out a individual loan from a bank a few months prior to the major loan if you are preparing to take a significant loan. This will affect you.
When you take a bank loan for a car or house, a key factor is your DSR (Debt Servicing Ratio ). This measures what portion of your earnings can enter into paying back the housing or vehicle loan, consisting of other overheads (e.g. payment for other individual loans).
Simply puts, a Debt Servicing Ratio of 50% suggests that your debt obligation can not go beyond 50% of your earnings. As a guide, many banks allow 40% Debt Servicing Ratio for a house and 30% for a vehicle loan
Particular Loans Are Cheaper – Take out a specific loan where you take a renovation loan for your renovation needs and a auto loan for your car. It is not wise to take out a individual loan for your cars and truck or renovation needs. When it pertains to banks, specific loans’ interest rates are lower.
They are unsecured where you have 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 rate of interest for personal loans. Due to the nature of such personal loans, it is not suggested to take individual loans except for emergency situation situations.