United Overseas Bank Limited (typically referred to as UOB) is a Singaporean international banking organisation headquartered in Singapore, with branches mainly discovered in many Southeast Asian nations. Founded in 1935 as United Chinese Bank (UCB) by Sarawak businessman Wee Kheng Chiang, the bank was established together with a group of Chinese-born entrepreneurs. The bank is the third biggest bank in South East Asia by total properties
Advice With regards to Obtaining Personal Loans In Singapore
Never ever take individual loans 2 to 3 months prior to another significant loan. In other words, no personal loans if you’re meaning to purchase a cars and truck, house, etc.
If you are taking a loan from the bank for a home or automobile, it is very important to note your Debt Servicing Ratio which is a measure of the portion of your regular earnings to the payment of your cars and truck or home loan.
In other words, a Debt Servicing Ratio of 50% means that all your debt obligation can not go beyond 50% of your earnings. As a guide, most banks enable 40% Debt Servicing Ratio for a house and 30% for a vehicle loan
Particular Loans Are Cheaper – Take out a particular loan where you take a renovation loan for your renovation requirements and a vehicle loan for your automobile. It is not a good idea to take out a personal loan for your car or renovation needs. When it comes to banks, particular loans’ interest rates are lower.
They are unsecured where you have nothing to back the loans if you can not repay the banks when it comes to individual loans. Such loans are riskier for the banks and they have a greater rate of interest for personal loans. Due to the nature of such personal loans, it is not suggested to take personal loans except for emergency situations.