Prior to its acquisition, the bank was a major public bank offering low-priced banking services to Singaporeans. DBS Bank attempts to continue this tradition by assuring to keep costs low for fundamental savings accounts, and to exempt children, full-time students below the age of 21 years and full-time National Troop from bank charges.
POSB Bank (or simply known as 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 institution and its subsidiaries on November 16, 1998.
Suggestion With regard to Getting Personal Loans In Singapore
A DSR of 50% implies your loan repayments, plus repayments of any other loans you have, can’t exceed 50% of your income.Just for reference, most banks allow 40% DSR for a house, and 30% DSR for a cars and truck.
Do not ever take out a individual loan from a bank a few months before the significant loan if you are planning to take a major loan. This will affect you.
Specific Loans Are Cheaper – Take out a particular loan where you take a renovation loan for your renovation requirements and a vehicle loan for your cars and truck. It is not smart to take out a individual loan for your vehicle or renovation needs. When it concerns banks, particular loans’ interest rates are lower.
If you are taking a loan from the bank for a house or automobile, it is essential to note your Debt Servicing Ratio which is a measure of the percentage of your regular earnings to the repayment of your automobile or house 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 rates of interest for personal loans. Due to the nature of such personal loans, it is not a good idea to take personal loans except for emergency circumstances.