United Overseas Bank Limited (commonly referred to as UOB) is a Singaporean international banking organisation headquartered in Singapore, with branches mainly found in a lot of Southeast Asian countries. Founded in 1935 as United Chinese Bank (UCB) by Sarawak business person Wee Kheng Chiang, the bank was established together with a group of Chinese-born business people. The bank is the third largest bank in South East Asia by total properties
Recommendation With regard to Getting Personal Loans In Singapore
Do not ever take out a personal loan from a bank a few months before the major loan if you are planning to take a significant loan. This will impact you.
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 percentage of your regular income towards the repayment of your car or house loan.
Simply puts, a Debt Servicing Ratio of 50% indicates that all your debt responsibility can not exceed 50% of your income. As a guide, a lot of banks enable 40% Debt Servicing Ratio for a home and 30% for a auto loan
Particular Loans Are Cheaper – Take out a specific loan where you take a renovation loan for your renovation requirements and a auto loan for your car. It is not smart to secure a individual loan for your car or renovation requirements. When it pertains to banks, specific loans’ interest rates are lower.
They are unsecured where you have absolutely nothing to back the loans if you can not repay 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 individual loans except for emergency circumstances.