United Overseas Bank Limited (frequently known as UOB) is a Singaporean international banking organisation headquartered in Singapore, with branches mostly found in the majority of Southeast Asian countries.UOB supplies business and corporate banking services, personal financial services, private banking and other asset management services, in addition to business finance, venture insurance, investment, and capital services. It has 68 branches in Singapore and a network of more than 500 offices in 19 nations and areas in Asia Pacific, Western Europe and North America
Recommendation With respect to Getting Personal Loans In Singapore
Never take individual loans 2 to 3 months before another major loan. In other words, no individual loans if you’re intending to purchase a car, house, etc.
A crucial element is your DSR (Debt Servicing Ratio)when you take a bank loan for a automobile or house. This measures what percentage of your income can enter into repaying the housing or auto loan, consisting of other overheads (e.g. payment for other personal loans).
Simply puts, a Debt Servicing Ratio of 50% implies that all your debt responsibility can not exceed 50% of your earnings. As a guide, the majority of banks permit 40% Debt Servicing Ratio for a home and 30% for a car loan
Specific Loans Are Cheaper – Take out a specific loan where you take a renovation loan for your renovation needs and a car loan for your car. It is not a good idea to take out a personal loan for your car or renovation requirements. 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 repay the banks when it comes to personal 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 individual loans, it is not a good idea to take personal loans except for emergency situation circumstances.