POSB Bank (or simply called POSB) is a Singaporean bank offering consumer banking services and is the oldest bank in continuous operation in Singapore. Established on January 1, 1877 as the Post Office Savings Bank, the bank now operates as part of DBS Bank, which got the organization and its subsidiaries on November 16, 1998.
Prior to its acquisition, the bank was a significant public bank offering affordable banking services to Singaporeans. DBS Bank tries to continue this custom by guaranteeing to keep expenses low for fundamental savings accounts, and to exempt kids, full-time trainees below the age of 21 years and full-time National Troop from bank charges.
Suggestion Regarding Securing Personal Loans In Singapore
A DSR of 50% means your loan payments, plus repayments of any other loans you have, cannot exceed 50% of your income.Just for recommendation, most banks allow 40% DSR for a home, and 30% DSR for a automobile.
When it comes to personal loans, they are unsecured where you have absolutely nothing to back the loans if you can not pay back the banks. Such loans are riskier for the banks and they have a higher interest rate for individual loans. Due to the nature of such personal loans, it is not a good idea to take individual loans except for emergency situation circumstances.
Specific Loans Are Cheaper – Take out a specific loan where you take a renovation loan for your renovation requirements and a car loan for your car. It is not a good idea to take out a personal loan for your cars and truck or renovation needs. When it comes to banks, particular loans’ interest rates are lower.
If you are taking a loan from the bank for a house or automobile, it is very important to note your Debt Servicing Ratio which is a step of the portion of your routine income to the payment of your vehicle or home loan.
Do not ever take out a individual loan from a bank a few months before the major loan if you are preparing to take a significant loan. This will affect you.