United Overseas Bank Limited (frequently referred to as UOB) is a Singaporean multinational banking organisation headquartered in Singapore, with branches mainly discovered in most Southeast Asian countries.UOB offers industrial and business banking services, individual financial services, private banking and other property management services, along with business finance, venture financial investment, insurance coverage, and capital services. It has 68 branches in Singapore and a network of more than 500 workplaces in 19 countries and territories in Asia Pacific, Western Europe and The United States and Canada
Advice For Obtaining Personal Loans In Singapore
Never ever take personal loans two to three months prior to another major loan. In other words, no personal loans if you’re planning to buy a cars and truck, house, and so on.
If you are taking a loan from the bank for a home or car, it is essential to note your Debt Servicing Ratio which is a procedure of the percentage of your regular income towards the payment of your vehicle or home loan.
Simply puts, a Debt Servicing Ratio of 50% implies that all your debt commitment can not surpass 50% of your earnings. As a guide, most banks enable 40% Debt Servicing Ratio for a home and 30% for a vehicle 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 automobile. It is not a good idea to take out a individual loan for your vehicle 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 pay back 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 individual loans, it is not recommended to take personal loans except for emergency scenarios.