United Overseas Bank Limited (typically known as UOB) is a Singaporean international banking organisation headquartered in Singapore, with branches mostly 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 entrepreneurs. The bank is the 3rd largest bank in South East Asia by overall assets
Tips With regards to Acquiring Personal Loans In Singapore
Do not ever take out a individual loan from a bank a few months before the major loan if you are planning to take a significant loan. This will impact you.
When you take a bank loan for a cars and truck or house, a key aspect is your DSR (Debt Servicing Ratio ). This determines exactly what percentage of your income can go into paying back the housing or vehicle loan, including other overheads (e.g. repayment for other personal loans).
In other words, a Debt Servicing Ratio of 50% indicates that all your debt obligation can not surpass 50% of your earnings. As a guide, many banks enable 40% Debt Servicing Ratio for a home and 30% for a car loan
Particular Loans Are Cheaper – Take out a particular loan where you take a renovation loan for your renovation needs and a auto loan for your automobile. It is not smart to secure a personal loan for your car or renovation needs. When it pertains to banks, specific loans’ rate of interest 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 individual 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 situation situations.