POSB Bank (or simply known as POSB) is a Singaporean bank offering customer banking services and is the oldest bank in constant operation in Singapore. Established on January 1, 1877 as the Post Office Savings Bank, the bank now operates as part of DBS Bank, which obtained the organization and its subsidiaries on November 16, 1998.
Prior to its acquisition, the bank was a significant public bank offering low-cost banking services to Singaporeans. DBS Bank attempts to continue this tradition by promising to keep costs low for basic savings accounts, and to exempt children, full-time students below the age of 21 years and full-time National Troop from bank charges.
Idea With respect to Obtaining Personal Loans In Singapore
Never take personal loans two to three months before another significant loan. Simply puts, no individual loans if you’re planning to purchase a automobile, home, and so on.
If you are taking a loan from the bank for a home or vehicle, it is very important to note your Debt Servicing Ratio which is a measure of the percentage of your regular earnings to the repayment of your automobile or home loan.
So a DSR of 50% indicates your loan payments, plus repayments of any other loans you have, can’t exceed 50% of your income.Just for reference, most banks permit 40% DSR for a house, and 30% DSR for a car.
Particular Loans Are Cheaper – Take out a specific loan where you take a renovation loan for your renovation requirements and a vehicle loan for your vehicle. It is not a good idea to take out a individual loan for your car or renovation requirements. When it concerns banks, specific loans’ interest rates are lower.
When it comes to individual loans, they are unsecured where you have 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 rates of interest for individual loans. Due to the nature of such individual loans, it is not recommended to take personal loans except for emergency circumstances.