POSB Bank (or simply known as POSB) is a Singaporean bank offering customer banking services and is the earliest 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 major public bank offering low-cost banking services to Singaporeans. DBS Bank tries to continue this custom by assuring to keep costs low for basic savings accounts, and to exempt kids, full-time trainees listed below the age of 21 years and full-time National Troop from bank charges.
Advice With regards to Getting Personal Loans In Singapore
Do not ever take out a individual loan from a bank a few months prior to the major loan if you are preparing to take a significant loan. This will impact you.
A essential aspect is your DSR (Debt Servicing Ratio)when you take a bank loan for a cars and truck or home. This measures what percentage of your earnings can enter into paying back the real estate or auto loan, consisting of other overheads (e.g. repayment for other personal loans).
In other words, a Debt Servicing Ratio of 50% implies that all your debt commitment can not go beyond 50% of your earnings. As a guide, the majority of banks allow 40% Debt Servicing Ratio for a home and 30% for a car loan
Specific Loans Are Cheaper – Take out a particular loan where you take a renovation loan for your renovation needs and a vehicle loan for your automobile. It is not wise to secure a individual loan for your automobile or renovation needs. When it comes to banks, particular loans’ interest rates are lower.
When it concerns individual 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 greater rate of interest for personal loans. Due to the nature of such individual loans, it is not advisable to take personal loans except for emergency situation situations.