POSB Bank (or just called POSB) is a Singaporean bank offering consumer banking services and is the oldest bank in continuous operation in Singapore. Developed 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 low-cost banking services to Singaporeans. DBS Bank attempts to continue this custom by assuring to keep costs low for standard savings accounts, and to exempt children, full-time trainees below the age of 21 years and full-time National Servicemen from bank charges.
Suggestion When it comes to Getting Personal Loans In Singapore
Never take personal loans two to three months before another major loan. To puts it simply, no personal loans if you’re meaning to buy a vehicle, home, etc.
If you are taking a loan from the bank for a home or car, it is very important to note your Debt Servicing Ratio which is a measure of the portion of your routine income towards the payment of your automobile or home loan.
A DSR of 50% suggests your loan repayments, plus repayments of any other loans you have, can’t surpass 50% of your income.Just for recommendation, many banks permit 40% DSR for a home, and 30% DSR for a vehicle.
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 automobile. It is not wise to secure a personal loan for your automobile or renovation needs. When it pertains to banks, particular loans’ interest rates are lower.
When it comes to personal loans, they are unsecured where you have absolutely nothing to back the loans if you can not repay the banks. Such loans are riskier for the banks and they have a greater interest rate for individual loans. Due to the nature of such personal loans, it is not a good idea to take personal loans except for emergency situation scenarios.