Prior to its acquisition, the bank was a major public bank offering low-cost banking services to Singaporeans. DBS Bank attempts to continue this custom by guaranteeing to keep expenses low for fundamental savings accounts, and to exempt kids, full-time trainees listed below the age of 21 years and full-time National Servicemen from bank charges.
POSB Bank (or just 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 got the institution and its subsidiaries on November 16, 1998.
Recommendation With respect to Taking Personal Loans In Singapore
Specific Loans Are Cheaper – Take out a specific loan where you take a renovation loan for your renovation needs and a auto loan for your car. It is not smart to take out a personal loan for your car or renovation requirements. When it concerns banks, particular loans’ interest rates are lower.
Simply puts, a Debt Servicing Ratio of 50% means that all your debt responsibility can not exceed 50% of your income. As a guide, most banks allow 40% Debt Servicing Ratio for a home and 30% for a vehicle loan
When you take a bank loan for a car or home, a key aspect is your DSR (Debt Servicing Ratio ). This measures exactly what percentage of your earnings can go into repaying the real estate or vehicle loan, consisting of other overheads (e.g. payment for other individual loans).
If you are planning to take a significant loan, do not ever take out a personal loan from a bank a couple of months prior to the major loan. This will impact you.
When it concerns individual 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 suggested to take individual loans except for emergency situation circumstances.