United Overseas Bank Limited (frequently referred to as UOB) is a Singaporean multinational banking organisation headquartered in Singapore, with branches mostly found in many Southeast Asian countries.UOB provides commercial and corporate banking services, personal financial services, personal banking and other property management services, as well as corporate financing, endeavor financial investment, capital, and insurance services. It has 68 branches in Singapore and a network of more than 500 offices in 19 countries and areas in Asia Pacific, Western Europe and North America
Advice With regard to Acquiring Personal Loans In Singapore
Never ever take personal loans 2 to 3 months before another significant loan. Simply puts, no individual loans if you’re planning to purchase a car, house, etc.
A key aspect is your DSR (Debt Servicing Ratio)when you take a bank loan for a car or house. This measures exactly what portion of your income can enter into paying back the housing or vehicle loan, including other overheads (e.g. payment for other personal loans).
So a DSR of 50% indicates your loan repayments, plus payments of other loans you have, cannot exceed 50% of your income.Just for reference, many banks enable 40% DSR for a home, and 30% DSR for a car.
Particular Loans Are Cheaper – Take out a specific loan where you take a renovation loan for your renovation needs and a car loan for your cars and truck. It is not a good idea to get a personal loan for your cars and truck or renovation requirements. When it concerns banks, specific 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 higher rate of interest for personal loans. Due to the nature of such personal loans, it is not recommended to take personal loans except for emergency situation circumstances.