United Overseas Bank Limited (commonly referred to as UOB) is a Singaporean international banking organisation locateded in Singapore, with branches mainly discovered in many Southeast Asian countries. Founded in 1935 as United Chinese Bank (UCB) by Sarawak businessman Wee Kheng Chiang, the bank was established together with a group of Chinese-born business people. The bank is the third biggest bank in South East Asia by overall assets
Suggestion When it comes to Securing Personal Loans In Singapore
If you are planning to take a significant loan, do never take out a individual loan from a bank a few months prior to the major loan. This will impact you.
If you are taking a loan from the bank for a home or automobile, it is important to note your Debt Servicing Ratio which is a measure of the portion of your regular earnings towards the payment of your automobile or house loan.
Simply puts, a Debt Servicing Ratio of 50% means that all your debt responsibility can not surpass 50% of your income. As a guide, most 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 car loan for your vehicle. It is not a good idea to get a personal loan for your car or renovation requirements. When it comes to banks, specific loans’ rates of interest are lower.
They are unsecured where you have nothing to back the loans if you can not repay the banks when it comes to personal loans. Such loans are riskier for the banks and they have a greater rate of interest for personal loans. Due to the nature of such personal loans, it is not a good idea to take individual loans except for emergency situation scenarios.