United Overseas Bank Limited (typically known as UOB) is a Singaporean multinational banking organisation locateded in Singapore on August 6, 1935, business person Wee Kheng Chiang, together with six other good friends, developed the bank after raising S$ 1 million. In 1965, the bank was relabelled to United Overseas Bank and opened its very first overseas branch in Hong Kong
Tips Regarding Securing Personal Loans In Singapore
Never take personal loans 2 to 3 months prior to another major loan. Simply puts, no individual loans if you’re planning to buy a cars and truck, home, etc.
If you are taking a loan from the bank for a house or vehicle, it is very important to note your Debt Servicing Ratio which is a procedure of the portion of your regular income to the repayment of your vehicle or home loan.
So a DSR of 50% implies your loan payments, plus repayments of any other loans you have, can’t surpass 50% of your income.Just for referral, the majority of banks allow 40% DSR for a home, and 30% DSR for a car.
Particular Loans Are Cheaper – Take out a particular loan where you take a renovation loan for your renovation requirements and a auto loan for your automobile. It is not smart to take out a personal loan for your automobile or renovation requirements. When it concerns banks, particular 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 individual loans. Such loans are riskier for the banks and they have a greater interest rate for personal loans. Due to the nature of such individual loans, it is not suggested to take individual loans except for emergency circumstances.