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 assuring to keep expenses low for basic savings accounts, and to exempt children, full-time trainees below the age of 21 years and full-time National Servicemen from bank charges.
POSB Bank (or simply referred to as POSB) is a Singaporean bank offering consumer banking services and is the oldest bank in constant operation in Singapore. Developed on January 1, 1877 as the Post Office Savings Bank, the bank now operates as part of DBS Bank, which obtained the organization and its subsidiaries on November 16, 1998.
Recommendation Regarding Taking Personal Loans In Singapore
When you take a bank loan for a cars and truck or house, a key factor is your DSR (Debt Servicing Ratio ). This measures what portion of your income can enter into paying back the real estate or vehicle loan, including other overheads (e.g. payment for other personal loans).
When it comes to 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 higher rate of interest for personal loans. Due to the nature of such personal loans, it is not a good idea to take personal loans except for emergency situation situations.
Never ever take individual loans two to three months before another significant loan. Simply puts, no personal loans if you’re planning to purchase a cars and truck, house, etc.
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 reference, a lot of banks allow 40% DSR for a home, and 30% DSR for a automobile.
Specific Loans Are Cheaper – Take out a particular loan where you take a renovation loan for your renovation requirements and a car loan for your vehicle. It is not wise to get a personal loan for your cars and truck or renovation needs. When it comes to banks, particular loans’ rate of interest are lower.