Prior to its acquisition, the bank was a major public bank offering affordable banking services to Singaporeans. DBS Bank attempts to continue this custom by guaranteeing to keep costs low for basic savings accounts, and to exempt children, full-time trainees listed below the age of 21 years and full-time National Servicemen from bank charges.
POSB Bank (or just referred to as POSB) is a Singaporean bank offering consumer banking services and is the oldest bank in continuous operation in Singapore. Established on January 1, 1877 as the Post Office Savings Bank, the bank now runs as part of DBS Bank, which acquired the institution and its subsidiaries on November 16, 1998.
Suggestion With regards to Acquiring Personal Loans In Singapore
Specific Loans Are Cheaper – Take out a specific loan where you take a renovation loan for your renovation requirements and a vehicle loan for your vehicle. It is not a good idea to get a personal loan for your car or renovation needs. When it pertains to banks, particular loans’ rate of interest are lower.
When it comes to individual loans, they are unsecured where you have nothing to back the loans if you can not repay the banks. Such loans are riskier for the banks and they have a higher rates of interest for individual loans. Due to the nature of such individual loans, it is not a good idea to take individual loans except for emergency situations.
Simply puts, a Debt Servicing Ratio of 50% suggests that your debt obligation can not surpass 50% of your earnings. As a guide, a lot of banks allow 40% Debt Servicing Ratio for a house and 30% for a vehicle loan
Never take personal loans 2 to 3 months before another significant loan. Simply puts, no personal loans if you’re intending to purchase a vehicle, home, and so on.
A essential element is your DSR (Debt Servicing Ratio)when you take a bank loan for a automobile or house. This determines what percentage of your income can go into paying back the housing or vehicle loan, including other overheads (e.g. payment for other individual loans).