United Overseas Bank Limited (commonly known as UOB) is a Singaporean multinational banking organisation locateded in Singapore, with branches mainly discovered in the majority of Southeast Asian countries.UOB offers corporate and commercial banking services, personal monetary services, personal banking and other asset management services, in addition to business financing, venture financial investment, insurance coverage, and capital services. It has 68 branches in Singapore and a network of more than 500 offices in 19 nations and territories in Asia Pacific, Western Europe and North America
Idea When it comes to Securing Personal Loans In Singapore
Never ever take individual loans two to three months before another major loan. To puts it simply, no personal loans if you’re meaning to purchase a car, home, etc.
A key element is your DSR (Debt Servicing Ratio)when you take a bank loan for a automobile or house. This measures exactly what percentage of your earnings can enter into paying back the housing or auto loan, including other overheads (e.g. payment for other individual loans).
In other words, a Debt Servicing Ratio of 50% indicates that all your debt responsibility can not exceed 50% of your earnings. As a guide, many banks permit 40% Debt Servicing Ratio for a home and 30% for a car loan
Particular Loans Are Cheaper – Take out a specific loan where you take a renovation loan for your renovation needs and a auto loan for your automobile. It is not smart to get a personal loan for your automobile or renovation requirements. When it comes to banks, specific loans’ interest rates are lower.
When it pertains to personal 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 individual loans. Due to the nature of such individual loans, it is not advisable to take individual loans except for emergency scenarios.