POSB Bank (or merely referred to as POSB) is a Singaporean bank offering consumer banking services and is the earliest bank in constant operation in Singapore. Established on January 1, 1877 as the Post Office Savings Bank, the bank now operates as part of DBS Bank, which acquired the institution and its subsidiaries on November 16, 1998.
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 guaranteeing to keep expenses low for standard savings accounts, and to exempt kids, full-time students below the age of 21 years and full-time National Troop from bank charges.
Suggestion With regard to Obtaining Personal Loans In Singapore
Never ever take individual loans two to three months prior to another major loan. Simply puts, no individual loans if you’re meaning to buy a vehicle, house, and so on.
They are unsecured where you have absolutely nothing to back the loans if you can not pay back the banks when it comes to personal loans. Such loans are riskier for the banks and they have a greater rates of interest for personal loans. Due to the nature of such individual loans, it is not a good idea to take personal loans except for emergency situation circumstances.
If you are taking a loan from the bank for a house or cars and truck, it is necessary to note your Debt Servicing Ratio which is a procedure of the percentage of your regular income to the repayment of your cars and truck or home loan.
Simply puts, a Debt Servicing Ratio of 50% implies that your debt commitment can not surpass 50% of your income. As a guide, the majority of banks permit 40% Debt Servicing Ratio for a house and 30% for a auto loan
Specific 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 a good idea to take out a individual loan for your automobile or renovation requirements. When it comes to banks, particular loans’ rate of interest are lower.