United Overseas Bank Limited (frequently referred to as UOB) is a Singaporean international banking organisation locateded in Singapore, with branches primarily found in the majority of Southeast Asian countries.UOB provides business and industrial banking services, individual financial services, private banking and other possession management services, in addition to business finance, venture insurance, investment, and capital services. It has 68 branches in Singapore and a network of more than 500 offices in 19 countries and territories in Asia Pacific, Western Europe and North America
Tips When it comes to Taking Personal Loans In Singapore
Never ever take personal loans two to three months prior to another major loan. In other words, no individual loans if you’re intending to buy a cars and truck, house, and so on.
When you take a bank loan for a automobile or home, a crucial aspect is your DSR (Debt Servicing Ratio ). This determines what percentage of your earnings can go into repaying the real estate or auto loan, consisting of other overheads (e.g. payment for other individual loans).
Simply puts, a Debt Servicing Ratio of 50% means that your debt obligation can not exceed 50% of your income. As a guide, the majority of banks allow 40% Debt Servicing Ratio for a home and 30% for a vehicle loan
Specific Loans Are Cheaper – Take out a particular loan where you take a renovation loan for your renovation needs and a vehicle loan for your car. It is not wise to secure a individual loan for your car or renovation needs. When it pertains to banks, specific loans’ rates of interest are lower.
They are unsecured where you have nothing to back the loans if you can not pay back the banks when it comes to individual loans. 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 suggested to take individual loans except for emergency scenarios.