Prior to its acquisition, the bank was a major public bank offering affordable banking services to Singaporeans. DBS Bank tries to continue this custom by promising to keep expenses low for standard 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 merely called POSB) is a Singaporean bank offering customer banking services and is the oldest 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 organization and its subsidiaries on November 16, 1998.
Recommendation With regards to Taking Personal Loans In Singapore
If you are taking a loan from the bank for a home or automobile, it is essential to note your Debt Servicing Ratio which is a step of the portion of your routine earnings to the payment of your vehicle or home loan.
Simply puts, a Debt Servicing Ratio of 50% implies that all your debt responsibility can not exceed 50% of your income. As a guide, the majority of banks permit 40% Debt Servicing Ratio for a home and 30% for a vehicle loan
Loans Get Cheaper As the Loan Gets More Specific – So when it comes to getting loans, be as particular as you can. Do not take a personal loan to refurbish your house, not when there’s a renovation loan plan. Do not take a personal loan to pay for your education, when there’s an education loan package.
In order to encourage you, specific loan packages frequently have lower rate of interest. Personal loans tend to charge interest of about 6% to 8%, whereas specific loans (renovation loans, education loans, etc). have rates as low as 2%. Ask the banker to match a plan to your requirements.
A lot of individual loans are unsecured. As in, there’s no security behind them. And because the providing banks have no security, they’ll compensate by jacking up rate of interest.
Don’t utilize individual loans as alternative business loans. You must only take a individual loan to ease flow issues
That indicates you need to never take a individual loan without knowledge of exactly when and how you’ll pay it back.
Never ever take personal loans two to three months before another significant loan. To puts it simply, no personal loans if you’re meaning to buy a car, home, and so on.