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 promising to keep costs low for fundamental savings accounts, and to exempt kids, full-time students below the age of 21 years and full-time National Troop 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 runs as part of DBS Bank, which acquired the institution and its subsidiaries on November 16, 1998.
Advice For Securing Personal Loans In Singapore
When it comes to personal loans, they are unsecured where you have nothing to back the loans if you can not pay back the banks. Such loans are riskier for the banks and they have a greater rate of interest for individual loans. Due to the nature of such personal 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 home or cars and truck, it is very important to note your Debt Servicing Ratio which is a measure of the portion of your regular income to the repayment of your vehicle or home loan.
Never ever take personal loans 2 to 3 months before another major loan. Simply puts, no individual loans if you’re intending to buy a cars and truck, house, etc.
Simply puts, a Debt Servicing Ratio of 50% implies that your debt commitment can not exceed 50% of your income. As a guide, many banks enable 40% Debt Servicing Ratio for a home and 30% for a auto loan
Specific Loans Are Cheaper – Take out a particular loan where you take a renovation loan for your renovation needs and a auto loan for your car. It is not a good idea to get a personal loan for your car or renovation needs. When it concerns banks, specific loans’ rate of interest are lower.