POSB Bank (or merely called POSB) is a Singaporean bank offering consumer banking services and is the oldest bank in continuous operation in Singapore. Developed on January 1, 1877 as the Post Office Savings Bank, the bank now runs as part of DBS Bank, which obtained the institution and its subsidiaries on November 16, 1998.
Prior to its acquisition, the bank was a major public bank offering inexpensive banking services to Singaporeans. DBS Bank attempts to continue this tradition by assuring to keep expenses low for fundamental savings accounts, and to exempt kids, full-time trainees below the age of 21 years and full-time National Servicemen from bank charges.
Idea When it comes to Acquiring Personal Loans In Singapore
If you are preparing to take a major loan, do not ever take out a individual loan from a bank a few months prior to the major loan. This will affect you.
If you are taking a loan from the bank for a house or vehicle, it is very important to note your Debt Servicing Ratio which is a procedure of the portion of your regular income to the repayment of your car or home loan.
To puts it simply, a Debt Servicing Ratio of 50% suggests that your debt obligation can not surpass 50% of your income. As a guide, many banks enable 40% Debt Servicing Ratio for a house and 30% for a auto loan
Particular Loans Are Cheaper – Take out a specific loan where you take a renovation loan for your renovation requirements and a auto loan for your vehicle. It is not wise to get a individual loan for your vehicle or renovation requirements. When it comes to banks, specific loans’ rate of interest are lower.
When it pertains to individual loans, they are unsecured where you have nothing to back the loans if you can not repay the banks. 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 individual loans except for emergency situation circumstances.