POSB Bank (or simply known as POSB) is a Singaporean bank offering customer banking services and is the oldest bank in constant operation in Singapore. Developed on January 1, 1877 as the Post Office Savings Bank, the bank now operates as part of DBS Bank, which got the institution and its subsidiaries on November 16, 1998.
Prior to its acquisition, the bank was a significant public bank offering affordable banking services to Singaporeans. DBS Bank attempts to continue this tradition by assuring to keep costs low for standard savings accounts, and to exempt children, full-time students listed below the age of 21 years and full-time National Servicemen from bank charges.
Advice With respect to Acquiring Personal Loans In Singapore
If you are planning to take a major loan, do never secure a individual loan from a bank a few months before the major loan. This will affect you.
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 procedure of the percentage of your regular earnings to the payment of your car or home loan.
Simply puts, a Debt Servicing Ratio of 50% indicates that all your debt obligation can not exceed 50% of your earnings. As a guide, many banks allow 40% Debt Servicing Ratio for a house and 30% for a car loan
Particular Loans Are Cheaper – Take out a particular loan where you take a renovation loan for your renovation requirements and a vehicle loan for your automobile. It is not smart to get a individual loan for your vehicle or renovation needs. When it concerns 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 higher rate of interest for individual loans. Due to the nature of such personal loans, it is not suggested to take individual loans except for emergency situation situations.