United Overseas Bank Limited (frequently referred to as UOB) is a Singaporean multinational banking organisation headquartered in Singapore on August 6, 1935, business person Wee Kheng Chiang, together with 6 other friends, developed the bank after raising S$ 1 million. The bank was called United Chinese Bank (UCB) to highlight its connect to the Chinese population in Singapore. On October 1935, UCB opened for business in the 3 story Bonham Building. In 1965, the bank was relabelled to United Overseas Bank and opened its very first abroad branch in Hong Kong
Recommendation For Getting Personal Loans In Singapore
Never take individual loans 2 to 3 months prior to another major loan. In other words, no personal loans if you’re meaning to purchase a car, home, etc.
If you are taking a loan from the bank for a home or vehicle, it is important to note your Debt Servicing Ratio which is a measure of the portion of your routine earnings to the payment of your vehicle or house loan.
To puts it simply, a Debt Servicing Ratio of 50% means that your debt responsibility can not go beyond 50% of your earnings. As a guide, most banks allow 40% Debt Servicing Ratio for a house and 30% for a car loan
Loans Get Cheaper As the Loan Gets More Specific – So when it concerns getting loans, be as particular as you can. Do not take a individual loan to renovate your home, not when there’s a renovation loan package. Don’t take a personal loan to spend for your education, when there’s an education loan bundle.
In order to motivate you, particular loan packages often have lower rate of interest. Personal loans have the tendency to charge interest of about 6% to 8%, whereas particular loans (renovation loans, education loans, etc). have rates as low as 2%. Ask the banker to match a package to your requirements.
Most individual loans are unsecured. As in, there’s no security behind them. And considering that the issuing banks have no security, they’ll compensate by jacking up rates of interest.
That means you must never ever take a personal loan without knowledge of exactly when and how you’ll pay it back.
Don’t use individual loans as alternative business loans. You ought to only take a individual loan to alleviate cash issues.