POSB Bank (or just known as POSB) is a Singaporean bank offering customer banking services and is the earliest bank in constant operation in Singapore. Developed 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.
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 basic savings accounts, and to exempt kids, full-time trainees listed below the age of 21 years and full-time National Servicemen from bank charges.
Advice For Taking Personal Loans In Singapore
Do not ever take out a individual loan from a bank a few months before the major loan if you are preparing to take a major loan. This will affect you.
If you are taking a loan from the bank for a home or cars and truck, it is important to note your Debt Servicing Ratio which is a step of the portion of your routine earnings towards the payment of your car or house loan.
Simply puts, a Debt Servicing Ratio of 50% suggests that your debt obligation can not go beyond 50% of your income. As a guide, many banks enable 40% Debt Servicing Ratio for a house and 30% for a auto loan
Specific Loans Are Cheaper – Take out a particular loan where you take a renovation loan for your renovation requirements and a vehicle loan for your cars and truck. It is not a good idea to get a individual loan for your car or renovation requirements. When it comes to banks, specific loans’ interest rates are lower.
They are unsecured where you have absolutely nothing to back the loans if you can not repay the banks when it comes to personal loans. Such loans are riskier for the banks and they have a higher rates of interest for personal loans. Due to the nature of such personal loans, it is not advisable to take personal loans except for emergency situations.