United Overseas Bank Limited (frequently understood as UOB) is a Singaporean multinational banking organisation locateded in Singapore on August 6, 1935, businessman Wee Kheng Chiang, together with 6 other friends, developed the bank after raising S$ 1 million. In 1965, the bank was relabelled to United Overseas Bank and opened its first overseas branch in Hong Kong
Advice With regards to Obtaining Personal Loans In Singapore
Do not ever take out a personal loan from a bank a couple of months prior to the significant loan if you are preparing to take a major loan. This will impact you.
If you are taking a loan from the bank for a home or automobile, it is very important to note your Debt Servicing Ratio which is a measure of the portion of your regular income to the payment of your car or house loan.
To puts it simply, a Debt Servicing Ratio of 50% suggests that all your debt obligation can not go beyond 50% of your earnings. As a guide, most banks permit 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 comes to getting loans, be as specific as you can. Don’t take a individual loan to renovate your home, not when there’s a renovation loan bundle. Don’t take a personal loan to pay for your education, when there’s an education loan plan.
In order to motivate you, specific loan bundles frequently have lower interest rates. Personal loans tend to charge interest of about 6% to 8%, whereas specific loans (renovation loans, education loans, etc).
A lot of individual loans are unsecured. As in, there’s no collateral behind them. And given that the releasing banks have no security, they’ll compensate by boosting interest rates.
That indicates you should never take a individual loan without knowledge of precisely when and how you’ll pay it back.
Do not utilize individual loans as alternative business loans. Don’t use them to trade on Forex. Do not utilize them to purchase high threat equities. You need to just take a individual loan to alleviate capital issues.