POSB Bank (or merely known as POSB) is a Singaporean bank offering customer banking services and is the earliest bank in continuous operation in Singapore. Established on January 1, 1877 as the Post Office Savings Bank, the bank now operates as part of DBS Bank, which acquired the institution and its subsidiaries on November 16, 1998.
Prior to its acquisition, the bank was a significant public bank offering low-priced banking services to Singaporeans. DBS Bank attempts to continue this tradition by promising to keep expenses low for standard savings accounts, and to exempt children, full-time students below the age of 21 years and full-time National Servicemen from bank charges.
Tips Regarding Obtaining Personal Loans In Singapore
Never take personal loans 2 to 3 months before another major loan. Simply puts, no individual loans if you’re meaning to buy a automobile, house, etc.
A crucial aspect is your DSR (Debt Servicing Ratio)when you take a bank loan for a cars and truck or house. This determines what percentage of your earnings can go into paying back the housing or auto loan, consisting of other overheads (e.g. repayment for other individual loans).
To puts it simply, a Debt Servicing Ratio of 50% indicates that all your debt commitment can not exceed 50% of your earnings. As a guide, many banks allow 40% Debt Servicing Ratio for a house and 30% for a vehicle 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 cars and truck. It is not wise to take out a personal loan for your vehicle or renovation requirements. When it concerns banks, specific loans’ rate of interest are lower.
They are unsecured where you have nothing to back the loans if you can not repay the banks when it comes to individual loans. Such loans are riskier for the banks and they have a higher interest rate for personal loans. Due to the nature of such personal loans, it is not a good idea to take personal loans except for emergency scenarios.