United Overseas Bank Limited (frequently known as UOB) is a Singaporean multinational banking organisation locateded in Singapore on August 6, 1935, business owner Wee Kheng Chiang, together with six other pals, established 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 service in the 3 story Bonham Structure. In 1965, the bank was relabelled to United Overseas Bank and opened its first overseas branch in Hong Kong
Recommendation For Getting Personal Loans In Singapore
Do not ever take out a individual loan from a bank a couple of months prior to the significant loan if you are preparing to take a significant loan. This will impact you.
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 percentage of your regular earnings to the payment of your car or home loan.
Simply puts, a Debt Servicing Ratio of 50% suggests that your debt obligation can not surpass 50% of your earnings. As a guide, most banks allow 40% Debt Servicing Ratio for a house and 30% for a auto loan
Specific Loans Are Cheaper – Take out a specific loan where you take a renovation loan for your renovation needs and a vehicle loan for your car. It is not a good idea to get a individual loan for your cars and truck or renovation needs. When it comes to banks, specific loans’ rate of interest 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 individual loans. Such loans are riskier for the banks and they have a greater rates of interest for individual loans. Due to the nature of such personal loans, it is not a good idea to take individual loans except for emergency situations.