United Overseas Bank Limited (commonly understood as UOB) is a Singaporean multinational banking organisation headquartered in Singapore on August 6, 1935, businessman Wee Kheng Chiang, together with six other good friends, established the bank after raising S$ 1 million. In 1965, the bank was renamed to United Overseas Bank and opened its very first abroad branch in Hong Kong
Tips When it comes to Taking Personal Loans In Singapore
Never ever take individual loans two to three months prior to another significant loan. In other words, no personal loans if you’re planning to purchase a cars and truck, home, etc.
A key factor is your DSR (Debt Servicing Ratio)when you take a bank loan for a vehicle or house. This measures what percentage of your earnings can go into paying back the real estate or vehicle loan, consisting of other overheads (e.g. repayment for other personal loans).
To puts it simply, a Debt Servicing Ratio of 50% suggests that your debt commitment can not exceed 50% of your income. As a guide, most banks permit 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 auto loan for your car. It is not wise to secure a individual loan for your automobile or renovation requirements. When it comes to banks, specific loans’ interest rates are lower.
When it comes to individual loans, they are unsecured where you have absolutely nothing to back the loans if you can not repay the banks. Such loans are riskier for the banks and they have a greater interest rate for individual loans. Due to the nature of such personal loans, it is not suggested to take individual loans except for emergency circumstances.