POSB Bank (or merely referred to as POSB) is a Singaporean bank offering customer banking services and is the oldest 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 obtained the institution and its subsidiaries on November 16, 1998.
Prior to its acquisition, the bank was a significant public bank offering affordable banking services to Singaporeans. DBS Bank tries to continue this tradition by assuring to keep expenses low for basic savings accounts, and to exempt children, full-time students listed below the age of 21 years and full-time National Servicemen from bank charges.
Idea Regarding Acquiring Personal Loans In Singapore
If you are planning to take a significant loan, do never get a personal loan from a bank a couple of months prior to the major loan. This will affect you.
When you take a bank loan for a vehicle or house, a crucial aspect is your DSR (Debt Servicing Ratio ). This determines what portion of your earnings can go into paying back the real estate or vehicle loan, including other overheads (e.g. repayment for other individual loans).
So a DSR of 50% implies your loan payments, plus repayments of other loans you have, cannot go beyond 50% of your income.Just for reference, most banks permit 40% DSR for a home, and 30% DSR for a automobile.
Specific Loans Are Cheaper – Take out a particular loan where you take a renovation loan for your renovation requirements and a car loan for your cars and truck. It is not wise to take out a individual loan for your cars and truck or renovation needs. When it concerns 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 personal loans. Such loans are riskier for the banks and they have a higher interest rate for individual loans. Due to the nature of such personal loans, it is not recommended to take individual loans except for emergency situation scenarios.