POSB Bank (or simply called POSB) is a Singaporean bank offering consumer 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 got the institution and its subsidiaries on November 16, 1998.
Prior to its acquisition, the bank was a major public bank offering inexpensive banking services to Singaporeans. DBS Bank tries to continue this custom by assuring to keep costs low for fundamental savings accounts, and to exempt children, full-time students below the age of 21 years and full-time National Servicemen from bank charges.
Tips With regards to Securing Personal Loans In Singapore
If you are planning to take a major loan, do not ever take out a individual loan from a bank a couple of months prior to the significant loan. This will affect you.
If you are taking a loan from the bank for a home or car, it is necessary to note your Debt Servicing Ratio which is a procedure of the portion of your regular earnings to the payment of your car or house loan.
To puts it simply, a Debt Servicing Ratio of 50% means that your debt commitment can not go beyond 50% of your income. As a guide, the majority of banks allow 40% Debt Servicing Ratio for a house and 30% for a auto loan
Loans Get Cheaper As the Loan Gets More Specific – So when it comes to getting loans, be as particular as you can. Don’t take a individual loan to remodel your house, not when there’s a renovation loan package. Don’t take a personal loan to spend for your education, when there’s an education loan bundle.
In order to motivate you, specific loan packages often have lower rates of interest. Individual loans tend to charge interest of about 6% to 8%, whereas specific loans (renovation loans, education loans, etc). have rates as low as 2%. Ask the banker to match a package to your needs.
A lot of personal loans are unsecured. As in, there’s no collateral behind them. And since the providing banks have no security, they’ll compensate by jacking up rate of interest.
Once you aren’t certain you’ll pay it back, that implies you must never take a personal loan without understanding of precisely.
Do not utilize personal loans as alternative business loans. Don’t utilize them to trade on Forex. Do not use them to buy high threat equities. You must only take a personal loan to reduce cash flow issues.