United Overseas Bank Limited (commonly referred to as UOB) is a Singaporean international banking organisation headquartered in Singapore, with branches primarily found in many Southeast Asian countries.UOB provides business and business banking services, personal financial services, personal banking and other asset management services, in addition to business finance, venture capital, financial investment, and insurance coverage services. It has 68 branches in Singapore and a network of more than 500 workplaces in 19 countries and territories in Asia Pacific, Western Europe and North America
Suggestion When it comes to Getting Personal Loans In Singapore
If you are preparing to take a major loan, do never get a personal loan from a bank a few months before the significant loan. This will affect you.
When you take a bank loan for a automobile or home, 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 personal loans).
A DSR of 50% means your loan repayments, plus repayments of any other loans you have, can’t surpass 50% of your income.Just for referral, many banks permit 40% DSR for a house, and 30% DSR for a automobile.
Specific Loans Are Cheaper – Take out a particular 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 personal loan for your cars and truck or renovation requirements. When it comes to banks, specific loans’ interest rates are lower.
They are unsecured where you have nothing to back the loans if you can not pay back the banks when it comes to individual loans. Such loans are riskier for the banks and they have a greater interest rate for personal loans. Due to the nature of such individual loans, it is not a good idea to take individual loans except for emergency situation scenarios.