United Overseas Bank Limited (frequently known as UOB) is a Singaporean international banking organisation locateded in Singapore on August 6, 1935, business person Wee Kheng Chiang, together with six other good friends, established the bank after raising S$ 1 million. The bank was called United Chinese Bank (UCB) to highlight its links to the Chinese population in Singapore. On October 1935, UCB opened for service in the three story Bonham Structure. In 1965, the bank was relabelled to United Overseas Bank and opened its first abroad branch in Hong Kong
Recommendation For Taking Personal Loans In Singapore
If you are preparing to take a significant loan, do never secure a individual loan from a bank a few months prior to the major loan. This will impact you.
If you are taking a loan from the bank for a home or car, it is essential to note your Debt Servicing Ratio which is a procedure of the portion of your regular income towards the payment of your cars and truck or house loan.
To puts it simply, a Debt Servicing Ratio of 50% suggests that all your debt obligation can not exceed 50% of your income. As a guide, most banks allow 40% Debt Servicing Ratio for a home and 30% for a vehicle loan
Particular Loans Are Cheaper – Take out a specific loan where you take a renovation loan for your renovation needs and a vehicle loan for your cars and truck. It is not wise to secure a individual loan for your automobile or renovation requirements. When it concerns banks, particular loans’ rate of interest are lower.
When it comes to personal loans, they are unsecured where you have 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 personal loans. Due to the nature of such individual loans, it is not a good idea to take personal loans except for emergency situation scenarios.