POSB Bank (or simply known as POSB) is a Singaporean bank offering customer 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 runs as part of DBS Bank, which acquired the organization and its subsidiaries on November 16, 1998.
Prior to its acquisition, the bank was a significant public bank offering inexpensive banking services to Singaporeans. DBS Bank attempts to continue this tradition by assuring to keep expenses low for fundamental savings accounts, and to exempt kids, full-time trainees below the age of 21 years and full-time National Troop from bank charges.
Tips With respect to Securing Personal Loans In Singapore
Do not ever take out a personal loan from a bank a few months prior to the major loan if you are planning to take a significant loan. This will affect you.
A essential aspect is your DSR (Debt Servicing Ratio)when you take a bank loan for a automobile or house. This determines what portion of your earnings can enter into paying back the housing or vehicle loan, consisting of other overheads (e.g. repayment for other individual loans).
In other words, a Debt Servicing Ratio of 50% indicates that all your debt obligation can not go beyond 50% of your income. As a guide, a lot of banks allow 40% Debt Servicing Ratio for a home and 30% for a vehicle loan
Specific Loans Are Cheaper – Take out a specific loan where you take a renovation loan for your renovation requirements and a vehicle loan for your automobile. It is not a good idea to get a individual loan for your car or renovation requirements. When it comes to banks, specific loans’ rates of interest are lower.
When it pertains to individual loans, they are unsecured where you have absolutely nothing to back the loans if you can not pay back the banks. Such loans are riskier for the banks and they have a higher rates of interest for individual loans. Due to the nature of such individual loans, it is not recommended to take individual loans except for emergency situations.