Founded on January 1, 1877 as the Post Office Savings Bank (POSB), the bank was part of the Postal Solutions Department in the Straits Settlements and was established by the colonial federal government to supply banking services for lower-income citizens.Following completion of The second world war and the dissolvement of the Straits Settlement, the 1948 Savings Bank Ordinance came into result and in 1949, POSB was separated from the other post office savings banks in Malaya, with the bank’s liabilities and properties divided between Singapore and the Federated Malay States.  After the separation from 1949 to 1955, total deposits of the bank increased from M$ 27.4 million to M$ 57.6 million and in 1951, the bank had its 100,000 th depositor.
Suggestion For Securing Personal Loans In Singapore
A crucial element is your DSR (Debt Servicing Ratio)when you take a bank loan for a automobile or house. This determines exactly what portion of your income can enter into paying back the housing or auto loan, including other overheads (e.g. payment for other personal loans).
They are unsecured where you have 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 greater rate of interest for individual loans. Due to the nature of such personal loans, it is not recommended to take individual loans except for emergency situations.
Specific Loans Are Cheaper – Take out a specific loan where you take a renovation loan for your renovation needs and a auto loan for your vehicle. It is not wise to secure a individual loan for your car or renovation needs. When it pertains to banks, specific loans’ interest rates are lower.
A DSR of 50% implies your loan payments, plus payments of any other loans you have, cannot go beyond 50% of your income.Just for reference, a lot of banks allow 40% DSR for a home, and 30% DSR for a vehicle.
Never take personal loans two to three months prior to another major loan. In other words, no personal loans if you’re planning to purchase a automobile, house, and so on.