Founded on January 1, 1877 as the Post Office Savings Bank (POSB), the bank belonged to the Postal Solutions Department in the Straits Settlements and was set up by the colonial government to supply banking services for lower-income citizens.Following the end of The second world war and the dissolvement of the Straits Settlement, the 1948 Savings Bank Ordinance entered result and in 1949, POSB was separated from the other post office savings banks in Malaya, with the bank’s possessions and liabilities split in between Singapore and the Federated Malay States.  After the separation from 1949 to 1955, overall 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.
Tips With regard to Acquiring Personal Loans In Singapore
Never take personal loans two to three months before another significant loan. In other words, no personal loans if you’re meaning to purchase a vehicle, home, etc.
Particular Loans Are Cheaper – Take out a particular loan where you take a renovation loan for your renovation requirements and a auto loan for your automobile. It is not a good idea to get a individual loan for your vehicle or renovation needs. When it concerns banks, particular loans’ interest rates are lower.
If you are taking a loan from the bank for a home or cars and truck, it is important to note your Debt Servicing Ratio which is a procedure of the percentage of your routine income towards the repayment of your automobile or house loan.
A DSR of 50% suggests your loan payments, plus payments of any other loans you have, can’t surpass 50% of your income.Just for referral, a lot of banks permit 40% DSR for a house, and 30% DSR for a automobile.
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 higher rate of interest for individual loans. Due to the nature of such personal loans, it is not recommended to take personal loans except for emergency situation scenarios.