Founded on January 1, 1877 as the Post Office Savings Bank (POSB), the bank became part of the Postal Services Department in the Straits Settlements and was established by the colonial federal government to provide 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 entered impact and in 1949, POSB was separated from the other post office savings banks in Malaya, with the bank’s liabilities and possessions divided 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.
Idea With respect to Acquiring Personal Loans In Singapore
Specific Loans Are Cheaper – Take out a particular loan where you take a renovation loan for your renovation requirements and a vehicle loan for your car. It is not a good idea to take out a individual loan for your car or renovation requirements. When it comes to banks, particular loans’ rate of interest are lower.
A DSR of 50% indicates your loan repayments, plus repayments of any other loans you have, cannot surpass 50% of your income.Just for reference, the majority of banks permit 40% DSR for a house, and 30% DSR for a vehicle.
If you are taking a loan from the bank for a home or vehicle, it is important to note your Debt Servicing Ratio which is a procedure of the portion of your regular earnings towards the payment of your automobile or house loan.
If you are preparing to take a major loan, do never take out a personal loan from a bank a few months prior to the major loan. This will affect you.
They are unsecured where you have nothing to back the loans if you can not repay the banks when it comes to individual loans. Such loans are riskier for the banks and they have a greater rate of interest for personal loans. Due to the nature of such individual loans, it is not advisable to take individual loans except for emergency situation scenarios.