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 set up by the colonial government to supply banking services for lower-income citizens.Headquartered in the General Post Office Structure, in Raffles Place, the bank was under the jurisdiction of the Postmaster-General, with bank policies managed by a group of trustees selected by the Guv of the Straits Settlement. From 1877 to 1940, the bank had a steady growth of accounts opened increasing from 211 to 57,000 while overall deposits increased from 19,862 to 14.3 million Straits dollars throughout the exact same period.
Suggestion With respect to Securing Personal Loans In Singapore
They are unsecured where you have absolutely nothing to back the loans if you can not pay back the banks when it comes to individual loans. Such loans are riskier for the banks and they have a higher rates of interest for personal loans. Due to the nature of such individual loans, it is not recommended to take individual loans except for emergency situation scenarios.
If you are taking a loan from the bank for a house or automobile, it is necessary to note your Debt Servicing Ratio which is a step of the portion of your regular income towards the repayment of your automobile or house loan.
If you are planning to take a major loan, do not ever secure a personal loan from a bank a couple of months before the major loan. This will affect you.
Particular Loans Are Cheaper – Take out a particular loan where you take a renovation loan for your renovation needs and a car loan for your automobile. It is not a good idea to secure a individual loan for your cars and truck or renovation requirements. When it concerns banks, particular loans’ interest rates are lower.
In other words, a Debt Servicing Ratio of 50% suggests that your debt responsibility can not go beyond 50% of your income. As a guide, most banks allow 40% Debt Servicing Ratio for a house and 30% for a vehicle loan.