Founded on January 1, 1877 as the Post Office Savings Bank (POSB), the bank was part of the Postal Provider Department in the Straits Settlements and was set up by the colonial government to provide banking services for lower-income citizens.Following the end of World War II 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 assets 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.
Tips Regarding Acquiring Personal Loans In Singapore
Never ever take personal loans two to three months before another significant loan. Simply puts, no individual loans if you’re planning to purchase a cars and truck, house, and so on.
If you are taking a loan from the bank for a house or cars and truck, it is essential to note your Debt Servicing Ratio which is a step of the portion of your regular income to the repayment of your vehicle or home loan.
In other words, a Debt Servicing Ratio of 50% suggests that your debt commitment can not surpass 50% of your income. As a guide, the majority of banks enable 40% Debt Servicing Ratio for a home and 30% for a vehicle loan
Particular Loans Are Cheaper – Take out a specific loan where you take a renovation loan for your renovation requirements and a car loan for your car. It is not smart to get a individual loan for your vehicle or renovation requirements. When it concerns banks, particular loans’ interest rates are lower.
When it comes to personal 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 interest rate for personal loans. Due to the nature of such personal loans, it is not recommended to take personal loans except for emergency situations.