Established on January 1, 1877 as the Post Office Cost savings Bank (POSB), the bank was part of the Postal Services Department in the Straits Settlements and was set up by the colonial government to offer 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 cost savings banks in Malaya, with the bank’s possessions and liabilities split 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 For Acquiring Personal Loans In Singapore
If you are preparing to take a significant loan, do never get a personal loan from a bank a couple of months prior to the major loan. This will impact you.
When you take a bank loan for a vehicle or home, a key factor is your DSR (Debt Servicing Ratio ). This determines what portion of your earnings can go into repaying the real estate or car loan, consisting of other overheads (e.g. payment for other personal loans).
So a DSR of 50% indicates your loan repayments, plus repayments of other loans you have, cannot surpass 50% of your income.Just for referral, most banks enable 40% DSR for a house, and 30% DSR for a cars and truck.
Particular Loans Are Cheaper – Take out a specific loan where you take a renovation loan for your renovation needs and a car loan for your cars and truck. It is not wise to secure a personal loan for your car or renovation requirements. When it concerns banks, particular loans’ interest rates are lower.
They are unsecured where you have 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 rate of interest for personal loans. Due to the nature of such individual loans, it is not advisable to take personal loans except for emergency circumstances.