Established 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 federal 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 Regulation came into result and in 1949, POSB was separated from the other post office savings banks in Malaya, with the bank’s liabilities and properties split 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.
Suggestion With respect to Getting Personal Loans In Singapore
If you are preparing to take a major loan, do not ever secure a individual loan from a bank a few months before the significant loan. This will impact you.
A key aspect is your DSR (Debt Servicing Ratio)when you take a bank loan for a automobile or house. This measures exactly what percentage of your income can enter into repaying the real estate or car loan, consisting of other overheads (e.g. payment for other individual loans).
Particular Loans Are Cheaper – Take out a specific loan where you take a renovation loan for your renovation needs and a vehicle loan for your car. It is not a good idea to secure a individual loan for your automobile or renovation needs. When it comes to banks, particular loans’ rates of interest are lower.
When it comes to personal loans, they are unsecured where you have 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 individual loans, it is not a good idea to take individual loans except for emergency situation scenarios.
To puts it simply, a Debt Servicing Ratio of 50% indicates that your debt obligation can not exceed 50% of your income. As a guide, the majority of banks enable 40% Debt Servicing Ratio for a house and 30% for a vehicle loan.