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 federal government to supply banking services for lower-income citizens.Headquartered in the General Post Office Building, in Raffles Place, the bank was under the jurisdiction of the Postmaster-General, with bank policies supervised by a group of trustees appointed by the Governor 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 during the same duration.
Tips With regards to Securing Personal Loans In Singapore
Never ever take personal loans 2 to 3 months before another significant loan. To puts it simply, no individual loans if you’re intending to buy a cars and truck, house, and so on.
They are unsecured where you have nothing to back the loans if you can not repay the banks when it comes to personal loans. Such loans are riskier for the banks and they have a greater interest rate for personal loans. Due to the nature of such individual loans, it is not advisable to take personal loans except for emergency circumstances.
So a DSR of 50% suggests your loan payments, plus repayments of other loans you have, cannot surpass 50% of your income.Just for recommendation, most banks enable 40% DSR for a home, and 30% DSR for a cars and truck.
Specific Loans Are Cheaper – Take out a particular loan where you take a renovation loan for your renovation requirements and a car loan for your car. It is not a good idea to take out a personal loan for your vehicle or renovation requirements. When it comes to banks, specific loans’ rate of interest are lower.
If you are taking a loan from the bank for a house or cars and truck, it is important to note your Debt Servicing Ratio which is a measure of the portion of your regular income towards the payment of your vehicle or house loan.