Founded on January 1, 1877 as the Post Office Savings Bank (POSB), the bank became 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.Following the end of World War II and the dissolvement of the Straits Settlement, the 1948 Savings Bank Regulation entered into impact and in 1949, POSB was separated from the other post office savings banks in Malaya, with the bank’s liabilities and possessions 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.
Tips When it comes to Obtaining Personal Loans In Singapore
If you are preparing to take a major loan, do never secure a individual loan from a bank a few months before the major loan. This will impact you.
They are unsecured where you have absolutely nothing to back the loans if you can not repay the banks when it comes to individual loans. Such loans are riskier for the banks and they have a greater rate of interest for individual loans. Due to the nature of such individual loans, it is not a good idea to take personal loans except for emergency situations.
Specific Loans Are Cheaper – Take out a specific loan where you take a renovation loan for your renovation needs and a auto loan for your vehicle. It is not smart to take out a personal loan for your car or renovation requirements. When it comes to banks, specific loans’ interest rates are lower.
A DSR of 50% means your loan payments, plus payments of any other loans you have, can’t go beyond 50% of your income.Just for referral, many banks enable 40% DSR for a home, and 30% DSR for a cars and truck.
If you are taking a loan from the bank for a home or vehicle, it is important to note your Debt Servicing Ratio which is a measure of the portion of your regular income to the payment of your vehicle or home loan.