Established on January 1, 1877 as the Post Workplace 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 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 came into result and in 1949, POSB was separated from the other post workplace 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, 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 For Acquiring Personal Loans In Singapore
If you are taking a loan from the bank for a home or car, it is important to note your Debt Servicing Ratio which is a procedure of the portion of your regular income towards the repayment of your vehicle or house loan.
So a DSR of 50% means your loan payments, plus payments of any other loans you have, can’t exceed 50% of your income.Just for recommendation, the majority of banks permit 40% DSR for a house, and 30% DSR for a vehicle.
When it pertains to individual 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 advisable to take individual loans except for emergency situation situations.
If you are planning to take a significant loan, do never take out a personal loan from a bank a couple of months before the major loan. This will impact you.
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 get a individual loan for your vehicle or renovation needs. When it comes to banks, specific loans’ rates of interest are lower.