Based on January 1, 1877 as the Post Office Savings Bank (POSB), the bank became part of the Postal Provider Department in the Straits Settlements and was set up by the colonial federal government to supply banking services for lower-income citizens.Following the end of The second world war and the dissolvement of the Straits Settlement, the 1948 Savings Bank Regulation came into impact and in 1949, POSB was separated from the other post office savings banks in Malaya, with the bank’s assets and liabilities divided 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.
Recommendation Regarding Securing Personal Loans In Singapore
Do not utilize individual loans as alternative business loans. You need to just take a personal loan to ease flow problems
A DSR of 50% implies your loan repayments, plus repayments of any other loans you have, can’t exceed 50% of your income.Just for recommendation, the majority of banks allow 40% DSR for a house, and 30% DSR for a vehicle.
Most individual loans are unsecured. As in, there’s no collateral behind them. And given that the issuing banks have no security, they’ll compensate by boosting rates of interest.
Loans Get Cheaper As the Loan Gets More Specific – So when it pertains to getting loans, be as particular as you can. Don’t take a individual loan to renovate your home, not when there’s a renovation loan plan. Do not take a personal loan to pay for your education, when there’s an education loan package.
If you are planning to take a significant loan, do not ever get a personal loan from a bank a couple of months before the major loan. This will impact you.
If you are taking a loan from the bank for a home or vehicle, it is necessary to note your Debt Servicing Ratio which is a procedure of the portion of your routine income towards the repayment of your cars and truck or house loan.
That implies you must never ever take a personal loan without understanding of precisely when and how you’ll pay it back.
In order to encourage you, specific loan packages frequently have lower interest rates. Individual loans tend to charge interest of about 6% to 8%, whereas particular loans (renovation loans, education loans, etc).