Based on January 1, 1877 as the Post Office Savings Bank (POSB), the bank was part of the Postal Services 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 The second world war and the dissolvement of the Straits Settlement, the 1948 Savings Bank Ordinance entered into result and in 1949, POSB was separated from the other post office savings banks in Malaya, with the bank’s liabilities and assets 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.
Idea Regarding Securing Personal Loans In Singapore
To puts it simply, a Debt Servicing Ratio of 50% means that all your debt responsibility can not go beyond 50% of your earnings. As a guide, a lot of banks allow 40% Debt Servicing Ratio for a house and 30% for a auto loan
Specific Loans Are Cheaper – Take out a particular loan where you take a renovation loan for your renovation requirements and a auto loan for your automobile. It is not wise to get a individual loan for your vehicle or renovation requirements. When it comes to banks, particular loans’ interest rates are lower.
A essential element is your DSR (Debt Servicing Ratio)when you take a bank loan for a vehicle or house. This measures what portion of your income can enter into repaying the real estate or car loan, including other overheads (e.g. repayment for other personal loans).
They are unsecured where you have nothing to back the loans if you can not pay back the banks when it comes to personal loans. Such loans are riskier for the banks and they have a greater interest rate for individual loans. Due to the nature of such personal loans, it is not advisable to take personal loans except for emergency situation scenarios.
Never take personal loans two to three months before another significant loan. Simply puts, no personal loans if you’re intending to buy a car, house, etc.