Based on January 1, 1877 as the Post Office Savings Bank (POSB), the bank belonged to the Postal Solutions Department in the Straits Settlements and was established by the colonial federal government to offer banking services for lower-income citizens.Headquartered in the General Post Office Structure, in Raffles Place, the bank was under the jurisdiction of the Postmaster-General, with bank policies managed by a group of trustees appointed by the Governor of the Straits Settlement. From 1877 to 1940, the bank had a stable development of accounts opened increasing from 211 to 57,000 while total deposits increased from 19,862 to 14.3 million Straits dollars throughout the same period.
Suggestion With respect to Taking Personal Loans In Singapore
Do not ever take out a individual loan from a bank a couple of months before the significant loan if you are planning to take a significant loan. This will impact you.
When it comes 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 individual loans. Due to the nature of such individual loans, it is not recommended to take individual loans except for emergency circumstances.
If you are taking a loan from the bank for a house or car, it is essential to note your Debt Servicing Ratio which is a measure of the portion of your regular income to the repayment of your vehicle or home loan.
A DSR of 50% means your loan payments, plus repayments of any other loans you have, can’t go beyond 50% of your income.Just for reference, a lot of banks allow 40% DSR for a house, and 30% DSR for a automobile.
Specific Loans Are Cheaper – Take out a particular loan where you take a renovation loan for your renovation needs and a vehicle loan for your car. It is not smart to get a personal loan for your cars and truck or renovation needs. When it pertains to banks, specific loans’ rates of interest are lower.