Established on January 1, 1877 as the Post Workplace Savings Bank (POSB), the bank was part of the Postal Solutions 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 World War II and the dissolvement of the Straits Settlement, the 1948 Cost savings Bank Ordinance came into effect and in 1949, POSB was separated from the other post office cost savings banks in Malaya, with the bank’s liabilities and possessions 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.
Idea When it comes to Obtaining Personal Loans In Singapore
Never take personal loans 2 to 3 months before another major loan. Simply puts, no individual loans if you’re intending to purchase a vehicle, house, and so on.
A DSR of 50% suggests your loan repayments, plus repayments of any other loans you have, can’t surpass 50% of your income.Just for reference, the majority of banks allow 40% DSR for a home, and 30% DSR for a vehicle.
When it concerns personal loans, they are unsecured where you have nothing to back the loans if you can not repay the banks. Such loans are riskier for the banks and they have a higher rate of interest for personal loans. Due to the nature of such individual loans, it is not a good idea to take personal loans except for emergency situation circumstances.
Specific Loans Are Cheaper – Take out a particular loan where you take a renovation loan for your renovation needs and a car loan for your car. It is not smart to get a individual loan for your automobile or renovation requirements. When it comes to banks, particular loans’ rate of interest are lower.
If you are taking a loan from the bank for a home or automobile, it is necessary to note your Debt Servicing Ratio which is a measure of the percentage of your regular income to the repayment of your cars and truck or home loan.