Established 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 World War II and the dissolvement of the Straits Settlement, the 1948 Savings Bank Ordinance came into effect and in 1949, POSB was separated from the other post office savings banks in Malaya, with the bank’s properties and liabilities divided in 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.
Suggestion With regards to Taking Personal Loans In Singapore
Do not ever take out a personal loan from a bank a couple of months prior to the major loan if you are preparing to take a significant loan. This will impact you.
When it concerns personal 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 greater rates 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 scenarios.
Particular Loans Are Cheaper – Take out a particular loan where you take a renovation loan for your renovation needs and a car loan for your cars and truck. It is not a good idea to get a individual loan for your automobile or renovation needs. When it pertains to banks, specific loans’ rates of interest are lower.
If you are taking a loan from the bank for a house or cars and truck, it is important to note your Debt Servicing Ratio which is a procedure of the portion of your routine income to the repayment of your automobile or home loan.
In other words, a Debt Servicing Ratio of 50% implies that all your debt commitment can not exceed 50% of your income. As a guide, many banks permit 40% Debt Servicing Ratio for a home and 30% for a car loan.