Founded on January 1, 1877 as the Post Office Savings Bank (POSB), the bank was part of the Postal Provider Department in the Straits Settlements and was established by the colonial 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 Savings Bank Ordinance entered into impact and in 1949, POSB was separated from the other post office savings banks in Malaya, with the bank’s properties and liabilities divided between Singapore and the Federated Malay States.  After the separation from 1949 to 1955, total 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.
Advice With regard to Getting Personal Loans In Singapore
If you are planning to take a major loan, do not ever take out a individual loan from a bank a couple of months before the major loan. This will impact you.
Particular Loans Are Cheaper – Take out a specific loan where you take a renovation loan for your renovation requirements and a vehicle loan for your automobile. It is not wise to get a individual loan for your car or renovation requirements. When it pertains to banks, particular loans’ interest rates are lower.
A DSR of 50% indicates your loan payments, plus repayments of any other loans you have, cannot go beyond 50% of your income.Just for referral, the majority of banks permit 40% DSR for a home, and 30% DSR for a automobile.
If you are taking a loan from the bank for a house or automobile, it is necessary to note your Debt Servicing Ratio which is a procedure of the portion of your regular earnings to the payment of your cars and truck or home loan.
They are unsecured where you have absolutely nothing to back the loans if you can not pay back the banks when it comes to individual loans. Such loans are riskier for the banks and they have a greater rate of interest for personal loans. Due to the nature of such personal loans, it is not suggested to take individual loans except for emergency situation circumstances.