Based on January 1, 1877 as the Post Office Savings Bank (POSB), the bank became part of the Postal Services Department in the Straits Settlements and was set up by the colonial government to offer banking services for lower-income citizens.Following completion of World War II and the dissolvement of the Straits Settlement, the 1948 Savings Bank Ordinance came 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, 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.
Tips When it comes to Getting Personal Loans In Singapore
When you take a bank loan for a vehicle or house, a essential aspect is your DSR (Debt Servicing Ratio ). This determines exactly what portion of your earnings can go into paying back the housing or auto loan, including other overheads (e.g. repayment for other individual loans).
Do not ever take out a individual loan from a bank a couple of months before the major loan if you are preparing to take a major loan. This will impact you.
Simply puts, a Debt Servicing Ratio of 50% indicates that all your debt commitment can not exceed 50% of your income. As a guide, most banks enable 40% Debt Servicing Ratio for a house and 30% for a auto 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 personal loans. Such loans are riskier for the banks and they have a greater interest rate for personal loans. Due to the nature of such individual loans, it is not advisable to take individual loans except for emergency situation circumstances.
Specific Loans Are Cheaper – Take out a specific loan where you take a renovation loan for your renovation requirements and a car loan for your automobile. It is not smart to get a personal loan for your automobile or renovation requirements. When it pertains to banks, specific loans’ interest rates are lower.