Founded on January 1, 1877 as the Post Office Savings Bank (POSB), the bank belonged to the Postal Services Department in the Straits Settlements and was established by the colonial government to provide 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 effect and in 1949, POSB was separated from the other post office savings banks in Malaya, with the bank’s possessions and liabilities 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.
Recommendation Regarding Taking Personal Loans In Singapore
A DSR of 50% suggests your loan repayments, plus payments of any other loans you have, cannot surpass 50% of your income.Just for reference, most banks permit 40% DSR for a house, and 30% DSR for a automobile.
Never take personal loans two to three months before another significant loan. Simply puts, no personal loans if you’re intending to buy a cars and truck, home, and so on.
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 greater rates of interest for personal loans. Due to the nature of such personal loans, it is not a good idea to take individual loans except for emergency scenarios.
When you take a bank loan for a vehicle or home, a essential factor is your DSR (Debt Servicing Ratio ). This measures exactly what portion of your income can go into repaying the housing or auto loan, including other overheads (e.g. repayment for other personal loans).
Specific Loans Are Cheaper – Take out a particular loan where you take a renovation loan for your renovation needs and a auto loan for your automobile. It is not wise to take out a individual loan for your car or renovation requirements. When it comes to banks, particular loans’ interest rates are lower.