Based 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 supply banking services for lower-income citizens.Following completion of The second world war and the dissolvement of the Straits Settlement, the 1948 Savings Bank Regulation entered 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.
Recommendation For Obtaining Personal Loans In Singapore
They are unsecured where you have 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 higher interest rate for personal loans. Due to the nature of such personal loans, it is not advisable 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 requirements and a auto loan for your car. It is not a good idea to get a personal loan for your vehicle or renovation requirements. When it pertains to banks, particular loans’ interest rates are lower.
When you take a bank loan for a cars and truck or house, a essential aspect is your DSR (Debt Servicing Ratio ). This measures what percentage of your income can go into paying back the housing or car loan, including other overheads (e.g. payment for other individual loans).
So a DSR of 50% means your loan repayments, plus payments of other loans you have, can’t surpass 50% of your income.Just for recommendation, a lot of banks permit 40% DSR for a home, and 30% DSR for a car.
If you are preparing to take a significant loan, do not ever get a individual loan from a bank a couple of months before the significant loan. This will impact you.