Based on January 1, 1877 as the Post Office Savings Bank (POSB), the bank became part of the Postal Provider Department in the Straits Settlements and was established by the colonial federal 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 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 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.
Advice With regards to Getting Personal Loans In Singapore
Particular Loans Are Cheaper – Take out a specific loan where you take a renovation loan for your renovation needs and a auto loan for your cars and truck. It is not smart to get a individual loan for your cars and truck or renovation needs. When it concerns banks, particular loans’ rates of interest are lower.
A essential aspect is your DSR (Debt Servicing Ratio)when you take a bank loan for a automobile or home. This measures what percentage of your income can enter into repaying the real estate or vehicle loan, including other overheads (e.g. repayment for other personal loans).
They are unsecured where you have nothing to back the loans if you can not repay the banks when it comes to personal 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 situations.
Never take individual loans 2 to 3 months before another significant loan. Simply puts, no individual loans if you’re planning to purchase a automobile, house, etc.
So a DSR of 50% means your loan payments, plus repayments of any other loans you have, can’t go beyond 50% of your income.Just for reference, most banks enable 40% DSR for a house, and 30% DSR for a vehicle.