Based 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.Headquartered in the General Post Office Building, in Raffles Location, the bank was under the jurisdiction of the Postmaster-General, with bank policies overseen by a group of trustees selected by the Governor of the Straits Settlement. From 1877 to 1940, the bank had a steady growth of accounts opened increasing from 211 to 57,000 while total deposits increased from 19,862 to 14.3 million Straits dollars throughout the same period.
Advice With respect to Securing Personal Loans In Singapore
If you are planning to take a major loan, do not ever get a personal loan from a bank a few months prior to the major loan. This will affect you.
If you are taking a loan from the bank for a house or vehicle, it is very important to note your Debt Servicing Ratio which is a step of the percentage of your regular income towards the payment of your automobile or home loan.
So a DSR of 50% implies your loan repayments, plus payments of other loans you have, can’t surpass 50% of your income.Just for recommendation, the majority of banks permit 40% DSR for a home, and 30% DSR for a cars and truck.
Specific Loans Are Cheaper – Take out a specific loan where you take a renovation loan for your renovation requirements and a auto loan for your vehicle. It is not wise to secure a personal loan for your cars and truck or renovation requirements. When it concerns banks, specific loans’ interest rates are lower.
When it comes to personal loans, they are unsecured where you have absolutely nothing to back the loans if you can not repay the banks. Such loans are riskier for the banks and they have a higher rates of interest for personal loans. Due to the nature of such personal loans, it is not recommended to take individual loans except for emergency situation scenarios.