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 set up by the colonial federal government to offer banking services for lower-income citizens.Headquartered in the General Post Office Structure, in Raffles Place, 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 consistent development of accounts opened increasing from 211 to 57,000 while overall deposits increased from 19,862 to 14.3 million Straits dollars during the same period.
Advice Regarding Securing Personal Loans In Singapore
If you are planning to take a significant loan, do never secure a individual loan from a bank a couple of months prior to the major loan. This will affect you.
If you are taking a loan from the bank for a house or cars and truck, it is very important to note your Debt Servicing Ratio which is a procedure of the portion of your regular income to the repayment of your cars and truck or home loan.
A DSR of 50% indicates your loan payments, plus repayments of any other loans you have, cannot go beyond 50% of your income.Just for referral, many banks allow 40% DSR for a home, and 30% DSR for a car.
Specific Loans Are Cheaper – Take out a particular loan where you take a renovation loan for your renovation requirements and a car loan for your car. It is not wise to take out a individual loan for your vehicle or renovation needs. When it concerns banks, particular loans’ rates of interest are lower.
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 greater rate of interest for individual loans. Due to the nature of such personal loans, it is not a good idea to take personal loans except for emergency situation scenarios.