Established on January 1, 1877 as the Post Office Savings Bank (POSB), the bank was part of the Postal Solutions Department in the Straits Settlements and was set up by the colonial federal government to offer 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 workplace savings banks in Malaya, with the bank’s liabilities and properties divided in 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.
Advice For Securing Personal Loans In Singapore
Never ever take personal loans 2 to 3 months before another significant loan. Simply puts, no personal loans if you’re meaning to purchase a car, house, and so on.
When you take a bank loan for a car or house, a crucial aspect is your DSR (Debt Servicing Ratio ). This measures what portion of your earnings can go into repaying the housing or auto loan, including other overheads (e.g. payment for other individual loans).
A DSR of 50% means your loan repayments, plus payments of any other loans you have, can’t exceed 50% of your income.Just for reference, many banks allow 40% DSR for a house, and 30% DSR for a vehicle.
Specific Loans Are Cheaper – Take out a specific 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 personal loan for your vehicle or renovation needs. When it concerns banks, particular loans’ rate 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 individual loans. Such loans are riskier for the banks and they have a greater interest rate for individual loans. Due to the nature of such personal loans, it is not suggested to take individual loans except for emergency scenarios.