Established on January 1, 1877 as the Post Office Cost savings Bank (POSB), the bank was part of the Postal Provider Department in the Straits Settlements and was set up by the colonial government to provide 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 cost savings banks in Malaya, with the bank’s assets and liabilities split 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.
Tips For Obtaining Personal Loans In Singapore
Never ever take individual loans 2 to 3 months before another significant loan. In other words, no individual loans if you’re planning to purchase a automobile, home, and so on.
If you are taking a loan from the bank for a house or automobile, it is very important to note your Debt Servicing Ratio which is a step of the percentage of your routine income to the repayment of your car or home loan.
To puts it simply, a Debt Servicing Ratio of 50% implies that all your debt obligation can not exceed 50% of your income. As a guide, many banks allow 40% Debt Servicing Ratio for a house and 30% for a auto loan
Particular Loans Are Cheaper – Take out a specific loan where you take a renovation loan for your renovation requirements and a car loan for your automobile. It is not a good idea to secure a individual loan for your automobile or renovation requirements. When it comes to banks, specific loans’ interest rates are lower.
When it pertains to personal loans, they are unsecured where you have 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 individual loans. Due to the nature of such individual loans, it is not recommended to take personal loans except for emergency situations.