Founded on January 1, 1877 as the Post Office Savings Bank (POSB), the bank became part of the Postal Services 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 Structure, in Raffles Location, the bank was under the jurisdiction of the Postmaster-General, with bank policies managed by a group of trustees selected by the Governor of the Straits Settlement. From 1877 to 1940, the bank had a stable growth of accounts opened increasing from 211 to 57,000 while total deposits increased from 19,862 to 14.3 million Straits dollars during the very same duration.
Recommendation When it comes to Taking 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 significant loan. This will impact you.
If you are taking a loan from the bank for a house or vehicle, it is essential to note your Debt Servicing Ratio which is a step of the portion of your regular income to the payment of your car or house loan.
To puts it simply, a Debt Servicing Ratio of 50% implies that your debt commitment can not surpass 50% of your earnings. As a guide, most banks enable 40% Debt Servicing Ratio for a home and 30% for a car loan
Particular Loans Are Cheaper – Take out a particular loan where you take a renovation loan for your renovation needs and a auto loan for your vehicle. It is not wise to take out a individual loan for your car or renovation needs. When it concerns 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 interest rate for personal loans. Due to the nature of such individual loans, it is not recommended to take individual loans except for emergency scenarios.