Founded 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 set up by the colonial federal government to offer banking services for lower-income citizens.Following completion of The second world war 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 office savings banks in Malaya, with the bank’s liabilities and properties divided 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.
Suggestion With respect to Acquiring Personal Loans In Singapore
Never ever take personal loans two to three months prior to another significant loan. Simply puts, no individual loans if you’re intending to buy a vehicle, house, etc.
A essential element is your DSR (Debt Servicing Ratio)when you take a bank loan for a automobile or home. This determines exactly what percentage of your earnings can go into paying back the housing or auto loan, consisting of other overheads (e.g. repayment for other personal loans).
In other words, a Debt Servicing Ratio of 50% implies that your debt obligation can not go beyond 50% of your earnings. As a guide, many banks allow 40% Debt Servicing Ratio for a house and 30% for a vehicle loan
Loans Get Cheaper As the Loan Gets More Specific – So when it comes to getting loans, be as particular as you can. Do not take a personal loan to renovate your house, not when there’s a renovation loan bundle. Don’t take a personal loan to spend for your education, when there’s an education loan package.
In order to encourage you, particular loan plans often have lower rate of interest. Individual loans have the tendency to charge interest of about 6% to 8%, whereas particular loans (renovation loans, education loans, etc). have rates as low as 2%. Ask the banker to match a plan to your requirements.
A lot of personal loans are unsecured. As in, there’s no collateral behind them. And because the issuing banks have no security, they’ll compensate by boosting rate of interest.
That indicates you need to never ever take a individual loan without knowledge of precisely when and how you’ll pay it back.
Don’t use individual loans as alternative business loans. You need to only take a personal loan to relieve issues.