Based on January 1, 1877 as the Post Office Savings Bank (POSB), the bank was part of the Postal Services Department in the Straits Settlements and was established by the colonial federal government to supply banking services for lower-income citizens.Following completion of World War II and the dissolvement of the Straits Settlement, the 1948 Savings Bank Ordinance entered into result and in 1949, POSB was separated from the other post office savings banks in Malaya, with the bank’s possessions and liabilities split 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.
Recommendation With regards to Taking Personal Loans In Singapore
When it concerns 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 personal loans. Due to the nature of such individual loans, it is not recommended to take personal loans except for emergency situation scenarios.
To puts it simply, a Debt Servicing Ratio of 50% suggests that your debt obligation can not go beyond 50% of your earnings. As a guide, most banks enable 40% Debt Servicing Ratio for a home and 30% for a car loan
If you are taking a loan from the bank for a house or vehicle, it is important to note your Debt Servicing Ratio which is a step of the portion of your routine income to the payment of your cars and truck or home loan.
Specific Loans Are Cheaper – Take out a particular loan where you take a renovation loan for your renovation requirements and a vehicle loan for your vehicle. It is not wise to secure a individual loan for your automobile or renovation needs. When it pertains to banks, particular loans’ rates of interest are lower.
Never take personal loans two to three months prior to another major loan. In other words, no personal loans if you’re planning to purchase a car, house, and so on.