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 set up by the colonial government to supply banking services for lower-income citizens.Following the end of The second world war and the dissolvement of the Straits Settlement, the 1948 Savings Bank Regulation came 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 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.
Suggestion With regards to Obtaining Personal Loans In Singapore
Particular Loans Are Cheaper – Take out a specific loan where you take a renovation loan for your renovation needs and a vehicle loan for your car. It is not wise to get a individual loan for your car or renovation needs. When it concerns banks, particular loans’ rates of interest are lower.
A crucial element is your DSR (Debt Servicing Ratio)when you take a bank loan for a car or home. This measures exactly what percentage of your earnings can enter into repaying the real estate or auto loan, consisting of other overheads (e.g. payment for other individual loans).
Never take individual loans two to three months prior to another major loan. To puts it simply, no individual loans if you’re intending to purchase a vehicle, home, etc.
When it comes to individual loans, they are unsecured where you have absolutely nothing to back the loans if you can not repay the banks. 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 situation situations.
Simply puts, a Debt Servicing Ratio of 50% indicates that all your debt obligation can not surpass 50% of your income. As a guide, most banks allow 40% Debt Servicing Ratio for a house and 30% for a auto loan.