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 provide banking services for lower-income citizens.Headquartered in the General Post Office Building, 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 Guv of the Straits Settlement. From 1877 to 1940, the bank had a steady growth of accounts opened increasing from 211 to 57,000 while total deposits increased from 19,862 to 14.3 million Straits dollars throughout the very same duration.
Tips With regard to Securing Personal Loans In Singapore
If you are taking a loan from the bank for a home or vehicle, it is essential to note your Debt Servicing Ratio which is a measure of the portion of your regular earnings towards the payment of your automobile or home loan.
Simply puts, a Debt Servicing Ratio of 50% indicates that your debt obligation can not surpass 50% of your earnings. As a guide, a lot of banks allow 40% Debt Servicing Ratio for a house and 30% for a auto loan
They are unsecured where you have absolutely nothing to back the loans if you can not pay back the banks when it comes to personal loans. Such loans are riskier for the banks and they have a greater rate 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.
Never take individual loans 2 to 3 months before another significant loan. In other words, no personal loans if you’re planning to purchase a vehicle, home, and so on.
Specific Loans Are Cheaper – Take out a specific loan where you take a renovation loan for your renovation requirements and a auto loan for your vehicle. It is not a good idea to take out a personal loan for your automobile or renovation requirements. When it comes to banks, particular loans’ rate of interest are lower.