Oversea-Chinese Banking Corporation Limited, abbreviated as OCBC Bank, is a publicly listed financial services organisation with its head office in Singapore. The “Oversea-Chinese” usage leads many to think mistakenly that the bank’s name is misspelled, but this is the correct conventional spelling. It is asserted that this is the correct spelling, “oversea” rather than “abroad”, which is the correct use of the word in generic English, sounds unpleasant and awkward to native English speakers. The bank’s worldwide network has grown to comprise subsidiaries, branches, and representative workplaces in 18 nations and territories. It has retail banking subsidiaries in Malaysia, Indonesia, Hong Kong, and China, and branches in China, Hong Kong, Japan, Australia, the UK and US. OCBC’s Indonesia subsidiary, Bank OCBC NISP, has 630 workplaces and branches
OCBC’s Indonesia subsidiary, Bank OCBC NISP, has 630 branches and workplaces
In 1932, 3 banks– Chinese Commercial Bank (1912), Ho Hong Bank (1917), and Oversea-Chinese Bank (1919), merged to form Oversea-Chinese Banking Corporation under the management of Tan Ean Kiam and Lee Kong Chian. In the subsequent decades, the bank expanded its operations and ended up being the largest bank in South East Asia.
Recommendation With regard to Taking Personal Loans In Singapore
If you are preparing to take a major loan, do never secure a personal loan from a bank a couple of months prior to the major loan. This will impact you.
If you are taking a loan from the bank for a home or vehicle, it is important to note your Debt Servicing Ratio which is a procedure of the portion of your routine income towards the repayment of your cars and truck or home loan.
Simply puts, a Debt Servicing Ratio of 50% implies that your debt responsibility can not go beyond 50% of your earnings. As a guide, many banks enable 40% Debt Servicing Ratio for a home and 30% for a vehicle loan
Specific Loans Are Cheaper – Take out a specific loan where you take a renovation loan for your renovation requirements and a vehicle loan for your car. It is not wise to get a personal loan for your cars and truck or renovation needs. When it comes to banks, specific loans’ rates of interest are lower.
They are unsecured where you have absolutely nothing to back the loans if you can not repay the banks when it comes to personal loans. Such loans are riskier for the banks and they have a greater rates of interest for individual loans. Due to the nature of such individual loans, it is not recommended to take individual loans except for emergency situation circumstances.