Oversea-Chinese Banking Corporation Limited, abbreviated as OCBC Bank, is a publicly listed financial services organisation with its head office in Singapore. Openly listed, OCBC Bank’s biggest shareholder is the Lee Group of Business.
OCBC’s Indonesia subsidiary, Bank OCBC NISP, has 630 workplaces and branches
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 leadership of Tan Ean Kiam and Lee Kong Chian. In the subsequent decades, the bank expanded its operations and became the biggest bank in South East Asia.
Recommendation With regards to Obtaining Personal Loans In Singapore
Never take individual loans 2 to 3 months before another significant loan. In other words, no individual loans if you’re planning to buy a cars and truck, house, etc.
If you are taking a loan from the bank for a home or cars and truck, it is necessary to note your Debt Servicing Ratio which is a procedure of the portion of your routine income to the repayment of your automobile or house loan.
In other words, a Debt Servicing Ratio of 50% suggests that your debt obligation can not surpass 50% of your income. As a guide, the majority of banks enable 40% Debt Servicing Ratio for a home and 30% for a car loan
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 automobile. It is not smart to get a individual loan for your automobile or renovation needs. When it concerns banks, specific loans’ rate of interest are lower.
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 higher interest rate for individual loans. Due to the nature of such individual loans, it is not advisable to take personal loans except for emergency situation scenarios.