Oversea-Chinese Banking Corporation Limited, abbreviated as OCBC Bank, is an openly noted monetary services organisation with its head office in Singapore. Openly noted, OCBC Bank’s biggest investor is the Lee Group of Business.
OCBC’s Indonesia subsidiary, Bank OCBC NISP, has 630 offices and branches
In 1932, 3 banks– Chinese Commercial Bank (1912), Ho Hong Bank (1917), and Oversea-Chinese Bank (1919), combined to form Oversea-Chinese Banking Corporation under the leadership of Tan Ean Kiam and Lee Kong Chian. In the subsequent years, the bank expanded its operations and ended up being the biggest bank in South East Asia.
Suggestion With respect to Obtaining Personal Loans In Singapore
Do not ever take out a personal loan from a bank a couple of months prior to the significant loan if you are preparing to take a major loan. This will impact you.
If you are taking a loan from the bank for a house or automobile, it is necessary to note your Debt Servicing Ratio which is a procedure of the percentage of your routine income to the payment of your vehicle or home loan.
In other words, a Debt Servicing Ratio of 50% indicates that all your debt obligation can not exceed 50% of your earnings. As a guide, a lot of banks allow 40% Debt Servicing Ratio for a home and 30% for a car loan
Particular Loans Are Cheaper – Take out a particular loan where you take a renovation loan for your renovation requirements and a vehicle loan for your car. It is not wise to take out a personal loan for your automobile or renovation requirements. When it concerns banks, particular loans’ rate of interest are lower.
They are unsecured where you have 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 higher rates of interest for individual loans. Due to the nature of such personal loans, it is not advisable to take personal loans except for emergency situations.