Oversea-Chinese Banking Corporation Limited, abbreviated as OCBC Bank, is an openly noted financial services organisation with its head office in Singapore. The “Oversea-Chinese” usage leads many to believe erroneously that the bank’s name is misspelled, however this is the right standard spelling. OCBC’s Indonesia subsidiary, Bank OCBC NISP, has 630 branches and workplaces
OCBC’s Indonesia subsidiary, Bank OCBC NISP, has 630 branches and offices
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 years, the bank expanded its operations and became the biggest bank in South East Asia.
Idea When it comes to Taking Personal Loans In Singapore
If you are planning to take a major loan, do never get a personal loan from a bank a couple of months prior to the major loan. This will affect you.
A key factor is your DSR (Debt Servicing Ratio)when you take a bank loan for a vehicle or home. This determines what percentage of your income can enter into paying back the housing or auto loan, including other overheads (e.g. repayment for other individual loans).
So a DSR of 50% suggests your loan payments, plus repayments of other loans you have, cannot go beyond 50% of your income.Just for recommendation, a lot of banks enable 40% DSR for a house, and 30% DSR for a automobile.
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 automobile. It is not a good idea to secure a personal loan for your vehicle or renovation requirements. When it concerns banks, particular loans’ rates of interest are lower.
When it concerns personal loans, they are unsecured where you have absolutely nothing to back the loans if you can not pay back 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 personal loans, it is not a good idea to take individual loans except for emergency situations.