Oversea-Chinese Banking Corporation Limited, abbreviated as OCBC Bank, is a publicly noted monetary services organisation with its head office in Singapore. Publicly 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, three 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 broadened its operations and became the biggest bank in South East Asia.
Tips With regards to Obtaining Personal Loans In Singapore
Never take personal loans two to three months prior to another significant loan. Simply puts, no individual loans if you’re planning to buy a automobile, home, etc.
When you take a bank loan for a cars and truck or home, a crucial element is your DSR (Debt Servicing Ratio ). This determines what percentage of your income can go into repaying the housing or car loan, including other overheads (e.g. payment for other individual loans).
In other words, a Debt Servicing Ratio of 50% indicates that your debt responsibility can not go beyond 50% of your income. As a guide, most banks permit 40% Debt Servicing Ratio for a house 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 automobile. It is not smart to secure a personal loan for your automobile or renovation requirements. When it concerns banks, specific loans’ interest rates are lower.
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 interest rate for individual loans. Due to the nature of such personal loans, it is not advisable to take personal loans except for emergency circumstances.