Oversea-Chinese Banking Corporation Limited, abbreviated as OCBC Bank, is a publicly noted financial services organisation with its head workplace in Singapore. Openly listed, OCBC Bank’s largest investor is the Lee Group of Business.
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 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.
Recommendation With regards to Securing Personal Loans In Singapore
Never take individual loans 2 to 3 months prior to another major loan. Simply puts, no individual loans if you’re intending to buy a car, home, etc.
A essential aspect is your DSR (Debt Servicing Ratio)when you take a bank loan for a vehicle or house. This determines exactly what portion of your income can enter into repaying the housing or auto loan, including other overheads (e.g. payment for other individual loans).
So a DSR of 50% suggests your loan payments, plus payments of any other loans you have, cannot go beyond 50% of your income.Just for reference, many banks enable 40% DSR for a house, and 30% DSR for a vehicle.
Specific Loans Are Cheaper – Take out a particular loan where you take a renovation loan for your renovation requirements and a vehicle loan for your cars and truck. It is not smart to get a personal loan for your cars and truck or renovation requirements. When it concerns banks, particular loans’ interest rates are lower.
When it concerns individual loans, they are unsecured where you have 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 rate of interest for personal loans. Due to the nature of such personal loans, it is not recommended to take individual loans except for emergency situation scenarios.