Oversea-Chinese Banking Corporation Limited, abbreviated as OCBC Bank, is an openly noted financial services organisation with its head office in Singapore. Openly noted, OCBC Bank’s largest investor is the Lee Group of Companies.
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 broadened its operations and became the biggest bank in South East Asia.
Suggestion With respect to Acquiring Personal Loans In Singapore
Never take personal loans two to three months before another significant loan. In other words, no individual loans if you’re planning to purchase a vehicle, house, and so on.
When you take a bank loan for a automobile or home, a key aspect is your DSR (Debt Servicing Ratio ). This determines what percentage of your income can go into paying back the housing or vehicle loan, consisting of other overheads (e.g. repayment for other personal loans).
So a DSR of 50% suggests your loan payments, plus payments of any other loans you have, cannot surpass 50% of your income.Just for recommendation, the majority of banks enable 40% DSR for a home, and 30% DSR for a car.
Particular Loans Are Cheaper – Take out a particular loan where you take a renovation loan for your renovation needs and a auto loan for your vehicle. It is not a good idea to get a individual loan for your car or renovation needs. When it pertains to banks, specific loans’ interest rates are lower.
When it comes to 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 greater rates of interest for personal loans. Due to the nature of such individual loans, it is not recommended to take personal loans except for emergency situations.