Oversea-Chinese Banking Corporation Limited, abbreviated as OCBC Bank, is an openly noted financial services organisation with its head workplace in Singapore. Openly listed, OCBC Bank’s biggest shareholder is the Lee Group of Companies.
OCBC’s Indonesia subsidiary, Bank OCBC NISP, has 630 branches and offices
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 expanded its operations and became the biggest bank in South East Asia.
Recommendation Regarding Securing Personal Loans In Singapore
Never ever take individual loans 2 to 3 months before another significant loan. To puts it simply, no personal loans if you’re meaning to buy a car, house, etc.
If you are taking a loan from the bank for a home or car, it is very important to note your Debt Servicing Ratio which is a procedure of the percentage of your regular earnings towards the repayment of your car or home loan.
A DSR of 50% suggests your loan payments, plus payments of any other loans you have, can’t go beyond 50% of your income.Just for recommendation, many banks permit 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 car loan for your cars and truck. It is not smart to take out a personal loan for your automobile or renovation requirements. When it pertains to banks, specific loans’ rate of interest are lower.
When it comes to individual loans, they are unsecured where you have nothing to back the loans if you can not repay the banks. Such loans are riskier for the banks and they have a greater rate of interest for individual loans. Due to the nature of such individual loans, it is not advisable to take individual loans except for emergency situation scenarios.