Oversea-Chinese Banking Corporation Limited, abbreviated as OCBC Bank, is a publicly listed monetary services organisation with its head office in Singapore. Openly noted, OCBC Bank’s biggest shareholder is the Lee Group of Companies.
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 years, the bank broadened its operations and ended up being the biggest bank in South East Asia.
Tips With respect to Obtaining Personal Loans In Singapore
Never take personal loans 2 to 3 months before another major loan. To puts it simply, no individual loans if you’re planning to purchase a automobile, home, etc.
When you take a bank loan for a car or home, a essential aspect is your DSR (Debt Servicing Ratio ). This measures what portion of your income can go into paying back the housing or auto loan, consisting of other overheads (e.g. repayment for other personal loans).
To puts it simply, a Debt Servicing Ratio of 50% implies that your debt commitment can not go beyond 50% of your earnings. As a guide, most banks allow 40% Debt Servicing Ratio for a home and 30% for a car loan
Specific Loans Are Cheaper – Take out a particular loan where you take a renovation loan for your renovation needs and a vehicle loan for your car. It is not wise to take out a personal loan for your vehicle or renovation needs. When it concerns banks, particular loans’ rate of interest 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 individual loans. Due to the nature of such individual loans, it is not a good idea to take personal loans except for emergency situation circumstances.