Oversea-Chinese Banking Corporation Limited, abbreviated as OCBC Bank, is an openly noted monetary services organisation with its head office in Singapore. Publicly listed, 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), combined 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 When it comes to Obtaining Personal Loans In Singapore
If you are planning to take a major loan, do not ever secure a individual loan from a bank a few months prior to the significant loan. This will impact you.
If you are taking a loan from the bank for a house or vehicle, it is essential to note your Debt Servicing Ratio which is a measure of the portion of your routine earnings towards the repayment of your cars and truck or house loan.
A DSR of 50% means your loan repayments, plus repayments of any other loans you have, cannot surpass 50% of your income.Just for referral, the majority of banks allow 40% DSR for a home, and 30% DSR for a vehicle.
Specific Loans Are Cheaper – Take out a specific loan where you take a renovation loan for your renovation needs and a car loan for your car. It is not wise to get a personal loan for your automobile or renovation needs. When it pertains to banks, specific loans’ interest rates are lower.
They are unsecured where you have nothing to back the loans if you can not pay back the banks when it comes to individual loans. Such loans are riskier for the banks and they have a greater interest rate for personal loans. Due to the nature of such individual loans, it is not a good idea to take individual loans except for emergency situation scenarios.