Oversea-Chinese Banking Corporation Limited, abbreviated as OCBC Bank, is a publicly listed financial services organisation with its head workplace in Singapore. Although publicly listed, OCBC Bank’s largest shareholder is the Lee Group of Companies. OCBC wased established by Lee Kong Chian in 1932, and his child Lee Seng Wee likewise worked as chairman. OCBC Bank has possessions of more than 224 billion SGD. Based upon Bloomberg, in 2011 OCBC is the number one of the world’s strongest $100 billion assets banks
OCBC’s Indonesia subsidiary, Bank OCBC NISP, has 630 offices and branches
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 management 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.
Advice Regarding Obtaining Personal Loans In Singapore
Never take individual loans 2 to 3 months prior to another major loan. In other words, no individual loans if you’re intending to buy a car, home, and so on.
When you take a bank loan for a automobile or house, a key factor is your DSR (Debt Servicing Ratio ). This determines what portion of your income can go into repaying the real estate or auto loan, consisting of other overheads (e.g. repayment for other personal loans).
In other words, a Debt Servicing Ratio of 50% suggests that all your debt commitment can not go beyond 50% of your income. As a guide, many banks permit 40% Debt Servicing Ratio for a home and 30% for a car loan
Specific Loans Are Cheaper – Take out a specific loan where you take a renovation loan for your renovation needs and a auto loan for your automobile. It is not smart to get a individual loan for your car or renovation needs. When it concerns banks, particular loans’ interest rates are lower.
They are unsecured where you have nothing to back the loans if you can not repay the banks when it comes to individual loans. Such loans are riskier for the banks and they have a higher interest rate for individual loans. Due to the nature of such personal loans, it is not advisable to take individual loans except for emergency situation scenarios.