Oversea-Chinese Banking Corporation Limited, abbreviated as OCBC Bank, is a publicly noted financial services organisation with its head workplace in Singapore. Although publicly noted, OCBC Bank’s largest investor is the Lee Group of Companies. OCBC was founded by Lee Kong Chian in 1932, and his boy Lee Seng Wee likewise acted as chairman. OCBC Bank has assets of more than 224 billion SGD. Based upon Bloomberg, in 2011 OCBC is the number one of the world’s greatest $100 billion assets banks
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 years, the bank broadened its operations and became the biggest bank in South East Asia.
Recommendation For Acquiring Personal Loans In Singapore
Do not ever take out a individual loan from a bank a few months prior to the significant loan if you are preparing to take a major loan. This will impact you.
If you are taking a loan from the bank for a house or cars and truck, it is very important to note your Debt Servicing Ratio which is a measure of the portion of your regular earnings towards the payment of your automobile or house loan.
In other words, a Debt Servicing Ratio of 50% suggests that your debt commitment can not go beyond 50% of your earnings. As a guide, many banks allow 40% Debt Servicing Ratio for a home and 30% for a vehicle loan
Loans Get Cheaper As the Loan Gets More Specific – So when it pertains to getting loans, be as particular as you can. Don’t take a individual loan to renovate your home, not when there’s a renovation loan bundle. Don’t take a personal loan to pay for your education, when there’s an education loan package.
In order to encourage you, specific loan plans often have lower rates of interest. Personal loans tend to charge interest of about 6% to 8%, whereas particular loans (renovation loans, education loans, etc). have rates as low as 2%. Ask the lender to match a bundle to your requirements.
Most individual loans are unsecured. As in, there’s no collateral behind them. And considering that the issuing banks have no security, they’ll compensate by boosting rates of interest.
That indicates you should never ever take a personal loan without knowledge of exactly when and how you’ll pay it back.
Do not use individual loans as alternative business loans. Do not utilize them to trade on Forex. Don’t use them to purchase high threat equities. You should only take a personal loan to alleviate cash flow concerns.