Oversea-Chinese Banking Corporation Limited, abbreviated as OCBC Bank, is an openly listed financial services organisation with its head workplace in Singapore. Openly noted, OCBC Bank’s biggest investor is the Lee Group of Business.
OCBC’s Indonesia subsidiary, Bank OCBC NISP, has 630 branches and offices
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 leadership of Tan Ean Kiam and Lee Kong Chian. In the subsequent decades, the bank expanded its operations and ended up being the largest bank in South East Asia.
Tips Regarding Obtaining Personal Loans In Singapore
They are unsecured where you have absolutely nothing to back the loans if you can not repay the banks when it comes to personal loans. Such loans are riskier for the banks and they have a higher rate of interest for personal loans. Due to the nature of such personal loans, it is not advisable to take personal loans except for emergency circumstances.
Never take personal loans 2 to 3 months before another significant loan. Simply puts, no individual loans if you’re intending to purchase a automobile, house, etc.
Simply puts, a Debt Servicing Ratio of 50% suggests that your debt obligation can not exceed 50% of your income. As a guide, most banks allow 40% Debt Servicing Ratio for a house and 30% for a vehicle loan
Specific Loans Are Cheaper – Take out a specific loan where you take a renovation loan for your renovation requirements and a auto loan for your vehicle. It is not wise to secure a individual loan for your vehicle or renovation needs. When it pertains to banks, particular loans’ rate of interest are lower.
If you are taking a loan from the bank for a house or cars and truck, it is necessary to note your Debt Servicing Ratio which is a procedure of the percentage of your regular earnings towards the repayment of your cars and truck or home loan.