Oversea-Chinese Banking Corporation Limited, abbreviated as OCBC Bank, is a publicly noted financial services organisation with its head workplace in Singapore. Openly noted, OCBC Bank’s largest investor is the Lee Group of Companies.
OCBC’s Indonesia subsidiary, Bank OCBC NISP, has 630 branches and workplaces
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 management of Tan Ean Kiam and Lee Kong Chian. In the subsequent years, the bank expanded its operations and ended up being the biggest bank in South East Asia.
Recommendation For Taking Personal Loans In Singapore
Specific Loans Are Cheaper – Take out a specific loan where you take a renovation loan for your renovation requirements and a vehicle loan for your vehicle. It is not wise to secure a personal loan for your cars and truck or renovation requirements. When it concerns banks, specific loans’ rates of interest are lower.
Simply puts, a Debt Servicing Ratio of 50% suggests that your debt responsibility can not go beyond 50% of your income. As a guide, most banks enable 40% Debt Servicing Ratio for a house and 30% for a car loan
A essential aspect is your DSR (Debt Servicing Ratio)when you take a bank loan for a car or house. This measures what portion of your earnings can enter into paying back the real estate or vehicle loan, including other overheads (e.g. repayment for other individual loans).
Never take personal 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 it comes to individual loans, they are unsecured where you have nothing to back the loans if you can not repay the banks. Such loans are riskier for the banks and they have a higher rate of interest for individual loans. Due to the nature of such personal loans, it is not a good idea to take individual loans except for emergency situation circumstances.