Oversea-Chinese Banking Corporation Limited, abbreviated as OCBC Bank, is an openly noted financial 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 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 decades, the bank expanded its operations and ended up being the largest bank in South East Asia.
Tips When it comes to Securing 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 auto loan for your automobile. It is not a good idea to get a individual loan for your vehicle or renovation requirements. When it concerns banks, specific loans’ interest rates are lower.
When it concerns personal loans, they are unsecured where you have absolutely 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 suggested to take individual loans except for emergency situation circumstances.
Simply puts, a Debt Servicing Ratio of 50% indicates that your debt commitment can not surpass 50% of your income. As a guide, a lot of banks enable 40% Debt Servicing Ratio for a house and 30% for a auto loan
If you are taking a loan from the bank for a home or car, it is very important to note your Debt Servicing Ratio which is a procedure of the percentage of your regular income to the payment of your cars and truck or house loan.
If you are preparing to take a significant loan, do never secure a personal loan from a bank a couple of months before the significant loan. This will affect you.