OCBC Bank is one of the major banks from Singapore. It stands for Oversea-Chinese Banking Corporation Limited and is among the oldest banks in the country. The performance of the bank has been growing steadily over the years with a strong growth in 2017 when it recorded revenue of slightly more than USD10.1 billion.
Steady Financial Growth
OCBC Bank’s headquarters is in OCBC Centre in the central district of Singapore. The bank is almost a decade old where it opened its doors in 1932. Its primary service is in the financial sector where it provides all types of facilities for its individual and corporate customers. This includes:
- Corporate Banking
- Private Banking
- Retail Banking
- Asset Management
- Wealth Management
- Investment Management
- Treasury Management
As a financial services provider, OCBC is one of the most stable companies in the region. As such, Moody’s has rated OCBC Aa1 while it has an AA- rating from Standard & Poor as well as Fitch. The bank was established due to the Great Depression then when 3 major banks merged. This involved the Oversea-Chinese Bank Limited (which was incorporated in 1919), The Chinese Commercial Bank Limited (1912) and the Ho Hong Bank Limited (which was incorporated in 1917). It was in 1932 when the 3 banks merged that gave birth to the OCBC Bank we know today. The Global Finance magazine has always ranked OCBC Bank as the Top 5 Safest Banks in the world while for 2018-2019, it has been ranked the strongest bank in Singapore by The Asian Banker.
Loans by OCBC Bank
OCBC offers several types of products under their loan categories. Generally, OCBC Bank offers property and personal loans which are catered for the modern adult who is looking to build a better and more convenient financial management. Below are the various loans offered by OCBC Bank.
Different types of Personal Loans for every need
From OCBC Bank, you can enjoy several types of personal loan that gives you a lot of flexibility in terms of the amount you wish to borrow and the total term for repayment. Application for these loans is very efficient and convenient where you can enjoy quick cash depending on your needs.
- OCBC Cash Loans – There are 2 types of packages available from OCBC Cash Loan which are EasiCredit and Balance Transfer. The former is typically a personal loan that lends you the cash you need with an extremely flexible payback period. The latter allows you to get quick cash by converting the available balance you have in your credit card.
- OCBC Debt Consolidation Plan – This is, as the name implies, the loan that allows you to convert all your debts into a single account. What you get from this loan is to easily manage your debts by consolidating them into one account while having a separate credit card to help you pay your bills better and more efficiently. You can choose to loan between 36 and 96 months. Take note that the longer the term you get, the lower the interest rate would be which is from as low as 10.46% per annum
Car and vehicle loans
When it comes to buying a vehicle, you can choose among the 3 types of loans to suit your needs. It is not always that when you apply for a vehicle loan that you would be buying a new car. This is where you can apply for a loan for reasons such as:
- New Car – This loan is catered for those who are planning to get a new car. You can apply or a loan of up to 70% of the total value of up to 7 years with an attractive interest rate of 2.78% per annum
- Used Car – If you are planning to buy a used car, this loan is for you as OBCB offers you an attractive loan with interest as low as 2.98%. You can apply for up to 7 years of repayment and up to 70% of the total value of the vehicle
- Refinancing your vehicle – A great way to cut your commitment lesser and still keep your vehicle. You can refinance up to 100% of the value and up to 7 years with interest rate at slightly more than 2% per annum
Finance your Education with OCBC
When you need to play your child or your own education, you can get a loan from OCBC to help with the tuition fees and other related expenses. This is where you can apply for either of the following:
- FRANK Education Loan – This is one loan which gives you the funds you need to further your studies either locally or overseas.
- FRANK Tuition Fee Loan – This loan is funded by the Ministry of Education where you can enjoy 0% interest while you are still studying
Home and Property Loans
When it comes to property loans, you can actually choose between the many types of packages available. In fact, it depends largely on what type of property you intend to buy and how long you plan to pay back. Whether it is private property, an HDB Flat or any other type of property, you can enjoy an attractive rate from OCBC. Another option that you can consider if you already own property is to get the refinancing loan. This might stretch your loan a bit longer but it helps to free up some cash while ensuring that you are able to continue paying back the loan.
- Renovation Loan is one unique offering by OCBC. It is very easy to apply which takes only 1 working day to approve. An interest rate is as low as 4.98% per annum.
- Construction Loan – This loan is not the same as a Renovation Loan as it is intended for you if you want to build your own home. You can apply for this financial assistance of up to 80% of the cost of construction with a very flexible repayment schedule
- Overseas Property Loan – Buying a property overseas has never been easier with this loan as you can now get UOB to help you get the property you always wanted in countries like the United Kingdom, Malaysia, Australia, New York or Tokyo, to name a few. This package is available for both local and foreigners in Singapore with repayment of up to 30 years and 70% of the price of the property.