Getting To Know More About OCBC EasiCredit
They say borrowing money is like robbing your future self. It is somehow true, but in some cases, it can be a smart financial move. Oversea-Chinese Banking Corporation Limited or OCBC Bank offers excellent lending options. Let’s see how this OCBC EasiCredit measures up.
What is OCBC EasiCredit?
OCBC EasiCredit is a backup borrowing limit that a borrower can draw on at any time. It has a flexible payment to choose how long and how much you would like to repay. It is accessible at your own time and convenience through your devices, ATMs, and cheques. You’ll get fast approval and receive the pay-out money in no time if you apply with MyInfo.
The amount of interest you have to pay for your EasiCredit depends on your annual income. If the borrower is earning 20 to 29 Singaporean dollars per year, the interest rate on their loan is 29.8% per year. Borrowers whose annual income is more than 30 Singaporean dollars can get a 20.9% interest rate per year.
The highest credit limit that a borrower can get will also depend on their annual income. If the borrower’s income is 20 to 29 Singaporean dollars per year, they can get up to twice their monthly salary.
They will give higher credit limits to specific borrowers. If the borrower’s income is 30 to 119 Singaporean dollars per year, they can get up to 4 times their monthly salary.
Borrowers earning more than 120 Singaporean dollars per year have the highest limit. They can enjoy up to 6 times their monthly income.
Borrowers with lower annual income have a choice for their lowest repayment amount. It can be 5% of their outstanding balance or 50 Singaporean dollars, whichever is higher.
Borrowers with higher annual income have two options. It can be 3% of their outstanding balance or 50 Singaporean dollars, whichever is higher.
A borrower or an applicant should also be aware of the other charges of OCBC EasiCredit. It is for the reason of avoiding confusion when paying. The fees below are for those who have an annual income of 20 Singaporean dollars and above.
OCBC EasiCredit doesn’t have a monthly service fee. But, there is an annual fee of 120 Singaporean dollars.
So, a borrower with a yearly income of 30 dollars will waive the annual fee for the first year.
If the borrower uses an overdraft, the lowest interest fee is 5 Singaporean dollars.
Nevertheless, payment after the due date will have a late fee of 120 Singaporean dollars.
Excess usage from the borrower’s credit limit will have an extra fee of 50 Singaporean dollars.
Over-the-counter payments and deposits have a transaction fee. It costs 25 Singaporean dollars per transaction.
They will charge 40 Singaporean dollars for every return of cheque. 30 Singaporean dollars for stop cheques made in branches or call centres. 10 Singaporean dollars stop cheques from electronic or phone banking channels. Loss of cheque book has charge of 50 Singaporean dollars via branch or call centre. For electronic or phone banking channels transactions, it is 30 Singaporean dollars.
If the borrower loses his card and wants a replacement, the fee is 5 Singaporean dollars. If they forgot the PIN, the replacement fee is 5 Singaporean dollars per card. Damaged cards can get a free replacement.
How to Apply For OCBC EasiCredit?
With the knowledge of how EasiCredit OCBC works, you might want to apply for it. But before you go jumping to the bank, find out first what you must do.
Things to Consider Before Applying
Applying for OCBC EasiCredit is easy. But, there are things that one must consider before sending their application. An applicant must be 21 years old and has an annual income of at least 20 Singaporean dollars and above. Foreign applicants must reach a certain amount of annual income to be eligible. They should have 45 Singaporean dollars and above.
After knowing the things to consider before applying, here are the documents needed. Singaporeans and Permanent residents need primary identification documents. A front and back copy of NRIC is enough.
But ready supporting documents if the information in NRIC is not updated. The applicant’s residential or mailing address is different from the NRIC. A copy of an official receipt from utilities’ billings or bank statements would be enough.
For foreign applicants, they have to submit primary identification as well. It includes a copy of their passport and employment pass or work permit with a validity of at least 6 months. Their supporting documents can be a copy of utilities’ billing or bank statement.
You also need income documents for the application. It is necessary for salary not credited to an OCBC account. So, prepare for the latest CPF statement with at least 3 months contribution history. They may also ask for the income tax notice of assessment, a copy of the payslip or a bank statement. The bank statement should show the employer’s name for salary crediting.
Self-employed applicants must submit their income documents as well. Such as a copy of the CPF contribution statement or their latest income tax notice of assessment. The CPF contribution statement must be at least 12 months of history.
Applicants who are new to the workforce are also required to submit income documents. They can ask for an original copy of the certification from their employer. It should state their employment date and salary. Also, they should provide a copy of the payslip or bank statement. The bank statement should show their salary credit.
How to Pay OCBC EasiCredit?
There are different ways to repay your due. Here is a list for you.
Mode of Payments
OCBC Branch payment
If there is an OCBC branch near your place, you can visit them and pay for your outstanding balance.
Fund Transfer Payment
If there is no OCBC branch near your place, it can be an inconvenience. Good thing, payment through an online banking platform is possible to save time.
Payments through cheques is another possible mode of payment. The cut-off time is 3:30 pm from Monday to Friday, and the clearing is for the next working day.
AXS and Cash Deposit Machines Payment
Payments through AXS terminals and Cash Deposit machines are possible as well. As long as the borrower considers the cut-offs, weekends, and holidays there will be no problem.
Time of Cut-offs
For fund transfer, if the payment is within an OCBC account, it’ll reflect immediately. In comparison, it’ll take 2-3 business days if the transfer is from other banks.
For cheque payments made from Monday to Friday, the cut-off time is at 3:30 pm for clearing the next working day.
For payments made through AXS machines, there is an implemented daily cut-off time. If it is after 5 pm, on a Sunday, or a public holiday, it will be for the next working day.
For payments through cash deposit machines, 9 pm from Monday to Saturday is the cut-off time. Deposits on a Sunday and public holiday are for the following working day processing.
Due Date of Payments
Generating OCBC EasiCredit statements is every end of the month, and the due date will be after 28 days. If the due date falls on a non-business day or a holiday, the payment should be on the previous business day.
You may reach OCBC EasiCredit contact for your other queries, and they’d be glad to be of help. The OCBC EasiCredit hotline is at 1800 363 3333 or (65) 6363 3333 when calling from overseas.
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