Your Guide To OCBC Personal Loan Singapore
Singapore has commendable and impressive money lending facilities. Banks and lending institutions cater to the financial needs of every individual.
OCBC offers many loan products and services. Each feature attracts borrowers to take out a loan from them. Find out more about OCBC’s personal loans services by reading this quick guideline. That said, you can assess whether it fits your financial needs or not.
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OCBC Personal Loans Singapore: What about it?
OCBC Personal Loan Singapore is well-known for the following features:
Flat Interest Rates: Grab the opportunity of lowest flat interest rate only in Singapore OCBC.
First-time OCBC personal loan applicants have the privilege to enjoy a 3.5% interest rate p.a. Existing customers have a repayment interest rate of 4.7% p.a.
Credit Limit Conversion: OCBC personal loan has a unique feature. Borrowers can convert up to 90% of their existing credit limit into instalments. It’ll be a fixed monthly instalment loan.
The best part, applicants are not subjected to higher fees. Your credit cards and credit lines are safe.
High Loan Amount: Loan applicants in OCBC experience loan amount flexibility. Take out up to 6 times your monthly salary, especially if your annual income is more than $120,000.
Those who earn between $20,000 and $120,000 still qualify for personal loan applications. Get an approved loan amount for up to 4 times your monthly salary.
These features make OCBC Personal Loan makes it stand out above others. On top of that, it offers different types of personal loans. Each kind is ready to sustain every borrower’s financial need.
Understanding OCBC Personal Loan Types
Singapore OCBC Personal Loan offers many personal loan types. Each loan type has its purposes.
Knowing and understanding each loan will help you identify what loan type suits your needs.
OCBC Cash-On-Installments
Cash-on-installments is a personal loan you get from your unused credit limit. You can maximize your unused credit limits into a long-term cash flow certainty.
Getting a Cash-On-Installments will not ask you for more income documents.
Repayment: You can repay your personal loan on a fixed instalment no matter what loan term you chose.
Cash-On-Instalments have a 12 to 60 months loan term. Choose a term that you can afford to pay.
Interest Rates: Get as low as 4.7% per annum for the 60-month instalment plan. The effective interest rate (EIR) is 9.06% per annum.
Processing Fee: Costs 1% of your approved loan amount
ExtraCash Loan
ExtraCash Loan is an affordable and instant cash loan for anything you need.
If the cash demand is urgent, ExtraCash Loan is perfect for you. Let’s say your laptop got broken, and you need it to be fixed. Otherwise, you can’t do your work. There’s a lot of urgent needs that we face unexpectedly. But with ExtraCash, you can get it with its fast loan approval and disbursement.
You can check your OCBC personal loan application status thru Myinfo. Reviewing your outstanding payments can also be made using online banking.
Loan Amount: You can take a lump sum of up to six months of your monthly paycheck.
Repayment: Pay your financial obligations at a fixed repayment over 12 to 60 months.
There are several ways you can settle your balance. You can pay by transferring funds thru online or mobile banking.
Another way you can choose is to make a cheque deposit to pay or through a cash deposit machine.
Interest Rates: The monthly rest rate is 10.08% per annum.
Approved Loan Amount: The borrower’s annual income significantly impacts the OCBC Personal Loan ExtraCash.
Borrowers with an annual income of $20,000 to $29,000 received an approved amount of $4,500. The processing fee costs $100.
Applicants earning $30,000 and more have an approved loan amount of $10,000. The processing fee costs 2% of the approved loan cash or $200, whichever is higher.
OCBC EasiCredit
OCBC EasiCredit is your ready cash wherever and whenever you need it. It’s the best standby line of credit that has fantastic offers.
Through Internet Banking, Mobile Banking, ATM, or Cheque, you can access your EasiCredit.
Short-Term Loan: Withdraw any amount you need and enjoy the 1.74% monthly interest rate accruing daily. Pay off either at least 3% or $50 monthly, whichever is higher.
Loan Amount: The approved loan varies depending on the applicant’s annual income.
Interest Rates: Here’s the interest rate based on annual income from $20,000 up to $120,000:
- Annual Income: $20,000 to $29,999
Loan Amount: Amount that is twice the monthly income
Interest Rate: 29.8% p.a.
- Annual Income: $30,000 to $119,999
Loan Amount: An amount up to 4x the monthly income
Interest Rate: 20.90% p.a.
- Annual Income: $120,000 and above
Loan Amount: Get a loan that is 6x the monthly income
Interest Rate: 20.90% p.a.
Get lower interest rates with unused EasiCredit limit thru Balance Transfer or Cash-on-Installments.
Repayment: Fulfil your financial obligation flexibly—pay back whatever amount you can and whenever you can.
Balance Transfer
OCBC Personal Loan offers Balance Transfer. With this loan type, you can take out cash from unused credit limits. And you get to enjoy the flexible repayment terms.
You get the cash loan out quickly and hassle-free. There’s no need for more income documents.
Interest Rate and Processing Fee: On top of the 0% interest, the processing fee is a one-time payment. It is as low as 4.5% per annum.
Repayment: Pay off the monthly repayment of $50 or 3% of your outstanding balance. Repay the amount, whichever is higher.
Debt Consolidation Plan (DCP)
Debt Consolidation is the financial solution with one repayment plan. Pay off all your debts in a structured payment plan with fixed instalments every month.
Repayment: Pick a repayment period from 36 to 96 months. Repay hassle-free through Online or Mobile Banking Fund Transfer. Cash deposit machine and cheque deposit are acceptable too.
Interest Rate: Debt Consolidation Plan offers a loan amount at a lower interest rate. There’s no need to worry about the prevailing interest rates of overdraft facilities and credit cards.
Complimentary Card: OCBC Platinum Credit Card is a magnificent benefit of DCO. Use the complimentary card for any of your needs. The credit limit is based on your monthly income without any annual fees.
Secured Overdraft
Secured Overdraft is taking out extra cash while pledging your collaterals. Doing this increases your investing power. Plus, it helps you seize market opportunities.
Receive a standby fund as high as the approved credit limit. Access it without withdrawing fixed deposits.
Interest Rate: The charged interest is only on the amount used. But it still depends on the collateral pledged.
No Restrictions: Enjoy the no usage restrictions. Make sure to keep the outstanding balance within the limit available.
Application Type: OCBC Personal Loan application status is recommended for both single and joint applications.
Assess your current financial needs. Then, choose which OCBC Personal Loan is perfect for your situation.
OCBC Personal Loans Eligibility Requirements
The OCBC Personal Loans are available to individuals who meet the eligibility requirements. Generally, banks need borrowers to complete the following:
- Should be at least 21 years old
- Singaporean citizen, Permanent Resident, and Foreigners
- Annual income should be $20,000 and above.
Foreigners who wish to apply should be earning at least $45,000 annually to become eligible.
But there’s more requirement needed for Cash-On-instalment and Balance Transfer.
The borrower should be an OCBC Credit Cards Holder or EasiCredit account holder. If not, borrowers should apply for it first before getting an OCBC personal loan.
For Debt Consolidation Plan, the requirements needed are the same as the other loans. Except that the borrower should be earning $30,000 to $120,000 with BTI.
Please note that the Bank-to-Income (BTI) should be 12x of your monthly income.
Singaporeans, Permanent Residents, and Foreigners can apply for Secured Overdraft as long as they meet the age limit of 21 years.
Also, borrowers need to pledge collateral. It could be either, Structured Deposits, Unit Trusts, or Time Deposits.
Use OCBC Personal Loan Calculator
The use of a personal loan calculator is a must for every OCBC personal loan applicant. The monthly responsibility depends on the amount, interest rate, and term of the loan. Enter all the details to have an initial view of your monthly payment.
Still, make sure to read and understand the OCBC Personal loan product. Each loan has its benefits and features.
Once you have used the OCBC personal loan calculator, contact the institution. Get clarifications first before finalizing your loan application.
OCBC Personal Loan Singapore is convenient for applicants in urgent financial situations. It offers several services that can attend to any individual’s needs.
Bottom Line on OCBC Personal Loan
You get a bunch of choices when you look for personal loans in Singapore. So you won’t get any problem looking for it. However, you need to look for a loan that would match your financial needs.
OCBC can help you and offer loans that would fit your needs. As long as you are eligible and could submit all necessary papers, getting a loan is possible.
But if you are still unsure about OCBC personal loans, you still have other options to take. If low-interest personal loans are what you are looking for, consider applying to licensed moneylenders.
Moneylenders are financial entities providing online loans to people. Licensed lending companies are also under the regulation of the Ministry of Law Singapore.
If you choose to get a loan from a moneylender, you better pick a company doing the business for several years, like Cash Mart Singapore. The longer the company they serve, the more reputable they become.
This leading moneylending facility offers other loan products aside from personal loans such as foreigner loans.
Eligible applicants are those who are 21 years old and above. What you need to do is present a valid passport and valid work permit. Provide proof of billing, stating the current residential address. A letter of employment and the latest 3-month original paycheck is necessary as well.
Once you have all these documents at hand, submit your online loan application. Be ready to answer all the queries of loan executives. It is part of the verification process. Then, get approved and sign the loan contract. With Cash Mart, you’ll get to experience instant cash disbursement.