When you need extra cash, where do you turn to?
Oversea-Chinese Banking Corporation (OCBC) started its operation in February 1933. OCBC currently operates in Singapore, Indonesia, Malaysia, and Greater China offering a vast range of financial services in investments and loans.
Over the years loan products has changed to conform to the clients’ current needs. Are the OCBC personal loans the best fit for you?
OCBC Personal Loans
Access cash in your EasiCredit account through ATMs or paychecks. Interest is charged only on the amount you had withdrawn. However, you will still be charged with an annual fee of S$80 regardless whether you use it or not.
- OCBC EasiCredit Features
The credit limit depends on the annual salary. If you are earning S$20,000 annually, your credit limit can be twice your monthly salary. For those earning S$30,000 a year, their credit limit is four times the monthly salary. For individuals with salary of S$120,000 a year, they can borrow as much as six times their salary.
- OCBC EasiCredit Fees and Charges
The minimum interest charge is S$5. And each returned cheque will be charged with S$40. Over-the-counter transactions, may it be for payment or deposit, will be charged with S$25 per transaction. Of course If you can’t meet the due date, you will be charged with a late payment fee of S$85 – S$125 (for those with annual income of more than S$30,000) and S$80 (for those with annual income less than S$30,000).
OCBC Balance Transfer
You can convert the available credit on your credit card or credit line into Balance Transfer. Balance transfers are usually used for paying out balances of credit cards in other banks without any applied interest charge unless you missed paying on the due date.
- OCBC Balance Transfer Features
You will be charged with 0% interest and one-time processing fee only. For existing OCBC customers, they will be charged with lower processing fee if they choose the OCBC Balance Transfer 12-month loan.
- OCBC Balance Transfer Fees and Charges
The processing fee will only paid once. The amount will depend on the number of months you are repaying the balance transfer. The 3-months repayment has 1.80% processing fee. Six-month repayment is charged with 2.50% and the 12- month charge is usually 4.50%. However, OCBC has lower processing charge for the 12- month repayment scheme if you apply via online until 31 May 2017.
While balance transfers are used for credit card balances in other banks, you can use the available credit on your credit card or EasiCredit account as extra cash. You can then repay into fixed monthly instalments of 12 to 60 months tenure.
- OCBC Cash-on-Instalments Features
You can get an interest rate as low as 0%on the 12-month installment plan of OCBC. The one-time processing fee can be as low as 2% of the approved loan amount.
- OCBC Cash-on-Instalments Fees and Charges
The processing fee be deducted from the principal loan amount before it gets transferred to your account. The processing is 6% of the approved loan for the 12month repayment period while beyond that will be charged with 2% of the approved loan amount. Interest rate for OCBC Cash-on-Instalments will be 5.80% for repayment periods of 24 to 60 months.
OCBC Extra Cash Loan
OCBC Extra Cash Loan is a same-day-approval loan. Upon approval, your funds will be transferred directly to your account. Then you can pay with fixed monthly instalment repayments ranging from 12 months up to five (5) years.
- OCBC Extra Cash Features
If your salary is S$1,667 a month, you can borrow up to two months. For those with salary of S$2,500, you can get as much as four times your salary. Individuals with monthly salary of S$10,000 can apply for up to six times the monthly salary.
- OCBC Extra Cash Fees and Charges
The processing fee is S$100 for borrowers with annual income of S$20,000 up to S$29,999. And if you have an annual income of S$30,000 and above, you will be charged with a processing fee of 2% of the approved loan amount.
The late fee charge is S$80. Also should you want to make an early settlement of loan, you will be charged with 3% of amount to be repaid.
Points to take note:
OCBC Personal Loan Calculator
OCBC currently has no online personal loan calculator.
Online loan calculators help borrowers to have an idea on how much they can borrow based on their current salary. It also helps them know the exact loan repayments they have to repay. This way it saves them time asking for a quote.
It also comes handy when the borrower wants to know if he or she can handle the repayments together with other financial responsibilities.
OCBC Personal Loan General Eligibility
OCBC personal loans are offered for Singaporeans and Permanent Residents with annual income of S$20,000 and above. If you earn less than that, then you have to find a more flexible loan.
When looking for a personal loan, you need to take the time and shop around for other options that could best fit your financial capacity and needs.
Latest posts by Cash Mart Singapore (see all)
- How to Escape the Social Status Trap - July 18, 2017
- 4 Finance Trackers That Can Ease Your Money Problems - July 5, 2017
- 5 New Online Scams You Have to Watch Out For - June 21, 2017
- 7 Affordable Travel Destinations to Tour Your Friends in Singapore - June 14, 2017
- 3 Practical Tips to Build Enough Retirement Savings - June 5, 2017