When you need extra cash, where do you turn to? Most people will look for the best place to get a personal loan. If you are banking with OCBC, you might have considered the OCBC personal loan. However, before you apply for a loan, you must understand how it works. Read along for the facts you need to know. Then, you decide if it is your best option.
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 have changed to conform to the clients’ current needs. Are the OCBC personal loans the best fit for you?
There are two main types of OCBC personal loans. OCBC EasiCredit and OCBC Balance Transfer have flexible payments. Meanwhile, OCBC Extra Cash Loan and OCBC Installment Loan have fixed payments. Each one has its own features and charges.
Choosing a personal loan must consider the one that best fits your needs.
Access cash in your EasiCredit account through ATMs or paychecks. Interest is charged only on the amount you had withdrawn. However, expect a charge for an annual fee of $80 regardless of whether you use it or not.
The credit limit depends on the annual salary. For example, if you earn $20,000 annually, your credit limit can be twice your monthly salary. For those earning $30,000 a year, their credit limit is four times the monthly salary. Individuals with a salary of $120,000 a year can borrow as much as six times their salary.
The minimum interest charge is $5. And will charge each returned cheque with $40. Whether for payment or deposit, over-the-counter transactions will have a fee of $25 per transaction.
Of course, if you can’t meet the due date, you will be charged with a late payment fee of $85 – $125 (for those with an annual income of more than $30,000) and $80 (for those with annual income less than $30,000).
You can convert the available credit on your credit card or credit line into a Balance Transfer. Balance transfers are for paying out balances of credit cards in other banks without any applied interest charge unless you missed paying on the due date.
You have 0% interest and a one-time processing fee only. Existing OCBC customers will be charged a lower processing fee if they choose the OCBC Balance Transfer 12-month loan.
You will only pay the processing fee once. After that, the amount will depend on the number of months you are repaying the balance transfer. For example, the 3-months repayment has a 1.80% processing fee.
Six-month repayment has a charge of 2.50%. While the 12- month charge is usually 4.50%. However, OCBC has a lower processing charge for the 12- month repayment scheme if you apply online until 31 May 2017.
While balance transfers use 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 in fixed monthly instalments of 12 to 60 months tenure. You can get an interest rate as low as 0%on the 12-month instalment plan of OCBC. In addition, the one-time processing fee can be as low as 2% of the approved loan amount.
The processing fee is deducted from the principal loan amount before transferring to your account. The processing is 6% of the approved loan for the 12 month repayment period, while beyond that will be charged with 2% of the approved loan amount.
As a result, the interest rate for OCBC Cash-on-Instalments will be 5.80% for repayment periods of 24 to 60 months.
OCBC Extra Cash Loan is a same-day-approval loan. Upon approval, you will transfer your funds directly to your account. Then, you can pay for fixed monthly instalment repayments ranging from 12 months up to five (5) years.
For example, if your salary is $1,667 a month, you can borrow for up to two months. For those with a salary of $2,500, you can get as much as four times your salary. Individuals with a monthly salary of $10,000 can apply for up to six times the monthly salary.
The processing fee is $100 for borrowers with an annual income of $20,000 up to $29,999. And if you have a yearly income of $30,000 and above, you will be charged a processing fee of 2% of the approved loan amount.
The late fee charge is $80. Also, your charge is 3% of the remaining amount to repay if you want to make an early loan settlement.
OCBC currently has no online personal loan calculator. Online loan calculators help borrowers know how much they can borrow based on their current salary. Also, it helps them understand the exact loan repayments they have to repay. This way, it saves them time asking for a quote.
Online personal loan calculators also come in handy when the borrower wants to know if he or she can handle the repayments together with other financial responsibilities.
OCBC personal loans offer Singaporeans and Permanent Residents an annual income of $20,000 and above. If you earn less than that, 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.
Borrowers also consider the availability of OCBC banks. Since most employed Singaporeans are free on Sundays, they wait till weekends to apply for personal loans in banks. Unfortunately, not all OCBC banks are open on Sundays. Among OCBC banks in Singapore, there are only 19 branches available on Sundays.
On the other hand, some borrowers opt for a moneylender, which is open on Sundays. But why would you wait for a weekend if you need the loan today? Just get an online loan from Cash Mart!
Cash Mart offers flexible online loans that best fit your needs. Just apply online and expect an agent to get in touch and assist you. Within a few hours, you can get pre-approved for a loan. Experience a smooth loan process while doing away with the hassle of too much paperwork. Get a personal loan from Cash Mart now to know why it remains reputable for almost 50 years.