• Credit Card BYTES FROM OUR KITCHEN

    Loans on Credit Cards

    The most useful function of credit cards have been that they allow you to make purchases when you don’t have the money to pay for them right away. But the function of a credit card is not restricted simply to this. With the constantly expanding financial market, today you can take a loan on your credit card as well. This helps you make purchases or draw a certain amount of money for any intent and purpose which will be repaid over a period of time on a later date determined by the bank with an interest rate. Usually, credit card loans are unsecured loans and the fastest way to get quick cash during an emergency.

    Some of the banks that offer Loans on Credit Cards in Singapore are as follows –

    • OCBC (Oversea – Chinese Banking Corporation)
    • UOB (United Overseas Bank)
    • Maybank
    • DBS (The Development Bank of Singapore)
    • POSB (Post Office Savings Bank)
    • CIMB (Commerce International Merchant Bankers)

    Loans on OCBC Credit Cards

    OCBC FIXED REPAYMENT LOAN (CashWise)

    Using the OCBC Cash Wise loan on your credit card, you can get easy cash from your credit card that is directly deposited into your bank account once it is approved. Once you have obtained the money, you need to make fixed monthly repayments between two monthly installment plans offered by OCBC, one for repayment in 12 months and one for 24 month monthly installment plan.

    There are two ways using which you can apply for the OCBC CashWise loan –

    • Online
    • SMS

    NOTE: Transactions under this plan will not earn you any Robinsons$ or OCBC$

    OCBC CashWise PROMOTION

    From now until November 30th, 2015 if you apply for a minimum loan amount of SGD 5000 online, you will be rewarded with a Titan watch. This promotion is applicable for both, 12 months and 24 months monthly installment plan.

    Terms and Conditions

    • The promotion period is from September 7th, 2015 until November 30th, 2015. During this promotion period, the OCBC customer is eligible for participating in this promotion only one time.
    • The gift provided under this promotion cannot be exchanged for money or any other item.
    • For further details on this loan or details on the terms and conditions, feel free to contact the bank.

    FLEXIBLE REPAYMENT (EasiCredit)

    Promotion for new OCBC EasiCredit customers:

    You can avail cash for your necessities using the OCBC Balance Transfer

    • When you sign up for EasiCredit, you will get 0% interest per annum for the first 3 months.
    • Processing fee – 0.5%
    • Effective Interest Rate – 2.03%

    Terms and Conditions

    • This is a promotional offer that is applicable until December 31st, 2015.
    • Your annual income should be a minimum of SGD 30000 to be eligible to apply for this promotion.
    • For further details on this promotional offer and details on the terms and conditions, feel free to contact the bank.

    For existing customers –

    One of the most flexible loans on credit cards, offered by OCBC when you can choose how much you want to repay per month and how long will you take to repay the entire amount. With one of the lowest interest rates in the market, you can make a monthly repayment of as low as 3% a month.

    Annual Income Effective Interest Rate Minimum Repayment per Month
    Between SGD 20,000 – SGD 29,999 29.8 percent per year 5 percent of the outstanding payment due or SGD 50 – whichever is higher
    SGD 30,000 or more 19.98 percent per year 3 percent of the outstanding payment due or SGD 50 – whichever is higher

    Credit Limit for EasiCredit –

    • If your monthly income is more than SGD 1667 or your annual income is more than SGD 20,000, you can borrow up to 2X your monthly salary.
    • If your monthly income is more than SGD 2500 or your annual income is more than SGD 30,000, you can borrow up to 4X your monthly salary.
    • If your monthly income is more than SGD 10000 or your annual income is more than SGD 120,000, you can borrow up to 6X your monthly salary.

    EasiCredit Cycle

    • Once your application has been approved, the amount will reflect in your EasiCredit account.
    • You can withdraw this cash from your nearest OCBC ATM
    • You can make your monthly payments by writing cheques for the due amount.

    Obtain Cash in 3 minutes using OCBC EasiCredit

    • Visit your nearest OCBC bank branch
    • Apply for an EasiCredit account
    • Your application status result will be delivered in 3 minutes
    • If your application has been approved, you can request for cash immediately

    Fees and Charges

    • The annual fee is SGD 80, however if your annual incomes is SGD 30,000 or above, the annual fee for the first year is waived.
    • The minimum interest charged is SGD 5.
    • The late payment fee for annual income of SGD 30000 and above is between SGD 85 – SGD 125. The late payment fee for annual income less than SGD 30000 is SGD 80.

    Ways to Manage your EasiCredit Account

    • You can access and manage the balance on your EasiCredit account by downloading the free apps for iPhones, iPads and Android devices.
    • You are offered 100% security which offers you a full refund for any monetary loss caused by online fraud.

    Ways to Apply for EasiCredit

    • Online
    • SMS – In this case, you send an SMS to the bank and they will call you to setup your account
    • Visit your nearest OCBC branch – as previously mentioned, through this method you can received your money in 3 minutes.

    Eligibility

    • You must be at least 21 years of age’
    • For Singapore citizens and Permanent citizens, your annual income should be more than SGD 20000
    • For Foreigners, your annual income should be more than SGD 30000

    OCBC CREDIT CARD BALANCE TRANSFER FACILITY

    Using the balance transfer facility offered by OCBC, you have the liberty to convert the available credit limit on your OCBC credit card for extra cash using the balance transfer facility. You can even use this facility to pay off the outstanding balance on all your other credit cards in different banks and save significantly on interest rates.

    You can repay your credit card loan using the following flexible loan tenures –

    Loan Tenure Applied Interest Rate per annum Processing Fee Effective Interest Rate per annum
    3 Months 0 percent 1.68 percent 6.74 percent
    6 Months 0 percent 2.50 percent 5.19 percent
    12 Months 0 percent 4.50 percent 4.99 percent

    NOTE: The Effective Interest Rate includes the annual interest rate and the processing fee.

    Ways to Apply for OCBC Balance Transfer

    • You can submit your online application through OCBC Online Banking
    • You can directly submit an online application through filling the online form
    • You can send an SMS and the bank will call to setup your account within 3 business days

    OCBC Balance Transfer Promotion

    • For every balance transfer online application for SGD 5000, you will get FairPrice vouchers from NTUC worth SGD 30.
    • This promotion is only applicable for a balance transfer tenure of 6 or 12 months.
    • This offer is for a limited period only.

    Personal Loans on UOB Credit Cards

    • UOB offers personal loans on your credit card starting at 4.25% per annum with an EIR of 8.99% per annum.
    • You can choose a loan tenure between 12 – 60 months.
    • You will pay a fixed repayment amount per month.

    If you are a new UOB CashPlus Customer, you will receive the loan at the following promotional flat interest rates –

    Loan Tenure 12 Months 24 Months 36 Months
    Processing Fee 1.5% 1.5% 1.5%
    Interest Rate 4.25% per annum 4.25% per annum 4.25% per annum
    Effective Interest Rate 10.61% per annum 9.46% per annum 8.99% per annum

    If you are an existing UOB customer, the following are the flat interest rate structures offered –

    Loan Tenure 12 Months 24 Months 36 Months 48 Months 60 Months
    Processing Fee 1.8% 1.8% 1.8% 1.8% 1.8%
    Interest Rate 8% per annum 8% per annum 8% per annum 8% per annum 8% per annum
    Effective Interest Rate 17.94% per annum 16.54% per annum 15.84% per annum 15.34% per annum 14.94% per annum

    NOTE: If you are an existing UOB Credit Card or CashPlus member, you will received your money between 7-10 business days.

    Receiving Your UOB Personal Loan Amount

    After the loan amount has been approved by the bank, it will be drawn from your Credit Card account and disbursed into your chosen savings bank account.

    Ways to Apply for UOB Personal Loan

    • You can apply online by submitting your application form
    • You can send an SMS and a Personal Loan Specialist will call you with the details regarding how to proceed.

    Eligibility

    • You must be a UOB Cardmember
    • You must be between the ages of 21-60 years old to apply for UOB Personal Loan
    • You must earn a minimum of SGD 30000

    Terms and Conditions

    • This facility is not applicable to UOB Corporate Cards, UOB Purchasing Cards and UOB Private Label Cards
    • The current minimum Credit Card Personal Loan amount is SGD 1000 and is subject to change as per the discretion of UOB bank. The minimum amount criteria has to be met at any given point to be eligible for the loan.
    • For further details on this facility or details on the terms and conditions, feel free to contact the bank or visit their website.

    Loans on Maybank Credit Cards

    FlexiCash

    Using your Maybank Credit Card you can avail low interest installment loans using FlexiCash. You can use this amount for absolutely anything from planning your wedding, home renovation or even a vacation.

    Features of FlexiCash

    • You can receive your cash within 3 days
    • No processing fees charged and interest rates start at a low 5.88% per annum
    • You can choose a payment plan of 12 or 24 months
    • If you apply for a FlexiCash amount of a minimum SGD 8000, you will receive an Arbutus Watch costing SGD 412 as a complimentary gift. This is applicable to the first 150 approved Maybank Credit Cardmembers.
    • You will save significantly on your interest when you use your FlexiCash to make payments of your outstanding balances of all your other credit cards.

    Interest Saving with FlexiCash

    For a loan amount of SGD 8000, you will save the following –

    Loan Tenure 12 Months 24 Months
    With any other credit card or line of credit, you will pay a monthly interest of 24% per annum SGD 160 SGD 160
    Using Maybank FlexiCash you will pay the following interest SGD 39.20 SGD 45.87
    Your Total Savings SGD 120.80 or 75% SGD 114.13 or 71%

    Interest Rate, Processing Fee and Effective Interest Rate for a minimum amount of SGD 2000

    Loan Tenure 12 Months 24 Months
    Processing Fee Nil Nil
    Interest Rate 5.88% per annum 6.88% per annum
    Effective Interest Rate 10.68% 12.70%

    Applying for FlexiCash

    • You can make a onetime registration by contacting Maybank and filling out the application via a phone call.
    • Download the FlexiCash form found on Maybank’s website and either fax it or mail it to Maybank address listed.

    Terms and Conditions

    • Only if you are a Principal Cardholder of Maybank Cards, you are eligible to apply for FlexiCash
    • You can avail FlexiCash of up to a maximum of 80% of your available credit limit at the time of processing your application.
    • For further details FlexiCash or details on the Terms and Conditions, feel free to contact the bank.

    FlexiPay

    The most striking feature regarding Maybank’s FlexiPay is that you can convert any purchases into an installment plan using your Maybank Credit Card even at stores that do not accept Credit Card payments. The loan repayment tenures offered are 6, 12 and 24 months with low interest rate structures.

    Loan Tenure 6 Months 12 Months 24 Months
    Administrative Fee SGD 30 SGD 30 SGD 30
    Interest Rate 2% 4% 6%
    Effective Interest Rate 14.02% 13.50% 16.14%

    How to Apply for Maybank FlexiPay at Shops that Accept Maybank Credit Cards?

    • Make the purchase using your Maybank Credit Card.
    • Wait until you receive your credit card statement reflecting the purchase made for which you want to apply for FlexiPay.
    • Download the FlexiPay form from Maybank’s website to apply.
    • Fill in the necessary details and fax the form to Maybank within 10 days of receiving the credit card statement.

    How to Apply for Maybank FlexiPay at Shops that Do Not Accept Credit Cards?

    • Ask the merchant for a bill or an invoice.
    • Download the FlexiPay form from Maybank’s website to apply.
    • Fill in the necessary details and fax the form to Maybank along with the obtained invoice.
    • You will receive a cheque for the approved amount that is payable to the merchant from Maybank Cards Business.
    • Use this to pay off the bill or the invoice. This payment will be included in your next statement.

    NOTE: You can even use FlexiPay for car insurance, road tax, home renovation and many more services.

    Terms and Conditions

    • A minimum purchase of SGD 300 must be made on a single charge slip or request form.
    • The administrative fee and the interest will be charged on the first monthly installments. These fees are non-refundable.
    • For further details on FlexiPay or details on terms and details, feel free to contact Maybank or visit their website.

    Posh EzyPay

    Maybank Posh EzyPay allows you to convert purchases made at participating luxury brand boutiques into flexible installment payments over 3 or 6 months.

    Features –

    • All installments are interest free
    • Very low administrative fee charged – SGD 30 per application
    • Comfortable loan tenure of 3 or 6 months

    Applying for Posh EzyPay

    • Check if the luxury bank boutique is included in the Maybank partner brand list.
    • If yes, then make the complete payment using your Maybank Credit Card
    • Wait until you receive your next credit card statement that contains the purchase you want to convert to Posh EzyPay.
    • Download the application from the website
    • Fill the necessary details and fax the document to Maybank within 10 days from receiving the statement.

    Terms and Conditions

    • A minimum purchase of SGD 500 must be made per transaction to be eligible for Posh EzyPay.
    • If the application form is not received within 10 days of receiving your credit card statement, the bank has the liberty to decline your application.
    • For further details on this feature or for details on the Terms and Conditions, contact Maybank or visit their website.

    Loans on DBS and POSB Credit Cards

    DBS AND POSB CREDIT CARD INSTALLMENT LOAN

    Using the DBS OR POSB Credit Card Installment Loan, you can very conveniently manage your finances with a loan amount that falls within your credit limit and repayment tenure starting from 12 months and up to 60 months.

    Promotional Interest Rates for DBS and POSB Credit Card Installment Loan

    For a loan amount of SGD 5000, find below the fees and rates –

    Loan Tenure 12 Months 24 Months 36 Months 48 Months 60 Months
    Applied Interest Rate 6.8 percent per annum 6.8 percent per annum 6.8 percent per annum 6. percent per annum 6.8 percent per annum
    Processing Fee 2 percent 2 percent 2 percent 2 percent 2 percent
    Effective Interest Rate 15.86% per annum 14.33% per annum 13.63% per annum 13.18% per annum 12.83% per annum
    Monthly Installment SGD 445 SGD 237 SGD 168 SGD 133 SGD 112

    NOTE: The aforementioned values have been simplified for visualization purpose.

    Applying for DBS or POSB Credit Card Installment Loan

    • You can fill and submit the contact form online on the DBS or POSB website respectively and wait for the bank to contact you.
    • You can fill the online form and mail it to DBS or POSB bank, respectively.

    Terms and Conditions

    • The amount that you will receive from the POSB or DBS Credit Card Installment Loan will be the complete amount approved by the bank.
    • The minimum amount due per month will either be 3% of the outstanding amount specified on your statement or SGD 50, depending on whichever is higher.
    • For further details on the loan or details on the terms and conditions, contact DBS or POSB bank respectively.

    Loans on CIMB Credit Cards

    CIMB CashLite

    CIMB provides you with personal installment loans with one of the lowest interest rate structure using CashLite. CashLite lifts the burden off your financial load because you will paying interest only for the tenure you have chosen instead of paying it upfront every month. This also helps in maximizing your loan amount.

    Find below the Interest Rate Structure and Effective Interest Rate for a Loan Amount between SGD 0 to SGD 19,000

    Loan Tenure 12 Months 24 Months 36 Months 48 Months 60 Months
    Interest Rate 6.28% per annum 6.58% per annum 6.98% per annum 7.48% per annum 8.08% per annum
    Effective Interest Rate 11.40% per annum 12.16% per annum 12.79% per annum 13.48% per annum 14.25% per annum

    Find below the Interest Rate Structure and Effective Interest Rate for a Loan Amount between SGD 20,000 to SGD 49,999

    Loan Tenure 12 Months 24 Months 36 Months 48 Months 60 Months
    Interest Rate 5.78% per annum 6.08% per annum 6.48% per annum 6.98% per annum 7.58% per annum
    Effective Interest Rate 10.50% per annum 11.27% per annum 11.92% per annum 12.64% per annum 13.45% per annum

    Find below the Interest Rate Structure and Effective Interest Rate for a Loan Amount of SGD 50,000 and above

    Loan Tenure 12 Months 24 Months 36 Months 48 Months 60 Months
    Interest Rate 5.28% per annum 5.58% per annum % per annum % per annum % per annum
    Effective Interest Rate % per annum % per annum % per annum % per annum % per annum

    NOTE: CIMB is offering promotional rates from until 31st December, 2015. Contact the bank for the rates.

    Savings with CIMB CashLite Personal Installment Loan for SGD 50,000 for a 12 month tenure at 5.28% interest per annum –

    Interest Payable Amount
    24% per annum for a period of 12 months using another Credit Card SGD 12,000
    CIMB CashLite Personal Installment for a period of 12 months SGD 2,642
    Total Savings SGD 9,360 OR 78%

    Terms and Conditions

    • You must be a Principal CIMB Credit Card member to be eligible for CIMB CashLite Personal Installment Loan.
    • The current minimum amount for the CIMB CashLite Personal Installment Loan is SGD 1000 and is subject to change upon the discretion of CIMB.
    • For further details on this feature or the terms and conditions, please contact the bank or visit their website.
  • reTH65gcmBgCJ7k
    This Page is BLOCKED as it is using Iframes.