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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 (Cash-out)

Using the OCBC Cash-Out 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 Cash-Out loan –

  • Online

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

FLEXIBLE REPAYMENT (EasiCredit)

EasiCredit offered by OCBC allows you to afford a certain sense of relaxation in choosing how and when you would like to repay your outstanding balance. Enjoy a higher spending power owing to the greater credit limit that this product offers.

Interest Rates

This is one of the most flexible loans on credit cards offered by OCBC where 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 S$ 20,000 – S$ 29,999 29.8 percent per year 5 percent of the outstanding payment due or SGD 50 – whichever is higher
S$ 30,000 or more 19.98 percent per year 3 percent of the outstanding payment due or S$ 50 – whichever is higher

Credit Limit for EasiCredit –

  • If your annual income is S$20,000-S$29,999, your annual income is more than SGD 20,000, you can borrow up to 2X your monthly salary.
  • If your annual income is more than S$ 30,000, you can borrow up to 4X your monthly salary.
  • If your annual income is more than S$ 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 S$ 80, however if your annual income is S$ 30,000 or above, the annual fee for the first year is waived.
  • The minimum interest charged is S$5.
  • The late payment fee for annual income of S$30000 and above is between S$85 – S$125. The late payment fee for annual income less than S$30000 is S$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 receive 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 S$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 1.80 percent 7.38 percent
6 Months 0 percent 2.50 percent 5.34 percent
12 Months 0 percent 4.50 percent 5.20 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
  • You can also apply by calling up the bank on their phone number mentioned on the website.

OCBC Balance Transfer Promotion

  • For every balance of S$8,000, you will get a cashback of S$80.
  • This promotion is only valid till 31 December 2018.
  • The cashback is capped at S$320 per customer.

Personal Loans on UOB Credit Cards

  • UOB offers personal loans on your credit card starting at 5.75% per annum with an EIR of 10.45% 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 No processing fee No processing fee No processing fee
Interest Rate 5.75% p.a. 5.75% per p.a. 5.75% p.a.
Effective Interest Rate 10.45% p.a. 10.68% p.a. 10.64% p.a.

This promotion is only applicable if you make an online application from 1 October 2018 to 31 December 2018. The minimum loan amount should be S$1,000. The loan tenure should be 12, 24 or 36 months.

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 apply for CashPlus by visiting your nearest UOB branch and filling up the form. You can submit the form along with supporting documents, directly to the bank teller.

Eligibility

  • You must be a UOB Cardmember
  • You have to be a Singapore citizen or PR
  • You must 21 years and above to apply for UOB Personal Loan
  • You must earn a minimum of S$ 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 criterion 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 get 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
  • You can 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 S$ 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 S$ 160 S$ 160
Using Maybank FlexiCash you will pay the following interest S$ 39.20 S$ 45.87
Your Total Savings S$ 120.80 or 75% S$ 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.
  • Visit the nearest branch and fill out the form along with supporting documents.

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 of your 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
Processing Fee 3% 5% 6%
Effective Interest Rate 10.43% 9.50% 5.98%

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 S$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.
  • The FlexiPay application has to be submitted within 10 days of the credit card statement which reflects the relevant transaction.

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 – S$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.
  • Only applicable for transactions made at selected luxury brands.
  • 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.

You can get personalised interest rates that are determined based on your income profile and personal credit. These rates start at 4.88% p.a. (including a processing fee of 1%), with an E.I.R. of 7.56% p.a.

Get loans of up to 4 times your monthly salary. If your annual income is at least S$120,000 or more, you can get up to times of what you earn every month.

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 S$50, depending on whichever is higher.
  • The minimum amount of loan you can apply for is S$500.
  • 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                                           4.50% p.a.
Effective Interest Rate 8.21% p.a. 8.41% p.a. 8.41% p.a. 8.36% p.a. 8.29% p.a.

Let’s take a look at an example of how much you can save through CIMB CashLite:

Say you borrow a sum of S$10,000 for a period of 12 months. The interest rate applicable on this will be 4.50% p.a. That works out to S$450 (10,000 x 4.50%) in interest. Compare this with the same amount borrowed on another credit card for which the normal interest rate is 25% p.a. The interest now works out to S$2,500. If you use CIMB CashLite, you stand to save S$2,050 (S$2,500 - S$450). Note: These numbers are only taken for illustrative purposes. Actuals may vary.

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. The maximum amount is up to 80% of your available credit limit.
  • For further details on this feature or the terms and conditions, please contact the bank or visit their website.

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