OCBC CashWise gives you the option to get cash from your credit card for any and all your needs and you also get the option to choose your own repayment period.
Find below the repayment tenures, the interest rates, processing fees, effective interest rate and monthly installments that you will have to pay for OCBC CashWise for an approved loan amount of SGD 8000 –
|Repayment Tenures||12 - months||24 - months|
|Rate of Interest||0 percent per annum||0 percent per annum|
|Processing fee||6 percent of the approved loan amount (onetime fee)||9 percent of the approved loan amount (onetime fee)|
|Monthly Instalment Amount||SGD 667||SGD 334|
|Effective Interest rate (EIR)||11.47 percent per annum||9.16 percent per annum|
Important Notes –
You can apply for this loan through two different ways. They are as follows –
When you need excess cash from your credit card, instead of holding plastic money, you can now cash out the amount and use for any intent and purpose using the OCBC CashWise – Fixed Repayment Loan as it comes with added benefits including offering fixed monthly repayment options and flexible loan tenures.
The OCBC CashWise – Fixed Repayment Loan provides flexible loans where you can choose between 12 months and 24 months to repay the loan on your OCBC credit card. Additionally, you will charged a fixed monthly repayment amount instead of a variable amount so you can plan and manage your finances better.
The Effective Interest Rate (EIR) includes the per annum interest rate + the onetime processing fee. The processing fee that will be charged on your loan will be deducted from your loan amount before the amount is transferred into your account. If you choose a 12 month loan tenure, then your EIR will be 11.47% per annum and for a 24 month loan tenure, then your EIR will be 9.16% per annum.
If you choose a repayment tenure of 12 months, you be charged a processing fee of 6% on your approved loan amount and if you choose a repayment tenure of 24 months, you be charged a processing fee of 9% on your approved loan amount for the OCBC CashWise – Fixed Repayment Loan.
You can apply for the OCBC CashWise – Fixed Repayment Loan through two ways. You can fill and submit the OCBC Credit Card CashWise Online Application form that is available on the OCBC Singapore official website. Alternatively, you can also text your name and NRIC to the number posted on the OCBC Singapore official website to obtain further details on this plan and the application process.