• Loans on OCBC Credit Cards

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    Loans on OCBC Credit Cards

    OCBC CashWise – Fixed Repayment Loan

    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.

    Overview of the features and benefits of OCBC CashWise – Fixed Repayment Loan

    • After the approval of your loan, the loan amount will be directly deposited into your bank account.
    • The repayments for this loan is made through fixed monthly repayment amount.
    • This installment loan gives you an option to choose between 12 months and 24 months for the repayment of your loan.
    • This transaction will not earn you any OCBC$ or Robinson$.

    Interest Rate Structure and Monthly Installment for the OCBC CashWise – Fixed Repayment Loan

    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 –

    • The Effective Interest Rate (EIR) will include your per annum interest rate + the onetime processing fee.
    • The processing fee charged on your loan will be deducted from your loan amount before the amount is transferred into your account.

    Applying for the OCBC CashWise – Fixed Repayment Loan

    You can apply for this loan through two different ways. They are as follows –

    • Online – You can fill and submit the OCBC Credit Card CashWise Online Application form in order to apply for this loan. The online application form is available on the OCBC Singapore official website. OR
    • SMS – You can 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.

    Frequently Asked Questions

    1. Why should I apply for the OCBC CashWise – Fixed Repayment Loan?
    2. 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.

    3. What are the loan repayment tenures provided by the OCBC CashWise – Fixed Repayment Loan?
    4. 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.

    5. What does the Effective Interest Rate (EIR) include and how much EIR will I be charged for my OCBC CashWise – Fixed Repayment Loan?
    6. 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.

    7. How much processing fee will I be charged for my OCBC CashWise – Fixed Repayment Loan?
    8. 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.

    9. How do I apply for the OCBC CashWise – Fixed Repayment Loan?
    10. 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.

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