• OCBC Personal Loan Interest Rates

    Personal Loan BYTES FROM OUR KITCHEN

    OCBC is among the leading financial institutions in Singapore and offers a multitude of banking products to its wide consumer base. Among the more sought after products are the personal loans. The OCBC personal loans come in different packages, each with its own unique features offering benefits tailored for specific purposes. Borrowers can tide over various financial requirements with the help of these loans. Below are the main features of each loan and their interest rates.

    OCBC Cash Loans

    These loans come in two variants.

    EasiCredit:

    This loan caters to those borrowers who need additional funds from time to time and even offers the added benefit of a 3 minute approval when applications are made at the branch. The loan offers a loan amount of up to 6 times the monthly salary of the borrower.

    The interest rates offered on the loan are dependent on the annual salary earned by the borrower. For borrowers whose annual salary is between S$20,000 to S$30,000, the EIR or Effective Interest Rate Offered is 29.8% p.a. For borrowers whose annual salary is over S$30,000, the EIR is 19.98% p.a.

    EasiCredit Balance Transfer:

    The EasiCredit Loan also offers a balance transfer plan which allows borrowers to transfer existing personal loans over to EasiCredit.

    The EasiCredit balance transfer plan comes with a processing fee starting from 1.80% going up to 4.50% depending on the tenure chosen.

    Interest rate for EasiCredit Balance Transfer

    Let us discuss the interest rates for this personal loan product:

    Loan tenure Applied Interest rate (p.a.) Effective interest rate (p.a.)
    3 months 0% 7.22%
    6 months 0% 5.19%
    12 months 0% 4.99%

    OCBC ExtraCash Loan:

    The loan is designed for individuals who may happen to have a one-time need for cash. The loan amount available is dependent on the borrower’s annual salary with maximum loan amounts going as high as 6 times the monthly salary of the borrower.

    The loan offers fixed instalments with tenure options ranging from a minimum of 1 year to a maximum of 5 years.

    Interest rate for OCBC ExtraCash Loan

    Let us discuss the interest rates for this personal loan product:

    The table shows interest rates offered for borrowers who earn a minimum annual income of S$30,000 and above.

    Loan tenure Nominal Interest rate (p.a.) Effective interest rate (p.a.)
    1 year 8.31% p.a. 20.61% p.a.
    2 years 8.18% p.a. 18.47% p.a.
    3 Years 8.27% p.a. 17.73% p.a.
    4 Years 8.40% p.a. 17.36% p.a.
    5 Years 8.55% p.a. 17.13% p.a.

    The table shows interest rates offered for borrowers who earn a minimum annual income between S$20,000 and S$29,999.

    Loan tenure Nominal Interest rate (p.a.) Effective interest rate (p.a.)
    1 year 12.31% p.a. 29.83% p.a.
    2 years 12.25% p.a. 27.29% p.a.
    3 Years 12.50% p.a. 26.41% p.a.
    4 Years 12.81% p.a. 25.97% p.a.
    5 Years 13.14% p.a. 25.71% p.a.

    OCBC Debt Consolidation Loan:

    This loan is designed to help borrowers pay off their older loans. The loan allows borrowers to consolidate all previous dues including loans from other financial institutions and credit card balances into a fixed monthly instalment with OCBC.

    The loan has a longer tenure of 8 years and the instalment for repayment remains fixed throughout the tenure.

    The loan charges an effective interest rate of 10.46% p.a.

    OCBC New Car Financing:

    This loan provides the required financing to purchase a new car. The loan offers up to 70% of the price of the new car.

    Interest rate for OCBC New Car Financing

    Let us discuss the interest rates for this personal loan product:

    Loan tenure Effective interest rate (p.a.)
    1 year 5.09% p.a.
    2 years 5.25% p.a.
    3 Years 5.27% p.a.
    4 Years 5.27% p.a.
    5 Years 5.24% p.a.
    6 Years 5.22% p.a.
    7 Years 5.19% p.a.

    OCBC Used Car Financing:

    This loan provides the required financing to purchase a used car. The loan offers up to 70% of the price of the car.

    Interest rate for OCBC Used Car Financing

    Let us discuss the interest rates for this personal loan product:

    Loan tenure Effective interest rate (p.a.)
    1 year 5.46% p.a.
    2 years 5.62% p.a.
    3 Years 5.64% p.a.
    4 Years 5.63% p.a.
    5 Years 5.61% p.a.
    6 Years 5.57% p.a.
    7 Years 5.54% p.a.

    OCBC Car Refinancing:

    This loan allows borrowers to refinance their existing car loans and providing them with lowered monthly instalments. The tenure of the refinancing loan ranges from a minimum of 1 year to a maximum of 7 years

    Interest rate for OCBC Car Refinancing

    Let us discuss the interest rates for this personal loan product:

    Loan tenure Effective interest rate (p.a.)
    1 year 3.65% p.a.
    2 years 3.78% p.a.
    3 Years 3.80% p.a.
    4 Years 3.80% p.a.
    5 Years 3.79% p.a.
    6 Years 3.78% p.a.
    7 Years 3.77% p.a.
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