From debt consolidation to balance transfer and cash loans, OCBC Bank offers different types of personal loans to meet the varying needs of its customers in Singapore. You can easily track and manage your loans via online banking and phone banking. OCBC Bank offers same-day loan approvals. OCBC ExtraCash Loan is a fixed repayment instalment loan that you can apply for if you’re looking for a personal loan with regular repayments and long tenures.
Atleast 21 years
Above 21 Years
Salaried or self-employed
with regular income
Earn more than the minimum income required
Minimum income required
EMIs of other loans lower your eligibility
Pay off your credit card bills
Choose longer tenure loan up to 5 Years
|Interest Rate||8.18% p.a|
|Minimum Income||S$20,000 p.a.|
|Max Loan Amount||up to 6 times your monthly income|
|Loan Tenure||1 - 5 Years|
|Processing Fee||S$100 (For income < $30,000)|
Listed below are the reasons why you should opt for personal loans offered by OCBC Bank:
Following are the different types of personal loans offered by OCBC Bank:
|Loan tenure||12 months|
|Processing fee (one-time)||2% of processed loan amount|
|Loan tenure||1 to 5 years|
|Nominal Interest Rate||18.8% p.a.|
|Effective Interest Rate||18.47% p.a.|
|Processing fee (one-time)||S$100 for income between S$20,000 to S$29,999. 2% of processed loan amount for income of S$30,000 and above|
|For income between S$20,000 to S$29,999||For income from S$30,000 and above|
|EIR: 29.8% p.a.||EIR: 19.98% p.a.|
|Minimum monthly payment: S$50 or 5% of the outstanding balance, whichever is higher||Minimum monthly payment: S$50 or 3% of the outstanding balance, whichever is higher|
|3 months||AIR: 0% p.a. EIR: 7.22% p.a. Processing fee: 1.80%|
|6 months||AIR: 0% p.a. EIR: 5.19% p.a. Processing fee: 2.50%|
|12 months||AIR: 0% p.a. EIR: 4.99% p.a. Processing fee: 4.50%|
|Interest rate||6% p.a. (EIR 10.46% p.a.)|
|Loan tenure||8 years|
|Late repayment fee||S$200|
|Termination fee||5% of outstanding loan amount|
|Over the counter payment or deposit||S$25 per transaction|
|Effective Interest rate||25.92% p.a.|
|Minimum monthly payment||S$50 or 3% of the outstanding balance amount, whichever is higher|
|Late repayment fee||S$80|
|Cash advance fee||S$15 or 6% of the amount withdrawn, whichever is higher|
|Interest on cash advance||28.92% p.a. (minimum charge is S$2.50 per month)|
EasiCredit is a standby credit line offered by OCBC where you can choose your instalment amount and the repayment duration for your outstanding balance. You can get up to 6 times of your monthly income. In order to get this cash loan, you must be 21 years or older. Singaporeans or Singapore Permanent Residents should have a minimum income of S$20,000 p.a. and foreigners should have a minimum income of S$45,000 p.a.
The below table explains the interest rates for EasiCredit:
|S$20,000 - S$29,999||S$30,000 - S$119,999||Over S$120,000|
|Credit limit per month||2x your monthly income||4x your monthly income||6x your monthly income|
|Effective rate of interest||29.8% p.a.||19.98% p.a.||19.98% p.a.|
|Minimum monthly repayment||5% of the remaining balance or S$50 (higher of two)||3% of the remaining balance or S$50 (higher of two)||3% of the remaining balance or S$50 (higher of two)|
Cash-on-Instalments gives you access to additional cash on your credit card or EasiCredit account. For this, you must convert your balance credit limit into monthly instalments. The monthly instalment amount will be fixed and tenures will be from 12 to 60 months. You can be eligible for this loan if you are at least 21 years old. If you are a Singaporean or Singapore Permanent Resident, your minimum annual income should be S$20,000, and if you are a foreigner, your minimum annual income should be S$45,000.
The below table explains the interest rates for Cash-on-Instalments
|Loan tenure||12 months|
|Applicable interest rate||0% to 5.80% p.a.|
|Effective interest rate||11.47% to 12.80% p.a.|
|Processing fee||2% to 6% of the loan amount|
Table 1: Here are the interest rates for the ExtraCash Loan for customers whose annual income is S$30,000 or above for an approved loan amount of S$10,000:
|Loan Tenure||Nominal Interest Rate p.a.||Effective Interest Rate p.a.|
Table 2: Here are the interest rates for the ExtraCash Loan for customers whose annual income is between S$20,000 and S$29,999 for an approved loan amount of S$4,500:
|Loan Tenure||Nominal Interest Rate p.a.||Effective Interest Rate p.a.|
Note: Interest rates can change anytime without prior notice.
The interest rate applicable on this loan is 6% p.a. with an EIR of 10.46% p.a.
The interest rates depend on the collateral you have pledged to the bank.
Foreigners are eligible to apply for the following OCBC Personal Loans:
Relevant documents will be requested including passport, work permit and other income proof documents (if applicable).
|OCBC Personal Loan||Fees and Charges|
|Processing fee||Starting from 1.80% of the loan amount|
|Late payment fee||Starting from S$80|
|Early termination fee||Starting from 3% of the outstanding payment|
|Fee for returned cheque||S$40 for each returned cheque|
|Over-the-counter payment fee||S$25 for each transaction|
• S$15 for every cheque reported through online/phone banking
• S$30 for every cheque reported to Customer Service or at the branch
|EasiCredit Annual fee||S$80 (fee waiver for 1 year for customers with annual income of S$30,000 and above|
Balance Transfer and Cash-on-Instalments Promotion:
Here are the common documents that the bank requires from applicants of personal loans:
Income documents (one of more of the following):
There are several ways to apply for a personal loan from OCBC:
Note: Not all of the above mentioned application options are available for every OCBC personal loan product. Visit the OCBC website and the respective personal loan webpage to choose from available personal loan application options. If you require any further information on this personal loan by OCBC or the application process in general, you can contact the bank on OCBC hotline number 1800 363 3333 which is available 24 hours a day.
Frequently Asked Questions
Q. If I apply for a Study Loan, will I get a credit card to manage my college finances?
A. OCBC is currently running a promotion with both their Study Loans wherein if you apply for an Education Loan or a Tuition Fee Loan, you can also apply for a FRANK Debit Card and enjoy lifetime fee waiver. Credit cards are not available under this promotion.
Q. Do I have to pay a deposit when applying for a car loan with OCBC?
A. For New Car Financing, you have to pay an initial deposit to process your car loan application. For Used Car Financing, you will have to pay the dealer the first month’s instalment amount before signing the Sales & Purchase Agreement.
Q. What is the minimum repayment amount on OCBC Cash Loans?
A. The minimum monthly repayment for an OCBC Cash Loan is S$50 or 3% of your outstanding balance, depending on whichever of the two is higher.
Q. If I apply for a Debt Consolidation Plan, will I still be eligible to apply for other credit lines?
A. No. Once you apply for a Debt Consolidation Plan, all your existing unsecured credit lines will be closed. However, you will receive an OCBC Platinum Credit Card, complimentary when you apply for DCP, with no annual fee requirement and a credit limit equal to your monthly income.
Q. Can I make cash withdrawals from my credit card after applying for a credit card personal loan from OCBC?
Yes. You can make cash withdrawals from your credit card. However, note that you will be charged 6% of the amount withdrawn with a minimum charge of S$15 per withdrawal.
Q. How is the processing fee determined for the OCBC ExtraCash Loan?
A. If your annual income is between S$20,000 and S$29,999, the processing fee charged will be S$100. If your annual income is S$30,000 and above, the processing fee charged will be 2% of the loan amount or S$200, depending on whichever of the two is higher.
Advanced technologies like artificial intelligence and distributed ledgers could set the stage for a fintech revolution in Singapore in the coming years. But concerns remain on the potential negative impacts from this.
11th January 2018
Bank of Singapore is looking to add about 20 more private bankers to its team of executives catering to ultra-high and high net worth individuals in the Middle East. The move comes after the bank set up its branch in DIFC in February this year.
20th December 2017
OCBC Bank has recently launched Wi-Fi access free of cost at multiple locations on the island including OCBC Centre, Orchard Road, Singapore Sports Hub and 33 bank branches. OCBC has said that the bank installed more than 700 hotspots across the island which will benefit 30,000 consumers. This decision by OCBC has been taken to aid in meeting the demand for mobile broadband in the country and is also keeping in tune with the government’s plan in doubling Wireless@SG hotspots by the year 2018 to 20,000.
This free Wi-Fi will benefit any consumer in the Wi-Fi Zone irrespective of whether they are an OCBC customer. Apart from showing support for the government’s plan in envisioning a wireless Singapore, the bank also hopes that OCBC will be engraved in everyone’s minds as holding a leading digital position.
In Orchard Road along, the bank has setup 5 different hot spots extending the coverage up to 100 meters from the 5 bus stops outside Tangs, the Royal Thai Embassy, the Royal Plaza at Scotts, the Far East Plaza and The Heeren. Additionally, OCBC has installed another 684 hotspots across the island at Singapore Indoor Stadium, Singapore National Stadium, the Singapore Sports Hub, Sports Hub Library and Sports Hub Museum, Water Sports Centre, Kallang Wave Mall and CBC Arena to OCBC Aquatic Centre.
Furthermore the bank as extended its Wi-Fi service to 33 of its branches including some of the densely populated areas including Causeway Point, ION Orchard, NEX Shopping Mall Toa Payoh, Ang Mo Kio and Vivo City. Consumers who are within the vicinity of the OCBC Centre will also have access to the free Wi-Fi.
27th July 2016
Even though the economic sector of Singapore and other countries is performing moderately, OCBC Bank sees growth in SME loans. OCBC’s head of emerging business is expecting a rise in loans through government led projects in the healthcare and infrastructure sectors. Recently, banks in Singapore have noticed a change in the way SMEs deal with their staffing problems. SMEs are increasing their productivity by using technology and applying for government schemes. As the cost of everything is increasing, these schemes become important for SMEs as they help in lowering loan prices. To target this sector, OCBC bank has made some changes to provide better advice on government related schemes.
17th May 2016
The wealth management business of OCBC Bank is expected to grow in 2016 and it will help in balancing the slowdown in the growth of loans being experienced by the bank. According to a report released by DBS, the non-interest income of OCBC will most likely drive the earnings of the OCBC group in 2016. The non-interest income of the bank will be mostly generated by its private banking services and the insurance policies sold by its insurance wing, Great Eastern. It is expected that the wealth management business of OCBC bank will contribute around 20 percent of its non-interest income.
14th December 2015
Since October 13th, 2015 new initiatives have been taken by Singapore and China to boost the international use of renminbi (RMB). This implies that banks in Singapore will now be in a position to lend renminbi to corporates across Tianjin and Suzhou and vice versa.
Until now the cross border initiatives to promote RMB was restricted between Singapore and the China-Singapore Suzhou Industrial Park (SIP) and the Singapore-Sino Tianjin Eco-City. This will now be extended to Tianjin and Suzhou as well. Not only will Singapore banks lend RMB to corporates across Tianjin and Suzhou but Tianjin and Suzhou will also be able to issue RMB bonds in Singapore. This will give the corporates in Tianjin and Suzhou more financing options and at the same time give Singapore more avenues to encourage the liquidity of RMB in Singapore.
As per this new initiative, Tianjin and Suzhou corporates can repatriate 100% of the proceeds raised from their bonds issued in Singapore. SIP corporates will also be in a position to borrow from Singapore based banks. Even local banks such as UOB and OCBC are in support of this initiate as they are also of the opinion that this new initiative will be beneficial to banks in Singapore.
This initiative was a result of the 12th Joint Council for Bilateral Cooperation (JCBC) which is co-chaired by Coordinating Minister for National Security Teo Chee Hean, Singapore Deputy Prime Minister and Vice Premier of the State Council of China, Zhang Gaoli.
13th October 2015
Cash Deposit Machines (CDM) of OCBC Bank will now accept all Singapore Dollar notes, making the bank the first one to start this system in the country. Earlier, a person could not deposit certain notes like SGD2, SGD5 and SGD1000 through the CDMs.
This upgrade will provide 24 hour service to the customers across all the branches of the bank. In addition to the 100 CDMs present in its branches, the bank plans to upgrade another 120 ATMs, which will provide withdrawal facility as well as accept cash deposits.
According to the bank, this upgrade will shorten queues at the counters and it expects to transfer 25% of the transactions from the counter to the machines. OCBC bank has also estimated a gain of SGD6 million over the next five years as this upgrade will free the bank’s counter staff and allow them to focus on other transactions. At present, 3.5 million CD transactions take place over the counter annually.
Aditya Gupta, Head of e-business, OCBC Bank Singapore says that the bank is working towards making daily banking more accessible to the customers.
07th October 2015
The Singapore shares have gone up by 2.22 percent in line with rest of Asia. The causal factors for this rise are the increasing oil prices and also the speculation that Federal Reserve will not increase the US rates of interest during this year.
Straits Times Index have extended the gains for a 3rd session, with a sudden increase from 64.40 points to 2961.81 on a rally that was blue chip led by OCBC, DBS, Keppel Corp, UOB, Genting Singapore and Wilmar International.
DBS banks jumped to 56 cents or 3.3 percent to SGD 17.48. Oversea Chinese Banking Corporation (OCBC) jumped to 26 cents or 2.9 percent to SGD 9.32 and United Overseas Bank (UOB) went up to 67 cents or 3.6 percent to SGD 19.52. Keppel Corporation climbed up to 26 cents or 3.8 percent to SGD 7.18, Genting Singapore climbed up to 4.5 cents or 6 percent to 79.5 cents and Wilmar International went up to 13 cents or 4.7 percent to SGD 2.89.
The global growth forecasts were cut by IMF and the weak prices of commodity was cited. The forecast was that the world economy would witness a growth at 3.1 % in the current year and would go up to 3.6 % by the end of 2016. The two new forecasts are 0.2 % lower than what was forecasted in the month of July.
06th October 2015