If a financial emergency ever crops up out of ‘sheer nothingness’, you may be able to give it a befitting reply if you have a standby cash fund that you can access. Personal loans from OCBC can help you in that regard. If you’re comfortable with fixed repayments due to their predictability, you can choose a term loan. If you, however, enjoy flexible payments, you can choose a line of credit. The bank also offers options that allow you to consolidate your outstanding unsecured debts.
A single loan to manage all your debt problems may not always work. Therefore, check the options below to understand the loan that would suit you best:
OCBC Cash-on-Instalments: If you wish to convert the idle credit limit on your OCBC card or EasiCredit account into a fixed repayment loan, you may choose this option. The loan tenures can be from 1 year to 5 years. Starting from 0% p.a., flat interest may go up to 5.8% p.a. The application process is completely hassle-free.
OCBC ExtraCash Loan: Borrow up to 6x your monthly income with this instalment loan. You can choose a loan tenure from 1 year to 5 years. With online and mobile banking, you’ll be able to monitor your transactions anytime you want. The nominal interest rate ranges from 8.18% p.a. to 13.14% p.a.
OCBC EasiCredit: When you can’t predict how much you need to borrow or when the expenditure would befall you, a line of credit can be a great option. With this OCBC standby facility, you can apply for a maximum credit limit of up to 6x your monthly salary. Interest will be charged only for the amount that you have used. Pay as little as 3% of the outstanding balance, subject to a minimum of S$50, to revolve the credit facility. You can also access your funds via online banking, ATM or cheques.
OCBC Debt Consolidation Plan: If you think that paying the high interest charges on your existing unsecured credit facilities is becoming unbearable, you can consider this loan option. The loan tenure can be from 3 years to 8 years. The applied interest rate starts from 6% p.a. In addition, you’ll also get a card with a credit limit equal to your monthly income. You’ll enjoy an annual fee waiver on the card. You’ll also earn OCBC$1 for every S$1 you spend on this card.
Secured Overdraft: Are you holding a fixed deposit or an unit trust with OCBC? In case of an emergency, instead of letting these funds sit idle, you can actually pledge them to get a loan from the bank. Funds may be released up to the credit limit approved. The actual interest charged would depend on the value of the collateral pledged. Get in touch with the bank for more information.
OCBC Balance Transfer: Convert the credit limit available on your OCBC credit card or EasiCredit account into liquid cash with this loan. The applied interest rate can be as low as 0% p.a. and the effective interest rate can be as low as 7.22% p.a. Pay as little as 3% of the outstanding balance, subject to a minimum of S$50 at the end of each month and continue to enjoy the benefits.
Find out the special features of these OCBC personal loans below:
High interest charges can often singlehandedly dilute the value offered by a personal loan. Interest rates on OCBC loans are competitive. Here’s what you should know:
|Loan Tenure||Applied Interest Rate||Effective Interest Rate|
|OCBC Cash-on-Instalments||Between 0% p.a. and 5.80% p.a.||Between 11.38% p.a. and 12.80% p.a.|
|OCBC ExtraCash Loan||Between 8.18% p.a. and 13.14% p.a.||Between 15.92% p.a. and 26.39% p.a.|
|OCBC EasiCredit||Interest applicable only on the amount used||Between 19.98% p.a. and 29.8% p.a.|
|OCBC Balance Transfer||0% p.a. during the introductory offer period||Between 5.20% p.a. and 7.38% p.a.|
|OCBC Debt Consolidation Plan||6% p.a. currently||Between 10.46% p.a. and 11.08% p.a.|
|Secured Overdraft||Interest charged only on the amount used||Interest rate will depend on the value of the pledged security|
Refer to the individual product pages on our website to learn more about interest rates. You’ll also find helpful illustrations.
Now that you have a fair understanding of the interest charges on these loans, take a look at the fees that apply (as and where relevant):
If you enrol in the debt consolidation programme offered by OCBC, you’ll receive a FREE credit card. You may, however, have to tackle the following charges for using the card:
Check our specific OCBC personal loan pages for more details.
Here are some of the things that you should ponder over before you decide to apply for an OCBC loan:
For more such insights, don’t forget to turn to our product-specific pages.
In order to be eligible for an OCBC loan, you may have to satisfy the following conditions:
The following is a list of the common documents that the bank may require to approve your loan application:
If you’re a salaried employee, you may submit any of the following documents as proof of income:
If you’re self-employed or if you’re a variable earner, you can furnish either of the following documents:
The bank may ask for additional documents for a DCP loan. Find them out before you apply.
The bank offers multiple application channels. Choose one from the following list as per your preference and comfort:
[Disclaimer: The aforementioned channels of application may not be available for all OCBC loans.]
The one-size-fits-all approach, as you would probably agree, has its limitations. The fact that OCBC actually offers a diverse range of personal loans might help you choose a loan that can solve your problem effectively.
OCBC is launching a new digital application that will allow customers to apply for a new OCBC 360 Account without going through the hassle of documentation. The application process will be enabled by MyInfo, which was designed by the Monetary Authority of Singapore (MAS) in collaboration with the Government Technology Agency and Island's Smart Nation and Digital Government Office. With MyInfo, customers will not have to provide supporting documents to open the account. Instead, they can choose to allow OCBC to use their MyInfo data for setting up the account. Commenting on the development, OCBC’s e-Business Head, Aditya Gupta said that the bank will extend this service to other products as well.
6th June 2018
Dennis Hong has been made OCBC Securities’ Managing Director. He takes over the new position from Raymond Chee, who has held the post since August 2012. Hong was earlier the Deputy Managing Director of the same division. He had been engaging in business decisions of the organisation under the direction of Chee from the beginning of the year as part of the transition. Ching Wei Hong, Chairman of OCBC Securities and OCBC COO, said Hong is taking charge of the brokerage division of OCBC’s wealth management business at a very exciting time. He went on to say that OCBC’s wealth management income increased by 43% last year to reach $3.25 billion, a new record for the organisation.
Dennis Hong started his career with OCBC as a Post Graduate Management Associate in 2010. He went on to become one of the relationship managers of OCBC’s Wholesale Corporate Marketing division, managing an assortment of large organisations. OCBC Securities is a wholly-owned brokerage subsidiary of OCBC. The group expects their recent growth in revenue to continue with the appointment of Dennis Hong at the helm of their Securities division.
25th May 2018
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