• Personal Loan BYTES FROM OUR KITCHEN

    OCBC Extra Cash Loan

    It’s an affordable instalment loan that allows you to borrow up to six times your monthly income. You can repay it in fixed monthly instalments over a tenure that suits your requirements. You can opt for tenures ranging from 12 to 60 months.

    To apply for this loan, your minimum annual income should be S$20,000. The interest rate charged on the loan also depends on your annual income. If your annual income is S$30,000 or more, you will enjoy comparatively lower interest rates. Additionally, you can easily manage your account for this loan using Online Banking or Mobile Banking.

    Features and Benefits

    The following features and benefits are applicable to the OCBC ExtraCash Loan:

    • Higher borrowing limit: Depending on your annual income, you can borrow up to six times your monthly salary. If you earn S$120,000 or more annually, you can borrow up to six times your monthly income. If you’re earning an annual income in the range of S$30,000 to S$119,999, you can borrow up to four times your monthly income. If you earn an annual income in the range of S$20,000 to S$29,999, you can borrow up to two times your monthly income.
    • Easy repayment modes: With this loan, you don’t have to face any hassle while paying back the amount. You can use Online or Mobile Banking funds transfer facility to repay your loan amount. Alternately, you can also use a cheque deposit or a cash deposit machine to repay your loan.
    • Manage your account with ease: You can not only track your transactions but you can check the loan balance. You can manage your account from anywhere and at any instant by relying on Online and Mobile Banking.
    • Flexible loan tenure: You can choose from several loan tenure when you apply for this loan. The tenures available include 6 months, 12 months, 24 months, 48 months, and 60 months.

    Interest Rates You Will Be Charged

    The following table illustrates the rates of interest charged against various approved loan amounts:

    Tenure of Loan Nominal Rate of Interest (p.a.) Effective Rate of Interest (p.a.)

    Annual income stands at S$30,000 or above

    12 months

    8.31% p.a.

    20.61% p.a.

    24 months

    8.18% p.a.

    18.47% p.a.

    36 months

    8.27% p.a.

    17.73% p.a.

    48 months

    8.40% p.a.

    17.36% p.a.

    60 months

    8.55% p.a.

    17.13% p.a.

    Annual income stands anywhere from S$20,000 to S$29,999

    12 months

    12.31% p.a.

    29.83% p.a.

    24 months

    12.25% p.a.

    27.29% p.a.

    36 months

    12.50% p.a.

    26.41% p.a.

    48 months

    12.81% p.a.

    25.97% p.a.

    60 months

    13.14% p.a.

    25.71% p.a.

    Fees and Charges

    The following fees and charges will be applicable for this loan:

    Type of Fee Fees charged
    Processing fee

    2% of the loan sum approved subject to a minimum amount of S$200 in case of an annual income standing at S$30,000 or above

    S$100 in case the annual income amount stands anywhere from S$20,000 to S$29,999

    Fee for late payment S$80
    Fee for Early partial/full repayment 3% of the sum to be repaid, subject to a minimum repayment amount of S$1,000
    Restructuring fee 3% of the loan amount that remains due

    Check Your Eligibility

    The following eligibility criteria will be applicable in case of the OCBC ExtraCash Loan:

    • You must be at least 21 years of age or more to apply for the loan.
    • Singaporeans, Singaporean Permanent Residents, and foreigners can apply for this loan.
    • If you are a Singaporean/PR, your annual income must be at least S$20,000.
    • If you are a foreigner, your annual income must be at least S$45,000.

    Documents Required

    You have to submit the following sets of documents if you want to apply for this loan:

    Documents Needed for Salaried Employees

    • NRIC.
    • Copy of the employment pass / work permit / student pass and passport - if you’re a foreign applicant.
    • Most recent computerised payslip or last six months’ CPF contribution statement or latest Income Tax NOA.

    Self-Employed Individuals and Commission-Based Earners

    • NRIC.
    • Copy of the employment pass / work permit / student pass and passport - if you’re a foreign applicant.
    • Last 12 months’ CPF contribution statement or last two years’ Income Tax NOA.

    How Do You Apply for This Loan?

    You can apply for this loan in one of the following ways:

    • Online Application:
      • You can use the internet banking facility to apply online for this loan.
      • You need to carry your SingPass username and password as you will need to access your CPF login using those credentials. Your income information must be submitted here.
      • You have to print the completed forms and post it to the bank.
    • Application Through SMS:
      • You can apply for this loan by sending an SMS to 72222.
      • You have to SMS the following text to apply: “ space space ”.
    • Application Phone Banking:
      • You can apply for this loan by calling at the dedicated helpline number from Mondays to Fridays and place a request to apply for this loan.
      • The timings for this call are between 9:00 a.m. to 6:00 p.m.

    What Else You Need to Know

    Q.What is the calculation of nominal or flat rate of interest based upon in case of OCBC ExtraCash Loan?

    A. The nominal or flat rate of interest is computed depending on the approved sum for the loan in case of OCBC ExtraCash Loan.

    Q. Does the effective rate of interest include a one-time processing fee in case of an OCBC ExtraCash Loan?

    A. Yes, in case of the OCBC ExtraCash Loan, the effective rate of interest includes a one-time processing fee.

    Q. Is a fixed monthly instalment payment option used to calculate instalment amounts under the OCBC ExtraCash Loan?

    A. Yes, the instalment amounts under the OCBC ExtraCash Loan are calculated based on a fixed monthly instalment payment option.

    Q. Will I be charged anything if redemption is done immediately under the OCBC ExtraCash Loan?

    A. Yes, a month’s interest in lieu will be applicable under the OCBC ExtraCash Loan if redemption is done immediately.

    Q. What are the various provisions for repayment available under the OCBC ExtraCash Loan?

    A. The following provisions will be applicable in case of repayment under the OCBC Extra Cash Loan:

    ·         Repayment plan with regular instalments: Under this plan, you can repay your loan in monthly instalments. This will constitute both the principal as well as the interest as indicated either in the Approval Letter or as stated by the bank to the applicant from time to time. Once the first monthly instalment commences, the subsequent instalments have to be paid on date(s) as mentioned in the Approval letter. This will continue until the whole of the loan amount along with the interest accrued is fully paid.

    ·         Repayment plan with deferred instalments: You can defer the payment of the first monthly instalment under the OCBC ExtraCash Loan for a period either indicated in the application form, or any such period as decided by the bank, starting from the date your loan application is approved. Under this loan, the interest will accrue on a daily basis on the quantum of the loan borrowed. It shall be payable on the last instalment under this loan unless the bank states otherwise.

    Q. What happens if the deferred payment period expired under the OCBC ExtraCash Loan?

    A. If the deferred payment period expires under the OCBC ExtraCash Loan, you will have to repay this loan in accordance with the Regular Instalments Payment Plan.

    Q. Is there any minimum partial prepayment amount I have to pay under the OCBC ExtraCash Loan?

    A. In case of the OCBC ExtraCash Loan, the partial prepayment sum can’t be less than a minimum sum as stated in Pricing Guide for OCBC ExtraCash Loan. Besides, the prepayment amount must always be in multiples of the sum mentioned in the Pricing Guide for this loan. Additionally, if you opt for cancellation by returning the cashier’s order for the borrowed amount, it will be considered as a prepayment of this loan.

    Q. Is it a case of default if any information, declaration, representation, and/or warranty I have provided is false, incorrect, or ceases to be correct in case of the OCBC ExtraCash Loan?

    A. In case of the OCBC ExtraCash Loan, if you provided any false or incorrect information, declaration, representation, and/or warranty, it will be considered as a case of default. The same will be true if the information or declaration provided by you earlier ceases to be correct. In this case of default, the loan amount and any interest accrued, along with other fees and charges shall turn due and payable on demand.

    Q. What happens to my loan if there is any kind of legal action instituted against me?

    A. If there’s any legal proceeding, action, or suit of any kind that might adversely affect your financial position, your OCBC ExtraCash Loan will become immediately payable.  

    Q. Can I restructure my OCBC ExtraCash Loan to a longer tenor?

    A. Yes, you can restructure your existing ExtraCash Loan to a longer tenor subject to approval from the bank. However, the restructuring will only be applicable if your existing loan tenor is four years or less.

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