OCBC Extra Cash Loan

    OCBC, one of Singapore’s premier banking institutions, offers a large number of financial products to its customers, including credit cards, loans, insurance, and investment solutions. OCBC’s loan products are both popular and beloved of Singaporeans. It has several types of personal loan products, and the OCBC Extra Cash Loan is one such loan.

    Features and benefits of OCBC Extra Cash Loan

    The important features and advantages of this kind of loan are:

    • The OCBC Extra Cash Loan is an unsecured personal loan, in which you do not have to pledge any of your assets to get the loan.
    • You can get finances of up to 6 times your monthly income.
    • The processing time is low and your loan is approved quickly if all the documents are in order.
    • The money is credited to your account immediately upon approval.
    • You are required to make fixed and regular repayments.
    • The applicable interest rate is as low as 8.18% p.a. which comes up to an effective rate of 18.47%.
    • You can choose a loan tenure between 12 to 60 months.
    • You can make repayments easily in whichever method you are the most comfortable with.
    • The loan is available to all eligible persons, irrespective of whether you are a Singaporean, a permanent resident or a foreigner.

    Eligibility criteria for OCBC Extra Cash Loan

    To be eligible to get this personal loan, you need to:

    • Be at least 21 years old
    • Earn at least S$20,000 per year if you are a Singapore citizen or Permanent Resident
    • Earn at least S$45,000 per year if you are a foreigner

    How to apply for OCBC Extra Cash Loan

    You can apply for the OCBC Extra Cash Loan in 3 ways:

    • Online: Through the OCBC official website. You need to log in using your SingPass/CPF ID. To apply, complete the application form, download it and send it to OCBC.
    • Offline: Go to your nearest OCBC branch with the required documents and fill in your application form.
    • Contact the bank: You can also contact the bank through Phone Banking or SMS, and a bank executive will get in touch with you to guide you through the process.

    How does the loan work?

    The loan amount is granted based on your salary. The maximum loan amount you can get with this loan plan is tiered this way:

    • If you earn over S$1,667 per month, you can borrow up to two times your salary.
    • If you earn over S$2,500 per month, you can borrow a maximum amount of four times your salary.
    • If you earn over S$10,000 per month, you can borrow up to six times your salary.

    You will have to make fixed monthly repayments for the loan tenure of your choice.

    Fees and charges of OCBC Extra Cash loan scheme

    • Restructuring fee: 3% of the outstanding amount
    • Prepayment fee (full or partial): 3% of the prepaid amount (subject to a minimum payment of S$1,000)
    • Late payment fee: S$80
    • Processing fee: S$100 for those with an income below S$30,000 p.a. and S$200 or 2% of the loan amount for those earning S$30,000 or more.

    OCBC Extra Cash Loan interest rates in Singapore

    The interest rates applicable for this loan are listed in the tables below.

    Table 1: For those with an income of S$20,000 to S$29,999:

    Tenure Nominal interest rate (p.a.) Effective interest rate (p.a.)
    1 year 12.31% 29.83%
    2 years 12.25% 27.29%
    3 years 12.5% 26.41%
    4 years 12.81% 25.97%
    5 years 13.14% 25.71%

    Table 2: For those with an income of S$30,000 or more:

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

    How to manage your OCBC Extra Cash loan

    You can track your loan repayments and the outstanding amount and even make payments through OCBC internet banking services. You can also approach any OCBC bank branch for further information. Around 16 OCBC branches are open even on Sundays. You can make payments towards the loan in various ways:

    • Online funds transfer
    • Transfer using OCBC mobile app
    • Via cheque deposit
    • Through cash deposit machine
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