Cash woes? A personal loan to the rescue!

    OCBC Flexible Repayment EasiCredit Review – Enjoy Affordable Minimum Monthly Repayments

    While a credit card can be a great option for retail transactions unless you have maxed it out, a line of credit such as the OCBC EasiCredit is a viable option for your immediate/emergency cash needs. In addition to the fact that it is easy to access cash anytime with this line of credit, you can also borrow up to 6x your monthly income with this loan, which is significantly higher than the usual 4 times the monthly income limit. What’s more, you’ll be paying interest only on the amount drawn. If you had to put your planned solo trip to British Virgin Islands on the backburner in 2017 due to lack of funds, don’t let shortage of funds stop you from being “adventurous” in 2018. After all, an SMS (to OCBC Bank) is all it takes to set the wheels in motion!

    Easy Access to Funds, Low Monthly Payments: Should You Consider This Loan as an Option?

    • Maximum borrowing amount: You can borrow up to 6x your monthly income.
    • Minimum borrowing amount: Since it’s a line of credit, you can borrow as much or as little as you want (up to the maximum limit available) at any time.
    • Convenient modes for accessing funds: You can utilise funds in your EasiCredit Account by issuing a cheque, via ATM, or by using online/mobile banking.
    • Low minimum monthly payments: Pay as little as 3% of the outstanding balance (minimum S$50) and continue to use the facility.
    • Interest charged only on the funds used: Pay interest only for the amount of funds you have used. No interest will be levied on the unutilised credit.
    • Multiple modes of application: Want to set up this credit facility? Apply conveniently online or offline.
    • Death and disability benefits: If you as the account holder die, or suffer from total/permanent disability, your nominee(s) or you will receive a compensation equal to the monies in the account, as per the terms and conditions of the insurance coverage.
    • Statement of account: A statement of your latest transactions, dues, charges, and other pertinent information, will be shared with you at the end of each month by the bank. You’ll also find the due date, and minimum monthly payment details. In general, the payment due date will be 28 days after the generation of a statement. However, if it turns out to be a holiday, then the due date will be 1 working day before that date.

    Low Interest Rates = Substantial Savings on Your Loan Payments

    Are you worried that high interest rates would cancel out the benefits of having a credit line on standby? This may not always be the case. With this loan, for example, you’ll enjoy convenience along with affordability. Reasonable interest charges will ensure that your borrowing remains affordable for the entire duration of the loan. The interest rates applicable to the credit facility, would depend on your annual income, and the administrative fees, as follows:

    Annual Income Credit Limit Effective Interest Rate (EIR) Monthly Minimum Repayment
    ≥S$20,000 and <S$30,000 2x your monthly earnings 29.8% p.a. 5% of the due amount, subject to a minimum of S$50
    ≥S$30,000 and <S$120,000 4x your monthly earnings 19.98% p.a. 3% of the outstanding balance, subject to a minimum of S$50
    >S$120,000 6x your monthly earnings 19.98% p.a. 3% of the due balance or S$50, whichever is higher

    Fees and Charges Applicable to Your Loan

    While low interest rates can ensure that a loan stays affordable for users such as yourself, high fees can often cancel out the benefits. With this OCBC line of credit, however, you can save on both – interest and fees.

    Annual fee S$80 (Waived for the first year if your annual income is at least S$30,000)
    Minimum interest charge S$5
    Fee on returned cheques S$40 per cheque
    Stop-cheque fee
    • S$30 per cheque when reported through the customer service or directly at a branch
    • S$15 per cheque when done via internet banking or phone banking
    Over-the-counter deposits and payments S$25 per transaction
    Excess fee S$50 (if you borrow more than the credit limit approved)
    Late fee
    • S$85 to S$125 (if your annual income is at least S$30,000)
    • S$80 (if your annual income is below S$30,000)
    Default interest rate Up to 36% p.a. (applicable only if you fail to make the minimum monthly payment on time)

    Don’t Forget: An Annual Fee of S$80 Would Apply in General

    • An annual fee of S$80 would apply, irrespective of whether you have drawn from the credit line or not, or the amount you have borrowed. It may, however, be waived for the first year, subject to fulfilment of conditions.
    • You’ll have to make at least the minimum payment to avoid default interest charges. These charges, if applied, are much higher than the prevailing charges and can make your loan expensive.
    • The bank can determine the minimum monthly due and the due date at its absolute discretion. It is also true for the credit limit approved.
    • Even for joint accounts, only one cheque book may be issued at a time.
    • The line of credit may be terminated by the bank when you turn 65 years or the youngest of the account holders turn 65 years. It may also be terminated by the bank, at its discretion, earlier.
    • You, as the account holder, or one of the account holders, will need to be insured under the bank’s Group Creditor’s Life Insurance. The insurance will have to be equal to the outstanding balance, subject to a maximum of S$100,000, and accrued interest, if any.
    • If the insured account holder commits suicide within 1 year from the effective date of the insurance policy applicable, no compensation may be paid.

    Do You Satisfy the Eligibility Criteria of This Personal Line of Credit?

    You’ll be eligible if you’re:

    • Aged 21 years and above.
    • A Singaporean citizen/PR with an annual income of S$20,000 at least OR
    • A foreigner with an annual income of S$45,000 at least.

    To learn more about the complete list of supporting documents, click here.

    Experience a Hassle-Free and Flexible Application Process

    Application is fast and convenient. Choose a mode in accordance with your choice and convenience:

    • Online application: Apply on our website to enjoy fast approval and complete transparency.
    • SMS: Send an SMS to the bank to initiate the application process. You’ll have to enter your NRIC number along with your name.
    • Bank branch: You may also visit a branch nearest to you, if you prefer offline transactions.

    Looking for More Answers? Check Out This Section

    Q. Even after meeting the eligibility criteria, I wasn’t granted the maximum credit limit possible. Why?

    A. The bank may use other internally decided factors and your risk profile for evaluating your application. Any decision taken by the bank is final and absolute. In any case, the bank may at its absolute and sole discretion, may, reduce, modify, cancel, or even increase the credit limit.

    Q. Can the bank share my personal details or credit information with third parties?

    A. The bank may share your credit standing/report with credit reporting agencies, past/present employers, and a professional body that you’re a member of, from time to time, and its sole discretion.

    Q. How are the interest charges calculated?

    A. Interest will be calculated on the daily balance maintained and charged only on the amount that you have used. Interest will be calculated on a 365 day-year basis. Interest charges will be debited from your account at the end of each month or as decided by the bank. The bank also reserves the right to change the basis of calculation of interest or the rates applicable, at its sole discretion.

    Q. How do I convert my account into a joint account?

    A. If you want to convert your sole-account-holder account into a joint account, you may have to make a request to the bank. The bank may accept or reject your application at its discretion.

    Q. I want to update my personal details and particulars. How do I inform the bank of the changes?

    A. Contact the bank if you want to update your latest address or employment particulars. Under all circumstances, you’re expected to inform the bank of any changes to your personal details. If your whereabouts are unknown to the bank for 6 months or more, it may terminate the line of credit and ask you to settle the loan dues immediately.

    OCBC Flexible Repayment EasiCredit
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