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    OCBC Flexible Repayment Easicredit

    OCBC Flexible Repayment Easicredit is a unique loan scheme that offers the customer the flexibility to decide the tenure and the repayment amount of the loan.

    Features & Benefits of OCBC Flexible Repayment Easicredit

    Some of the key features of the OCBC Flexible Repayment Easicredit are:

    • This personal loan plan is of the unsecured kind in which a customer need not provide any collateral security to OCBC.
    • The loan amount can be as high as 6 times the borrower’s monthly salary.
    • The money will be credited to the customer’s account and it can be withdrawn through ATM or cheque any time it is needed.
    • The borrower needs to pay interest only on the outstanding amount on the Easicredit account. This means that interest is charged only on the utilized amount.
    • There is no fixed tenure by which the loan needs to be closed.
    • This loan can be obtained by Singaporeans, permanent residents as well as foreigners residing on the island.
    • The interest rates are competitive and the repayment amounts are affordable.

    Eligibility criteria for OCBC Flexible Repayment Easicredit

    Described below is the eligibility criteria of OCBC Flexible Repayment Easicredit:

    • Minimum age: 21 years
    • Annual income for Singaporeans and Singaporean PR: S$20,000 p.a.
    • Annual income for foreigners: S$45,000 p.a.

    How to Apply for OCBC Flexible Repayment Easicredit

    A borrower can apply for this loan scheme in any of the following ways:

    • Online: The customer has to sign in to the OCBC bank portal using their CPF login (SingPass). After filling in personal, employment and contact details, and income and tax-related information, the borrower can download the application form and send it to OCBC for further processing.
    • At a branch: The customer can visit any of the OCBC branches in Singapore and apply for an Easicredit account. Taking your identity and income documents as required by the bank will expedite the approval process.

    How does the loan work?

    The loan amount is granted based on the applicant’s salary. The conditions on which the maximum loan amount for borrowers is based are:

    • If the applicant earns more than S$1,667 per month, they can borrow a maximum amount of up to two times their salary amount.
    • If the applicant earns more than S$2,500 per month, they can borrow a maximum amount of up to four times their salary amount.
    • If the applicant earns more than S$10,000 per month, they can borrow a maximum amount of up to six times their salary amount.

    Fees and charges of OCBC Flexible Repayment Easicredit scheme

    The following fees and charges are applicable to the OCBC Easicredit scheme:

    • Annual fee: S$80 (first-year fee waiver for those with an income of S$30,000 or more p.a.)
    • Minimum interest: S$5
    • Minimum monthly payment: S$50 or 3% of the outstanding amount, whichever is greater (for those with an annual income of S$30,000 or more); S$50 or 5% of the outstanding amount, whichever is greater (for those with an annual income of less than S$30,000)
    • Late payment fee: S$85 to S$125 (for those with an income of S$30,000 or more p.a.) and S$80 (for those with an income of less than S$30,000 p.a.)
    • Cheque return charges: S$40 for each returned cheque

    Interest rate on OCBC Flexible Repayment Easicredit Loan in Singapore

    The interest rate applicable for different customers is given below:

    Annual income Effective interest rate
    S$30,000 and above 19.98% p.a.
    S$20,000 - S$29,999 29.8% p.a.

    How to manage your OCBC Flexible Repayment Easicredit

    The OCBC Easicredit account can be easily managed through internet banking, mobile banking and by checking in with relationship managers at OCBC branches. Selected OCBC branches are also open on Sundays. Customers can repay their loan through online payment, GIRO transfer, mobile funds transfer, cheque deposit, or cash deposit machine, whichever mode they are convenient with.

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