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    OCBC Easicredit - Borrow up to six times your monthly salary

    OCBC EasiCredit is a standby and a flexible line of credit that allows you to decide the loan tenure and the amount you want to repay on your total outstanding balance.

    Features and Benefits

    • Borrow up to six times your monthly salary.
    • Get access to your cash through cheque, ATMs, mobile and online banking.
    • Enjoy paying interest only on the utilised amount.
    • Pay minimum repayments as low as S$50 or 3% per month, whichever is more.
    • No fixed tenure to pay back the entire loan amount.

    Interest Rates

    Annual income Interest rate (EIR)
    S$30,000 and above 19.98% p.a.
    From S$20,000 to S$29,999 29.8% p.a.

    Fees and Charges

    Description Charge
    Annual fee S$80 (first-year fee waiver if annual income is S$30,000 or more).
    Minimum interest fee S$5.
    Returned cheque fee S$40 for each cheque.
    Stop cheque S$30 per cheque if reported through the branch/customer service. S$15 per cheque if reported through online or phone banking.
    Late payment fee S$85 – S$125 if annual income is S$30,000 and above. S$80 if annual income is less than S$30,000.
    Over-the-counter deposit/payment S$25 for each transaction.
    Excess fee S$50.

    Check Your Eligibility

    Age criterion 21 years of age or above
    Nationality criteria Singapore citizens, Permanent Residents and foreigners are eligible
    Minimum annual income requirement Singaporeans/PRs of Singapore: S$30,000 Foreigners: S$45,000

    Documents Required

    • Salaried employees:
      • NRIC copy and
      • Latest electronic or computerised payslips or
      • Latest 6 months’ CPF Contribution History Statement or
      • Most recent Income Tax Notice of Assessment.
    • Self-employed/commission-based employees:
      • NRIC copy and
      • Latest 12 months’ CPF Contribution History Statement or
      • Last 2 years’ Income Tax Notice of Assessment.
    • Foreigners must additionally submit:
      • Passport copy and
      • Work Permit/Employment Pass/Student Pass.

    How to Apply?

    You can follow the methods below to apply:

    • Sign into the OCBC portal using your SingPass login, fill up the details, take a print out and submit the completed form to the bank for review.
    • Send an SMS to the bank for this loan request.
    • Go to the nearest branch along with the required documents.

    EasiCredit FAQs

    Q. What kind of a loan is EasiCredit?

    A. EasiCredit is an unsecured personal loan, where you do not have to provide any collateral to the bank.

    Q. How much can I borrow under EasiCredit?

    A. The credit limit you can receive from OCBC for all income categories are as follows:

    ·         If you earn between S$20,000 and S$29,999, you can borrow up to two times your monthly salary.

    ·         If you have an annual income between S$30,000 and S$119,999, you will get a loan amount of four times your monthly salary.

    ·         If your yearly earning is S$120,000 or more, then you can get up to six times your monthly salary.

    Q. What is the monthly minimum repayment amount if I earn less than S$30,000?

    A. If you earn less than S$30,000 in a year, then your minimum repayment amount will be S$50 or 5% per month, whichever is higher.

    Q. If I fail to pay the minimum amount on time, what is the interest rate I can incur?

    A. If you do not pay the minimum amount on time, you may have to pay an interest of 36% p.a. on the total balance.

    Q. When do I have to make the minimum interest payment?

    A. The minimum interest payment due on your outstanding balance will be charged at the end of every month. Note that the interest will be accrued daily on this loan.

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