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A personal line of credit in Singapore allows you to get immediate access to cash and make repayments for the amount you borrow. OCBC offers a product called EasiCredit, a popular personal line of credit product that lets you borrow money based on your monthly income level. A personal line of credit works mostly like a credit card – you have to make repayments depending on the amount you use. Let’s take a detailed look at the OCBC Personal Line of Credit – EasiCredit.
The OCBC EasiCredit comes loaded with a clutch of features that make it quite an interesting product. Let’s take a look at the most prominent features of the product
|Monthly Income (in SGD)||Interest Rate (EIR % p.a.)||Minimum Payment|
|S$20,000 – S$29,999||29.8%||5%|
|Annual Fee||S$80 – first year fee waiver if income exceeds S$30,000|
|Minimum Interest Charged||S$5|
|Returned Cheque||S$40 per cheque|
|Late Payment Fee||S$85 – S$125 (if income exceeds S$30,000) S$80 (If income is less than S$30,000)|
In order to apply for the OCBC Personal Line of Credit, the following eligibility parameters need to be met:
The OCBC Personal Line of Credit is available to foreigners too. If you are a foreigner and you wish to apply for the OCBC Personal Line of Credit, you can contact the bank, and your application will be processed soon after. You will have to meet the eligibility parameters with regard to the age and income in order to qualify.
You can apply for the OCBC Personal Line of Credit by visiting the official OCBC website and filling out the application form online. You will also need to submit your documents, following which a representative from the bank will get in touch with you and help you complete your application.
A. The OCBC Personal Line of Credit does not have a fixed tenure as such. You will need to pay the interest on the amount you use on a monthly basis. The principal amount can be repaid at a much later time.
A. The minimum monthly payment needs to be made by the due date of every month, failing which late payment and other penal charges will be levied. The late payment fee depends on the income. The minimum amount you’d have to pay is S$80.
A. No, you don’t need to have an OCBC credit card in order to apply for the personal line of credit. You can directly apply for the product. Having a savings account with the bank, however, will work to benefit your application.
A. If your documents and application is in order, the bank will approve the EasiCredit account within 1 hour and you can use the funds immediately.
A. You can withdraw the amount either through the ATM card or by writing a cheque. You can also make a funds transfer to any bank account.