• OCBC Personal Line of Credit
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    OCBC Personal Line of Credit

    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.

    Features of the OCBC Personal Line of Credit

    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

    • You can access the amount in your personal line of credit account either through cheque or through ATM withdrawals.
    • The interest has to be paid at the end of each month on the outstanding balance.
    • Depending on your monthly income, you can borrow up to 6 times your monthly income through the OCBC Personal Line of Credit.
    • There is no fixed repayment period for the outstanding amount. You can take however long to repay the amount you’ve borrowed.
    • If you earn more than S$10,000 a month, you can borrow 6 times your monthly salary. If your income is above S$2,500 a month, you can borrow 4 times and if your income is above S$1,667, you can borrow 2x times your monthly income.
    • You will have to make a minimum monthly payment depending on your income. The higher your income, the less the minimum monthly repayment you’ll have to make. The minimum monthly payment can be 3% or 5%.
    • You can keep a close track of the money you spend through your account. You’ll get notification alerts regarding withdrawals, due dates, etc.
    • Making monthly repayments is also easy – you can pay through internet banking or through the mobile application.  

    Interest Rate

    Monthly Income (in SGD) Interest Rate (EIR % p.a.) Minimum Payment
    S$20,000 – S$29,999 29.8% 5%
    >S$30,000 17.95% 3%

    Fees and Charges

    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)

    Eligibility Criteria

    In order to apply for the OCBC Personal Line of Credit, the following eligibility parameters need to be met:

    • The minimum age of the applicant should be 21 years.
    • The minimum income to qualify for the line of credit is S$20,000 p.a.
    • The line of credit is available to Singaporeans, Permanent Residents and Foreigners.
    • The minimum annual income to qualify for EasiCredit is S$45,000.

    Documents Required

    • Salaried individuals:
      • Copy of NRIC, latest computerised salary slips, Income Tax Notice of Assessment.
      • Self-employed individuals:
      • Bank statement (last 3 months), Copy of NRIC, CPF contribution history for the last 1 year, Notice of Income Tax Assessment.
      • Individuals with varied income:
      • Copy of NRIC, Income Tax Notice of Assessment, Bank statement (last 3 months)
    • Foreigners:
      • Copy of Passport, Employment Pass, Employment Letter, latest computerised salary slips.

    Personal Line of Credit for Foreigners

    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.

    How to Apply for the OCBC Personal Line of Credit

    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.

    FAQs

    1. Is there a tenure attached to the personal line of credit product?

      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.

    2. What If I don’t make the minimum monthly payment?

      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.

    3. Do I need to have an OCBC credit card in order to apply for the Personal Line of Credit?

      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.

    4. How soon can I get the OCBC EasiCredit account?

      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.

    5. How can I withdraw the money in EasiCredit account?

      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. 

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