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Personal loans can be of great help if you require funds to make investments, consolidate your debts, and more. You can also make use of personal loans to fulfil your personal needs such as spending on your wedding, paying your credit card bills, etc.
With OCBC, you can choose from different types of personal loans
that offer funds at competitive interest rates with flexible tenures. With OCBC, you will also be able to make use of the promotional interest rate offered for a limited period.Here are the list of personal loans from OCBC bank with interest rates
| Loan Tenure | Applied Interest Rate | Effective Interest Rate |
|---|---|---|
| OCBC Cash-on-Instalments | Between 0% p.a. and 5.80% p.a. | Between 11.38% p.a. and 12.80% p.a. |
| OCBC ExtraCash Loan | Between 8.18% p.a. and 13.14% p.a. | Between 15.92% p.a. and 26.39% p.a. |
| OCBC EasiCredit | Interest applicable only on the amount used | Between 19.98% p.a. and 29.8% p.a. |
| OCBC Balance Transfer | 0% p.a. during the introductory offer period | Between 5.20% p.a. and 7.38% p.a. |
| OCBC Debt Consolidation Plan | 6% p.a. currently | Between 10.46% p.a. and 11.08% p.a. |
| Secured Overdraft | Interest charged only on the amount used | Interest rate will depend on the value of the pledged security |
The table below shows the various features of this loan:
| Loan amount | Up to six times your monthly salary |
| Interest rate | Up to 26.39% p.a. |
| Loan tenure | 1 to 5 years |
| Processing fee | S$200 or 2% of the approved loan amount, whichever is higher |
To be eligible for this loan, you will have to fulfil the following eligibility criteria:
| Nationality | Singaporean/Permanent Resident/foreigner |
| Age | 21 years or more |
| Annual Income | At least S$45,000 for foreigners and S$20,000 for PRs and citizens |
Here are the fees and charges associated with the various personal loans from OCBC
| Late fee | S$80 |
| Early repayment fee | 3% of the amount outstanding (S$1,000 minimum repayment) |
| Restructuring fee | 3% of the unsettled loan amount |
| Processing fee | S$100 for annual income S$20,000 to $29,999 And S$200 or 2% of the approved loan amount, whichever is higher for people with annual income of S$30,000 and above |
You will require the following documents when you apply for the different types of personal loans from OCBC bank:
| For salaried employees | for self-employed/commission based employees | For Foreigners |
|---|---|---|
|
NRIC Recent electronic payslip or last 6 months' CPF statement or most recent Income Tax NOA |
NRIC last 12 months' CPF statement or last 2 years' Income Tax NOA |
Employment Pass/Student Pass/ Work Permit/ and Passport |
Let us assume the loan amount to be S$15,000 and the annual income is assumed to be over S$30,000. The amount disbursed will be S$14,700. The table below shows the monthly instalment and the interest rate applied with different tenures:
| Tenure (years) | Applied Interest Rate (% p.a.) | Effective Interest Rate (% p.a.) | Nominal Interest Rate (% p.a.) | Monthly Instalment |
|---|---|---|---|---|
| 1 | 15 | 20.61 | 8.31 | S$1,354 |
| 2 | 15 | 18.47 | 8.18 | S$727 |
| 3 | 15 | 17.73 | 8.27 | S$520 |
| 4 | 15 | 17.36 | 8.4 | S$418 |
| 5 | 15 | 17.13 | 8.55 | S$357 |
A processing fee of S$300 will be applied.
Except for the Debt Consolidation Plan, foreigners can apply to all other types of personal loans offered by OCBC.
If you have any queries in relation to any of the personal loans, you can call on the following number: 6679 5128 from Mondays to Fridays (9:00 a.m. to 6:00 p.m.)
The bank offers multiple application channels. Choose one from the following list as per your preference and comfort:
[Disclaimer: The aforementioned channels of application may not be available for all OCBC loans.]
Q. How do I repay my OCBC ExtraCash loan?
A. You can repay your ExtraCash debts without any hassles by opting for online payment, cash deposit machine, cheque deposit or mobile banking funds transfer.
Q. What are the repayment options?
A. You can make repayment online or through mobile banking funds transfer, cash deposit machine and cheque deposit.
Q. How can I manage my account?
A. You can easily manage your ExtraCash account by viewing your loan balance through mobile and online banking.
Q. What is the approved loan amount for people with income over S$30,000 and above?
A. The approved amount in such cases is S$10,000.
Q. What is the approved loan amount for people with income between S$20,000 to $29,999?
A. The approved amount is S$4,500.
