OCBC Secured Overdraft Singapore

    A secured overdraft facility is an extremely convenient route for accessing extra cash for all your short-term expenses. With a revolving overdraft facility, you won’t have to liquidate your assets or sell them to meet your shortage of funds.

    Since it is a secured loan, the limit of overdraft and the rate of interest charged is decided by the value of the asset pledged as collateral. Your income is not a valid eligibility criterion. The best part is that you’ll have to pay interest only on the outstanding balance at the end of each month.

    A secured loan usually has less rigorous eligibility criteria as opposed to an unsecured loan. Although a good credit history is always an added benefit, it may not be the biggest hindrance to approval of the loan.

    The aim of OCBC Secured Overdraft facility is to give you easy access to cash or funds. Selling your assets or withdrawing money from your fixed deposit accounts or unit trusts come with real or notional loss in addition to penalties in some cases. With this OCBC personal loan, you can get an easy line of credit and pay the dues as per your convenience.

    OCBC personal loans in Singapore are specially known for their low interest rates. With the secured overdraft facility, you can access extra cash whenever you need it. It is a smarter alternative to high-interest personal loans and payday loans.

    Benefits of OCBC Secured Overdraft

    Some of the main benefits are as follows:

    • Your income won’t be one of the eligibility criteria for OCBC Secured Overdraft. Instead, the value and the nature of your pledged asset will be the most important determining factor.
    • The interest rates charged would depend on the value of your collateral. You can get in touch with the bank to learn more about the prevailing interest rates and find out more about the acceptable assets.
    • Interest is payable only on the outstanding balance i.e. the amount that you have used. The rate of interest is usually much lower than other unsecured personal loans and credit cards.

    If you don’t have an asset that you can pledge right away and you need extra funds immediately, you can also take a look at:

    Flexible Repayment Easicredit

    The Easicredit option from OCBC gives you access to an easy line of credit. You can borrow up to six times your monthly salary if it is S$10,000 or more and have complete liberty to choose the tenor of loan repayment. You can also decide how much to pay per month with minimum repayment set at just 3% or S$50 (whichever is higher) for an annual income above S$30,000.

    OCBC Balance Transfer

    It is another flexible payment option that gives you instant access to additional cash. You can convert the credit limit or credit line on your OCBC credit card into interest-free funds for short-term expenses.

    OCBC Cash-on-Instalments

    You can also convert the available balance on your credit card to fixed instalments payable in easy tenors of 1 to 5 years. The EIR stands at only 11.47% p.a. for a 12-month time horizon.

    OCBC ExtraCash Loan

    For one-time needs, you can also explore the OCBC ExtraCash Loan option. If you’re a Singaporean, you need a minimum annual income of S$20,000 to qualify for this loan and also need to be at least 21 years old. For foreigners, the minimum income ceiling has been fixed at S$45,000.

    You can select a loan tenor from anywhere between 12 months and 60 months as per your convenience. It’s a fixed-repayment scheme.

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