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OCBC Personal Loan Review
Enjoy a range of personal loans with competitive interest rates and flexible repayment terms.
As one of the biggest banks in Singapore, OCBC offers an array of personal loans for you to pick from. From secure overdrafts to instalment loans, you could find a competitive loan with a quick turnaround period through OCBC.
This review covers OCBC personal loans, including the features, fees and application process involved. Read on to find out which personal loan could be best for you.
Type of personal loans from OCBC
Here are some borrowing solutions you may opt for through OCBC.
- EasiCredit Loan. This standby line-of-credit allows you to withdraw up to 6 times of your monthly income and receive near-instant approval. Interest rates stand at 20.90% to 29.80% per annum and loan tenures are flexible.
- ExtraCash Loan. Register online for near-instant approval and receive a one-time personal loan credit boost of up to 6 times your monthly income. Loan tenures are fixed at 1 to 5 years.
- Cash-on-Instalments.This OCBC personal loan helps you turn excess credit on your OCBC card into a personal loan with instalment payments. Expect to pay EIR instalments of approximately 9.06% per annum, for a term of 1 to 5 years.
- Secured Overdraft. Use your existing investments or savings to get standby funds. With OCBC’s overdraft plan, you’ll be charged interest only on the amount you use.
- Balance Transfer. OCBC’s Balance Transfer allows you to convert outstanding credit card balances into a loan repayment plan. Expect a one-time processing fee of 4.5% and an EIR of 5.20% per annum. Compared to OCBC personal loans, the Balance Transfer comes with a shorter loan term of 3 to 12 months.
- Debt Consolidation Plan. OCBC Debt Consolidation Plans offer an EIR of up to 8.41% and loan repayment terms of up to 8 years. This could help you lower your monthly interest charges on existing debt. However, note that this plan is only available to Singaporeans or Permanent Residents with 1 year’s income worth of debt.
Features of an OCBC personal loan
Here’s a quick breakdown of what you may stand to enjoy when borrowing with OCBC.
- Flexible repayments. Loan terms may range from 3 months to 8 years, depending on your OCBC personal loan. This means that you could easily find a loan repayment term that best suits your financial situation.
- Instant approval. Receive instant approval when you apply for the OCBC ExtraCash Loan, as long as you apply using MyInfo.
- Multi-purpose loans. OCBC personal loans cater to a wide range of financial needs. These loans may be used for multiple activities, subject to the bank’s approval, so long as you meet the basic borrowing eligibility requirements.
Fees related to OCBC personal loans
The amount you end up paying on an OCBC personal loan ultimately depends on your annual income, loan type and loan tenure. Always clarify with OCBC before committing to a loan in order to get a better understanding of the fees you’ll have to pay. In general, these are the common personal loan fees charged by OCBC.
- Interest rate fees. Take note of the effective interest rate on your OCBC personal loan, as this gives a good representation of the interest fees you could end up paying. This amount depends on your annual income, loan type and tenure.
- Processsing fees. Borrowers with an annual income of $30,000 and above could pay a processing fee of 2% or $200, whichever amounts to more. Borrowers with an annual income below this tend to face a fixed processing fee of $100.
- Penalties. OCBC late payment fees stand at $80. Early repayment fees often amount to 3% of the loan, or $1000, whichever may be higher.
How to apply for a personal loan with OCBC
Shop around and compare your personal loan options before committing to a loan. If you’ve decided on an OCBC personal loan, follow the steps below for a quick and easy sign-up process.
Make sure you’re eligible for a personal loan before progressing with your application. Common OCBC personal loan eligibility requirements involve:
- Age. You must be above 21 years old to apply for a loan with OCBC.
- Annual income requirements. Singaporeans or Permanent Residents need an annual income of at least S$20,000. Foreigners would need an annual income of at least S$45,000.
- Existing OCBC accounts. To utilise OCBC’s Cash-on-Instalments or Balance Transfer personal loans, you must first have an existing OCBC Credit Card or EasiCredit account.
- Balance-to-Income ratio. To be eligible for a debt consolidation loan, you need a bank balance that is at least 12 times your monthly income.
Once you’ve ascertained that you’re eligible for an OCBC personal loan, gather your essential documents and sign up online through OCBC’s website. Here are some common documents required.
- Valid identification documents. This means an NRIC for Singaporeans and Permanent Residents. Alternatively, this means a passport and Employment Pass, Work Permit or Student Pass for foreigners.
- Documentation for proof of residence. This may include your latest electronic payslip, half-year CPF statement, or latest income tax statement.
What other products are offered by OCBC?
Interested in financial products other than OCBC personal loans? Explore other OCBC products here.
- Bank accounts. OCBC offers plenty of bank accounts for you to choose from, ranging from multi-currency accounts to everyday savings accounts.
- Credit cards Whether you’re looking for VIP privilege cards with top-tier rewards or travel cards with the biggest vacation deals, OCBC could just have the right credit card for you.
- Loans. From home loans to car loans, OCBC offers an array of flexible borrowing solutions.
- Insurance. OCBC insurance products offer comprehensive coverage of common insurance needs, including unexpected hospitalization expenses, travel insurance and home insurance. Besides this, OCBC also offers endowment and life policies.
- Investment products. OCBC provides trading products that cater to almost every investor skill level. These include intuitive Blue Chip Investment Funds to Unit Trusts, Singapore Treasury Bonds and Bills.
- Financial advisory services. OCBC’s financial advisor service caters to anyone who needs wealth management guidance, whether you’re pooling money for your first house or saving up for retirement.
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