If you’re in need of some extra cash, EasiCredit from OCBC Singapore might be the solution for you. EasiCredit is a personal line of credit that allows you to borrow money on a short-term basis. With EasiCredit, you can get instant approval via Myinfo and choose the repayment amount and tenure of your outstanding balance.
To be eligible for EasiCredit, you must have an annual income of at least S$20,000. The credit limit you are eligible for will depend on your income, credit score, and other factors. The interest rates for EasiCredit range from 29.8% to 36%, depending on your income level.
EasiCredit offers many additional features and services, including FAST funds transfer from any participating bank’s online banking platform and cheque payment. However, it’s important to note that there are fees and charges associated with EasiCredit, such as late payment fees and annual fees. Make sure to read the EasiCredit Pricing Guide and understand all the fees and charges before applying.
Key Takeaways
- EasiCredit is a personal line of credit that allows you to borrow money on a short-term basis.
- To be eligible for EasiCredit, you must have an annual income of at least S$20,000 and the credit limit you are eligible for will depend on your income, credit score, and other factors.
- EasiCredit offers additional features and services, but be sure to read the EasiCredit Pricing Guide to understand all the fees and charges before applying.
Understanding EasiCredit
What Is EasiCredit?
EasiCredit is a flexible personal line of credit that provides quick access to cash. It is a backup borrowing limit that you can draw on at any time, with a repayment plan that you can choose based on your needs. EasiCredit allows you to borrow money on a revolving credit basis and pay back the amount you owe at your own pace. This means that you can withdraw what you need, when you need it, without having to reapply for a new loan each time.
How EasiCredit Works
When you apply for EasiCredit, you will be given a credit limit that you can use as needed. You can withdraw cash or make payments using your EasiCredit account, and you will only be charged interest on the amount that you have borrowed. The prevailing interest rate for EasiCredit is 1.74% per month, accrued on a daily basis.
Repayment for EasiCredit is flexible, and you can choose how long and how much you want to repay. You can choose to pay the minimum payment each month, which is 3% of your outstanding balance or $50, whichever is higher. Alternatively, you can choose to pay a larger amount to reduce your balance faster and save on interest charges.
It is important to note that there are fees and charges applicable to EasiCredit accounts. These include an annual fee, cash advance fee, and late payment fee. For a full list of fees and charges, please refer to the EasiCredit Pricing Guide provided by OCBC Singapore.
If you are looking to transfer your outstanding balance from another credit card or line of credit, EasiCredit also offers a balance transfer option. This allows you to transfer your outstanding balance to your EasiCredit account and enjoy a lower interest rate for a limited period of time.
Overall, EasiCredit is a convenient and flexible option for those who need quick access to cash. With its low prevailing interest rate and flexible repayment options, EasiCredit can help you manage your finances and meet your financial needs.
Eligibility and Application
If you are in need of a personal line of credit or short-term loan, OCBC EasiCredit might be the right choice for you. This section will provide you with information on the eligibility criteria and application process for this service.
Eligibility Criteria
To be eligible for OCBC EasiCredit, you must meet the following requirements:
- You must be a Singaporean, Permanent Resident, or Foreigner aged 21 years old and above.
- For Singaporeans and Permanent Residents, your annual income must be at least $20,000.
- For Foreigners, your annual income must be at least $45,000.
When applying, you will need to provide identification documents such as your NRIC or passport, employment pass or work permit (for foreigners), and MyInfo or supporting documents such as income documents, bank statements, CPF statements, and Income Tax Notice of Assessment.
Application Process
The application process for OCBC EasiCredit is straightforward and can be done online through OCBC Internet Banking or at any OCBC branch. Here’s how you can apply:
- Log in to OCBC Internet Banking and navigate to the Easi Credit Application page.
- Fill in the required information and upload the necessary documents.
- Review your application details and submit your application.
Alternatively, you can visit any OCBC branch to apply in person. Remember to bring along your identification documents and income documents.
Upon successful application, you will receive a notification from OCBC. You can also check your application status through OCBC Internet Banking or by contacting OCBC customer support.
In conclusion, OCBC EasiCredit is a convenient and accessible option for those in need of a personal line of credit or short-term loan. With a simple application process and clear eligibility criteria, you can easily apply and receive the funds you need.
Credit Limit and Repayments
Understanding Your Credit Limit
When it comes to borrowing money, your credit limit is the maximum amount that you can borrow from your line of credit. With OCBC EasiCredit, your credit limit is determined by your annual income, and it can go up to 4 times your monthly income if you earn between $30,000 to $120,000 a year. If you earn $120,000 or more a year, there is no regulation on your credit limit. However, if you are above 55 years old, your income requirements are lower, but you need to have at least $750,000 to $2m in net personal assets such as property or shares.
It is important to note that your approved credit limit is subject to change based on your outstanding amount and repayment history. If you have an outstanding balance, your available credit limit will be reduced by the amount of your outstanding balance. Additionally, if you have a poor repayment history, your credit limit may be reduced or suspended.
Making Repayments
When it comes to repayment, OCBC EasiCredit offers flexible repayment options. You can make easy repayments via online or mobile banking funds transfer, cheque deposit, or cash deposit machine. The repayment period ranges from at least 12 to 60 months, and the repayment amount can be adjusted based on your outstanding balance.
It is important to make sure that you make your minimum monthly repayment on time to avoid late payment fees and additional interest charges. The minimum monthly repayment is 3% of your outstanding balance or $50, whichever is higher. If you miss your payment due date, you will be charged a late payment fee of $80.
To ensure that you do not miss your payment due date, you can set up a GIRO arrangement with OCBC. This will automatically deduct your repayment amount from your designated bank account on your payment due date.
Overall, OCBC EasiCredit offers a flexible and convenient way to access standby cash whenever you need it. With a low minimum income requirement of $20,000 p.a., you can easily apply and get instant approval via Myinfo.
Fees and Interest Rates
Schedule of Fees
When it comes to OCBC EasiCredit, there are several fees and charges to keep in mind. Here’s a breakdown of the most important fees:
- Annual Fee: S$120 (waived for customers with an annual income of S$30,000 and above for the first year)
- Monthly Service Fee: NIL
- Minimum Overdraft Interest: S$5
- Late Fee: S$120
- Excess Fee: S$50
- Over-the-Counter Payment/Deposit: S$25 per transaction
- Cheque-related Fees: SGD …
It’s important to note that these fees are subject to change, so it’s always a good idea to check the latest schedule of fees before applying for EasiCredit.
Interest Rates Explained
The interest rate you’ll be charged for your EasiCredit depends on your annual income. If you earn between S$20,000 and S$29,999 per year, you’ll be subject to a prevailing interest rate of 29.80% per annum. However, if you make the minimum payment due by the statement due date, you can avoid a higher interest rate of 36.00% per annum.
On the other hand, if your annual income is more than S$30,000, you can enjoy a lower interest rate of 20.9% per annum. Additionally, if you apply for EasiCredit online by 30 June 2021, you can enjoy a promotional interest rate of 6% p.a. until 30 September 2021.
It’s important to note that interest rates are subject to change, and the effective interest rate (EIR) may be higher than the advertised rate due to processing fees and other charges. Therefore, it’s essential to read the terms and conditions carefully to understand the full cost of borrowing.
In summary, EasiCredit can be an excellent option for those who need a flexible line of credit in Singapore. However, it’s crucial to understand the fees and interest rates associated with this product to make an informed decision.
Additional Services and Features
Convenience and Accessibility
OCBC EasiCredit offers a range of convenient services and features to make managing your finances easier. With fast approval and flexible repayment options, you can access funds quickly and easily. You can also make payments and deposits through a variety of channels, including over-the-counter payment, ATM card, chequebook, ATMs, cash deposit machines, AXS machines, and PayNow.
One of the most convenient features of OCBC EasiCredit is the ability to make fast funds transfers from any participating bank’s online banking platform. This allows you to transfer funds almost instantly, making it easy to manage your finances on the go.
Promotions and Benefits
OCBC EasiCredit also offers a range of promotions and benefits to help you save money and get the most out of your credit line. For example, customers with an annual income of $30,000 and above can enjoy a waiver of the annual fee for the first year. You can also enjoy cash-on-instalments, which allows you to convert your credit line into cash at a lower interest rate.
In addition, OCBC EasiCredit offers a range of bill payment options, including online fund transfer, cheque payment, and over-the-counter payment. You can also enjoy exclusive discounts and promotions at selected merchants when you use your EasiCredit card.
Overall, OCBC EasiCredit is a convenient and flexible way to manage your finances. With fast approval, flexible repayment options, and a range of convenient services and features, it’s a great choice for anyone looking for a personal line of credit in Singapore.
Frequently Asked Questions
How can I apply for an OCBC EasiCredit account?
Applying for an OCBC EasiCredit account is easy and hassle-free. You can apply online or visit any OCBC branch. To apply online, simply visit the OCBC website and fill out the application form. You will need to provide your personal and financial details, including your income, employment status, and credit score. Once you submit your application, you will receive an instant approval decision.
What are the interest rates for OCBC EasiCredit?
The interest rates for OCBC EasiCredit depend on your annual income. For customers with an annual income of $20,000 to $29,999, the interest rate is 29.8%. For customers with an annual income of $30,000 and above, the interest rate is 19.8%. It is important to note that interest rates are subject to change and can vary based on market conditions.
How can I check the status of my OCBC EasiCredit application?
You can check the status of your OCBC EasiCredit application online or by contacting the OCBC customer service hotline. If you applied online, you will receive an instant approval decision. If you applied in person, you will receive a notification by email or mail within a few days of submitting your application.
What steps should I take to waive the annual fee for my OCBC EasiCredit?
You can waive the annual fee for your OCBC EasiCredit by meeting the minimum spending requirement of $10,000 per year. Alternatively, you can request a waiver by contacting the OCBC customer service hotline. Please note that the annual fee is subject to change and can vary based on market conditions.
How do I make a payment towards my OCBC EasiCredit?
You can make a payment towards your OCBC EasiCredit account through various channels, including online banking, mobile banking, and ATM. To make a payment online, simply log in to your OCBC online banking account and select the EasiCredit option. You can then make a payment using your bank account or credit card. If you prefer to make a payment in person, you can visit any OCBC branch or ATM.
Who should I contact for an OCBC EasiCredit late fee waiver?
If you are unable to make a payment towards your OCBC EasiCredit account on time and incur a late fee, you can request a waiver by contacting the OCBC customer service hotline. The hotline is available 24/7 and can provide you with the necessary assistance to resolve any issues you may have with your account.