If you’re in need of some extra cash, EasiCredit from OCBC Singapore may be the solution for you. EasiCredit is a personal line of credit that allows you to borrow money on a short-term basis, giving you access to standby cash when you need it most. With instant approval via Myinfo, applying for EasiCredit is quick and easy.
Understanding EasiCredit is simple. You can choose the repayment amount and tenure of your outstanding balance, allowing you to tailor your borrowing to suit your needs. EasiCredit is available to Singaporeans, Singapore PRs, and foreigners with an annual income of S$20,000 and above, or S$45,000 and above respectively. However, it’s important to note that interest rates can be as high as 36%, so it’s essential to consider the costs and charges before applying.
Key Takeaways
- EasiCredit from OCBC Singapore is a personal line of credit that allows you to borrow money on a short-term basis.
- You can choose the repayment amount and tenure of your outstanding balance, making it easy to tailor your borrowing to suit your needs.
- While EasiCredit is a convenient way to access standby cash, it’s important to consider the costs and charges before applying.
Understanding EasiCredit
If you’re looking for a flexible and convenient way to access standby cash, OCBC EasiCredit might be the perfect solution for you. This personal line of credit allows you to withdraw cash whenever you need it, with a repayment amount and tenure of your choosing. Let’s take a closer look at what you need to know about EasiCredit.
Eligibility and Application
To be eligible for OCBC EasiCredit, you need to be a Singaporean citizen or permanent resident, aged between 21 and 65 years old. You also need to have an annual income of at least S$20,000. If you meet these requirements, you can apply for EasiCredit online or at any OCBC branch.
When you apply for EasiCredit, you’ll need to provide some basic information, such as your NRIC or passport number, as well as supporting documents such as your employment pass or work permit. You can also apply for EasiCredit via MyInfo, which allows you to pre-fill your application form with your personal information.
Credit Limit and Annual Income Requirement
Your credit limit for EasiCredit will depend on your annual income. For example, if your annual income is S$20,000 or more, your credit limit will be S$5,000. If your annual income is S$30,000 or more, your credit limit will be up to four times your monthly income.
It’s important to note that there are some fees associated with EasiCredit, such as an annual fee of S$120 (which is waived for the first year if your annual income is S$30,000 or more), as well as fees for cash withdrawals and cheque transactions. However, if you’re looking for a flexible and convenient way to access standby cash, EasiCredit might be the perfect solution for you.
Costs and Charges
If you are considering OCBC EasiCredit, it is important to understand the costs and charges associated with this line of credit. This section will provide you with a breakdown of the fees and interest rates you can expect to pay, as well as any additional charges you may incur.
Fees and Interest Rates
OCBC EasiCredit offers a flexible line of credit that allows you to withdraw funds as you need them. The prevailing interest rate for this line of credit is 1.74% per month, accrued on a daily basis. This means that the interest you pay will depend on the amount of money you borrow and the length of time you take to repay it.
In addition to interest charges, there is also an annual fee of S$120 for customers with an annual income of S$20,000 and above. However, the annual fee for the first year will be waived for customers with an annual income of S$30,000 and above. There is also a statement retrieval charge of S$5 if you require a copy of your statement.
Additional Charges
There are a few additional charges that you may incur when using OCBC EasiCredit. If you need to stop a cheque, you will be charged S$40 per cheque. If you lose your cheque book, there is a charge of S$10 per cheque book. There is also an overdraft interest rate of 18% per annum, which will be charged on any outstanding balance that exceeds your credit limit.
It is important to be aware of these charges when using OCBC EasiCredit. By understanding the fees and interest rates associated with this line of credit, you can make informed decisions about your finances and avoid any unexpected charges.
Managing Your EasiCredit Account
If you have an EasiCredit account with OCBC Singapore, managing your funds is quick and easy. Here’s what you need to know:
Accessing Funds
Once you have been approved for an EasiCredit account, you can access your funds through OCBC Digital. Simply log in to your online banking account and transfer daily up to $1000 from your EasiCredit account to a PayNow registered user of your choice. If you have not received your ATM card yet, you can still use your EasiCredit account immediately through this method.
Repayment and Overdraft Management
To manage your EasiCredit account, you can log in to your online banking account to view your account balance, transaction history, and payment due dates. You can also set up transaction alerts to receive notifications when there is activity on your account.
It is important to keep track of your outstanding balance and minimum monthly repayment to avoid late payment fees. You can also consider using OCBC Money Lock to lock in your funds and earn higher interest rates.
In the event that you need to manage your overdraft, you can contact OCBC’s customer service team to discuss your options. They can help you with setting up a repayment plan or increasing your credit limit.
With these tools and resources at your disposal, managing your EasiCredit account has never been easier.
Additional EasiCredit Services
If you’re an EasiCredit account holder, you’ll have access to a variety of additional services that can help you manage your account and finances more effectively. Here are some of the services you can take advantage of:
Loan and Transfer Options
With EasiCredit, you can enjoy flexible loan and transfer options that allow you to manage your finances more easily. For example, you can take advantage of Cash-on-Instalments to convert your available credit limit into cash, which you can repay over a period of up to 5 years. Alternatively, you can use Balance Transfer to transfer outstanding balances from other credit cards or loans to your EasiCredit account, and enjoy lower interest rates and monthly repayments.
Security and Alerts
At OCBC, we take online security seriously. That’s why we offer a range of security features and alerts to help you protect your EasiCredit account and finances. For example, you can use OCBC OneToken to authenticate your transactions and access your account securely. You can also set up alerts to notify you of any unusual activity on your account, such as large transactions or changes to your personal details.
Payments and Transactions
Managing your payments and transactions has never been easier with EasiCredit. You can make fast funds transfers to other OCBC accounts or to accounts with other banks in Singapore. You can also use our online banking platform to view your transaction history and monitor your account activity.
Overall, EasiCredit offers a range of additional services that can help you manage your finances more effectively. Whether you need to convert your credit limit into cash, transfer outstanding balances, or protect your account with advanced security features, EasiCredit has got you covered.
OCBC’s Digital Ecosystem
When it comes to digital banking, OCBC is at the forefront of innovation. With OCBC’s Digital Banking, you can easily manage your finances from the comfort of your own home. The platform is user-friendly and offers a range of features such as SingPass Login, which allows you to log in securely and conveniently.
One of the standout features of OCBC’s digital ecosystem is OCBC RoboInvest. This platform uses algorithms to create personalized investment portfolios for you, making investing easier and more accessible. You can choose from a range of investment themes, including technology, healthcare, and sustainability, to name a few.
OCBC’s digital ecosystem also makes online transactions and investments seamless. You can easily transfer funds, pay bills, and invest in a variety of financial products, all from one platform. And with 24/7 access, you can manage your finances on your own schedule.
When it comes to online investments, OCBC offers a range of options to suit your needs. From stocks and bonds to unit trusts and ETFs, you can find a product that aligns with your investment goals. And with expert research and analysis available at your fingertips, you can make informed investment decisions.
Overall, OCBC’s digital ecosystem offers a range of features and benefits that make managing your finances easier and more convenient than ever before. Whether you’re looking to invest or simply manage your day-to-day finances, OCBC has you covered.
Frequently Asked Questions
How can I apply for an OCBC EasiCredit account?
To apply for an OCBC EasiCredit account, you can visit the OCBC website or any of the OCBC branches. You will need to provide your personal and financial information, such as your income, employment status, and credit score. Once your application is approved, you will receive your EasiCredit account details.
What are the interest rates for OCBC EasiCredit?
The interest rates for OCBC EasiCredit vary depending on the amount you borrow and the repayment period. You can check the current interest rates on the OCBC website or by contacting their customer service.
How might one obtain a waiver for the annual fee on OCBC EasiCredit?
You can obtain a waiver for the annual fee on OCBC EasiCredit by meeting certain criteria, such as maintaining a minimum spending amount on your credit card or having a minimum balance in your savings account. You can check the specific requirements for a waiver on the OCBC website.
What are the methods available for making payments towards OCBC EasiCredit?
You can make payments towards your OCBC EasiCredit account through various methods, such as online banking, mobile banking, ATM, cash, and cheque. You can choose the method that is most convenient for you.
How can I check the status of my OCBC EasiCredit application?
You can check the status of your OCBC EasiCredit application by contacting their customer service or by logging into your OCBC online banking account. You will need to provide your application reference number and other personal information for verification.
What steps should I take if I want to increase my OCBC EasiCredit limit?
If you want to increase your OCBC EasiCredit limit, you can contact their customer service or visit any of their branches. You will need to provide your income and other financial information for assessment. The approval of your request for an increase in limit will depend on your creditworthiness and other factors.