Introduction
If you are looking for a flexible and convenient way to access cash, OCBC’s EasiCredit could be the solution for you. EasiCredit is a personal line of credit that provides you with a standby cash facility, which you can use whenever you need it. This credit line is easy to apply for and comes with flexible repayment options.
Understanding EasiCredit
EasiCredit is a personal line of credit that is designed to provide you with a standby cash facility. This means that you can access cash whenever you need it, without having to go through the hassle of applying for a loan. EasiCredit is similar to a credit card in that you have a credit limit, but instead of using it to make purchases, you can withdraw cash from an ATM or use a cheque to access the funds.
Eligibility and Application
To be eligible for EasiCredit, you need to be a Singaporean or Permanent Resident who is at least 21 years old and earns a minimum annual income of $20,000. The application process is straightforward and can be done online. Once you have been approved, you will receive an ATM card, which you can use to withdraw cash from any OCBC ATM. You can also use a cheque to access the funds.
Key Takeaways
- EasiCredit is a personal line of credit that provides you with a standby cash facility.
- To be eligible for EasiCredit, you need to be a Singaporean or Permanent Resident who is at least 21 years old and earns a minimum annual income of $20,000.
- EasiCredit is easy to apply for and comes with flexible repayment options.
Understanding Easicredit
If you’re looking for a flexible and convenient way to borrow money, then OCBC Easicredit is worth considering. This personal line of credit offers a standby line of credit that you can draw on at any time, giving you access to cash when you need it most.
What Is Easicredit?
Easicredit is a personal line of credit that allows you to borrow money on a revolving credit basis. This means that you can borrow money as and when you need it, up to your approved credit limit. You can then choose to repay the amount you owe at your own pace, with flexible repayment options available to suit your needs.
Benefits of Easicredit
One of the key benefits of Easicredit is that it offers a standby line of credit that you can draw on at any time. This means that you can have access to cash when you need it most, without having to go through the hassle of applying for a loan or credit card.
Another benefit of Easicredit is its flexible repayment options. You can choose how much you want to repay each month, as long as you meet the minimum repayment amount. You can also choose how long you want to take to repay your outstanding balance, giving you more control over your finances.
Overall, Easicredit is a great option if you’re looking for a standby line of credit that offers flexibility and convenience. With its easy application process and flexible repayment options, it’s a great way to access cash when you need it most. So why not consider Easicredit for your borrowing needs?
Eligibility and Application
If you are in need of a short-term loan or personal line of credit, OCBC’s EasiCredit might be the right option for you. Here’s what you need to know about eligibility and the application process.
Eligibility Criteria
To apply for EasiCredit, you must be at least 21 years old and meet certain income requirements. Singaporean or Permanent Resident applicants must have an annual income of at least S$20,000, while foreigners must have a minimum annual income of S$45,000. Additionally, you must have a good credit score and a stable income source.
Application Process
The application process for EasiCredit is straightforward and can be completed online or at any OCBC branch. If you choose to apply online, you will need to provide personal details, employment information, and financial information. You will also need to consent to a credit check and provide supporting documents.
Required Documents
When applying for EasiCredit, you will need to provide several documents to verify your identity, income, and employment status. These may include:
- NRIC or Passport
- MyInfo (for Singaporeans and Permanent Residents)
- Work Permit or Employment Pass (for foreigners)
- Latest payslip or income tax statement
- Bank statements or CPF statements
Having these documents ready beforehand can help streamline the application process and increase your chances of approval.
Overall, EasiCredit can be a convenient and flexible option for those in need of short-term financing. As long as you meet the eligibility criteria and provide the necessary documents, you can easily apply and receive funds within a few days.
Credit Limit and Interest Rates
If you’re looking for standby cash, a personal line of credit like OCBC EasiCredit is a viable option. This section will help you understand how credit limits work and how interest rates are calculated.
Determining Your Credit Limit
Your credit limit is the maximum amount of money you can borrow from the bank. It is determined by your annual income and credit score. The higher your annual income, the higher your credit limit will be. For example, if you have an annual income of $60,000, your credit limit could be up to $30,000. However, banks will also take into consideration your credit score, which is a reflection of your creditworthiness. If you have a poor credit score, your credit limit may be lower than expected.
Interest Rate Explained
Interest rates are the cost of borrowing money. The prevailing interest rate for OCBC EasiCredit is 22.90% if you pay the minimum amount due by the due date. However, if you miss the payment, the interest rate jumps up to 28.00%. For customers with annual income between $20,000 and $29,999, the interest rate is 29.80%. It is important to note that interest rates are subject to change and you should always check the bank’s website for the latest rates.
Effective Interest Rate (EIR)
The effective interest rate (EIR) is the true cost of borrowing money, taking into account all the fees and charges associated with the loan. For OCBC EasiCredit, the EIR is 29.8% for customers with an annual income between $20,000 and $29,999. This means that if you borrow $10,000 and repay it over a year, you will end up paying $2,980 in interest and fees.
When considering a personal line of credit, you should always read the fine print and understand the terms and conditions. It is important to borrow only what you need and to repay the loan on time to avoid high interest charges.
Repayment and Fees
Repayment Options
When it comes to repayment, OCBC EasiCredit offers flexibility to its customers. You can choose the repayment amount and tenure of your outstanding balance. The repayment amount can be as low as $50 or 3% of the outstanding balance, whichever is higher. You can also choose to repay the loan over a period of up to five years.
To make repayment even more convenient, you can set up a GIRO arrangement with OCBC Bank. This will ensure that your monthly repayment is automatically deducted from your bank account.
Understanding Fees and Charges
Before applying for EasiCredit, it is important to understand the fees and charges associated with the loan. Here is a breakdown of the fees and charges:
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Annual Fee: The annual fee for the first year will be waived for customers with an annual income of $30,000 and above. For customers with an annual income below $30,000, the annual fee will be $120.
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Processing Fee: There is no processing fee for EasiCredit.
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Late Payment Fee: If you miss a repayment, a late payment fee of $80 will be charged.
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Service Fee: A service fee of $5 will be charged every month.
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Statement Retrieval Charges: If you need a copy of your statement, a fee of $20 will be charged.
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Overdraft Interest: If you exceed your credit limit, an overdraft interest of 29.8% per annum will be charged.
It is important to note that the interest rate for EasiCredit varies depending on your annual income. For customers with an annual income of $20,000 – $29,999, the interest rate is 29.8% per annum. For customers with an annual income of $30,000 and above, the interest rate is 19.8% per annum.
Overall, EasiCredit can be a convenient and flexible option for those in need of standby cash. However, it is important to carefully consider the fees and charges before applying for the loan.
Managing Your Easicredit Account
Managing your EasiCredit account is easy with OCBC’s online banking features and ATM and cash deposit services. Here are some of the features that you can use to manage your account:
Online Banking Features
OCBC’s online banking platform allows you to view your EasiCredit account balance, transaction history, and payment due dates. You can also stop a cheque, request for an ATM card replacement, or update your personal details online. To access these features, simply log in to your online banking account.
You can also use online banking to transfer funds from your EasiCredit account to other OCBC accounts or to other banks in Singapore. You can even use PayNow to transfer up to $1000 daily to a PayNow registered user of your choice.
If you need to apply for a balance transfer or cash-on-instalments, you can do so online through your EasiCredit account. This allows you to manage your finances conveniently and efficiently.
ATM and Cash Deposit Services
OCBC has a wide network of ATMs and cash deposit machines that you can use to manage your EasiCredit account. You can withdraw cash, check your account balance, and transfer funds between your EasiCredit account and other OCBC accounts.
You can also deposit cash or cheques into your EasiCredit account using the cash deposit machines. This allows you to manage your finances without having to visit a branch.
If you need to order a new chequebook or ATM card, you can do so at any OCBC branch or through online banking. This ensures that you always have access to your funds when you need them.
In conclusion, managing your EasiCredit account is simple and convenient with OCBC’s online banking features and ATM and cash deposit services. With these tools at your disposal, you can easily stay on top of your finances and make the most of your EasiCredit account.
Frequently Asked Questions
How can I apply for OCBC EasiCredit?
Applying for OCBC EasiCredit is a straightforward process. You can apply online via the OCBC website or visit any of the OCBC branches in Singapore to submit your application. To apply, you must be a Singaporean or Permanent Resident, aged between 21 and 65 years old, and have a minimum annual income of $20,000.
What are the interest rates for OCBC EasiCredit?
The interest rates for OCBC EasiCredit are competitive and depend on the amount of credit you have taken. The interest rate ranges from 19.98% to 29.98% per annum. It is important to note that the interest rate is calculated on a daily basis, based on the outstanding balance.
How can I contact the customer service for OCBC EasiCredit?
If you have any queries or issues related to your OCBC EasiCredit account, you can contact the customer service team at 1800 363 3333. The customer service team is available 24/7 to assist you with your queries.
What is the procedure to waive the late fees on my OCBC EasiCredit account?
If you have missed a payment on your OCBC EasiCredit account, you may be charged a late fee. To waive the late fee, you must make the payment within the grace period provided by the bank. The grace period is usually 5 days from the due date. If you make the payment within the grace period, the late fee will be waived automatically.
How can I calculate my monthly repayments for OCBC EasiCredit?
Calculating your monthly repayments for OCBC EasiCredit is easy. You can use the online calculator provided by the bank to determine the amount you need to pay each month. The calculator takes into account the amount of credit you have taken, the interest rate, and the repayment period.
What steps should I take to manage my OCBC EasiCredit payments efficiently?
To manage your OCBC EasiCredit payments efficiently, you should make sure that you pay your dues on time. Late payments can result in late fees and negatively impact your credit score. You should also keep track of your outstanding balance and use the online tools provided by the bank to manage your account. If you face any issues, you should contact the customer service team for assistance.
By following these simple steps, you can manage your OCBC EasiCredit account effectively and enjoy the benefits of this flexible credit facility.