If you’re looking for a flexible and convenient way to borrow money in Singapore, OCBC Cash-on-Instalment might be the solution for you. This loan product allows you to convert your unused credit limit into cash, which you can repay in fixed monthly instalments over a period of 12 to 60 months. With competitive interest rates and a simple application process, OCBC Cash-on-Instalment can help you finance your needs without breaking the bank.
To understand how OCBC Cash-on-Instalment works, you need to have an OCBC credit card or EasiCredit account with an available credit limit. You can then apply for a Cash-on-Instalment loan, which will be charged at a lower interest rate than your credit card’s cash advance fee. The loan amount can range from $1,000 to your available credit limit, and you can choose the repayment period that suits your budget. Keep in mind that a processing fee of 1% of the loan amount will be charged, and you’ll need to make sure you have enough credit limit to cover the loan amount.
With OCBC Cash-on-Instalment, you can enjoy the flexibility of using your credit limit as cash, without the high interest rates of a credit card cash advance. Whether you need to pay for a big-ticket item or consolidate your debts, this loan product can help you achieve your financial goals. In the following sections, we’ll take a closer look at the eligibility and application process, how to calculate your instalments, and the promotions and benefits that come with OCBC Cash-on-Instalment.
Key Takeaways
- OCBC Cash-on-Instalment allows you to convert your unused credit limit into cash, which you can repay in fixed monthly instalments over a period of 12 to 60 months.
- To apply for a Cash-on-Instalment loan, you need to have an OCBC credit card or EasiCredit account with an available credit limit, and you’ll be charged a processing fee of 1% of the loan amount.
- With competitive interest rates and a simple application process, OCBC Cash-on-Instalment can help you finance your needs without breaking the bank.
Understanding OCBC Cash on Instalment
If you’re looking for a way to get cash quickly and easily, then OCBC’s Cash-on-Instalment might be the solution for you. This service allows you to convert your unused credit limit into cash, which you can then repay through fixed instalments over a period of up to 60 months. Here’s what you need to know about OCBC’s Cash-on-Instalment.
OCBC’s EasiCredit Account
OCBC’s EasiCredit account is a line of credit that allows you to access cash quickly and easily. You can use this account to withdraw cash from ATMs, pay for purchases online or in-store, and even transfer funds to other accounts. The best part? You only pay interest on the amount you use, and there are no fixed monthly instalments to worry about.
Interest Rates and EIR
OCBC’s Cash-on-Instalment offers some of the lowest interest rates in the market. For new customers, the interest rate is as low as 3.50% p.a., while for existing customers, the interest rate is as low as 4.50% p.a. It’s important to note that the interest rate is subject to change, and you should always check with OCBC for the latest rates.
One thing to keep in mind is that the interest rate is not the same as the Effective Interest Rate (EIR). The EIR takes into account all the fees and charges associated with the loan, such as processing fees and late payment fees. As a result, the EIR is usually higher than the interest rate. You should always check the EIR before taking out a loan.
Credit Cards and Cash-on-Instalments
If you have an OCBC credit card, you can also use the Cash-on-Instalment service. This allows you to convert your credit card limit into cash, which you can then repay through fixed instalments over a period of up to 60 months. The interest rate for this service is as low as 3.50% p.a. for new customers, and 4.50% p.a. for existing customers.
It’s important to note that using the Cash-on-Instalment service with your credit card will affect your credit limit and your credit score. You should also be aware of any fees and charges associated with the service, such as processing fees and late payment fees.
Overall, OCBC’s Cash-on-Instalment is a great way to get cash quickly and easily. With low interest rates and flexible repayment options, it’s a great alternative to traditional loans. Just make sure you understand the fees and charges associated with the service, and always check the latest interest rates and EIRs before taking out a loan.
Eligibility and Application Process
Eligibility Requirements
To apply for OCBC Cash-on-Instalments in Singapore, you must be a salaried employee with an annual income of at least $30,000. You must also have an OCBC credit line or credit card with an available credit limit.
Online Application Steps
The online application process for OCBC Cash-on-Instalments is quick and easy. First, log in to your OCBC online banking account. Then, select the credit line or credit card you wish to use for the instalment loan. Next, choose the loan amount and repayment period that best suits your needs. Finally, review and confirm your application.
Required Documents
To complete your application, you will need to provide your NRIC or passport number for identification purposes. You may also be required to upload additional documents, such as your latest payslip or income tax statement, to verify your income. Once your application is approved, the funds will be disbursed directly to your OCBC bank account.
Overall, applying for OCBC Cash-on-Instalments in Singapore is a hassle-free process that can help you manage your finances more effectively. With low interest rates and flexible repayment periods, this instalment loan can help you achieve your financial goals without breaking the bank.
Calculating Your Instalments
When applying for the OCBC Cash-on-Instalments loan, it’s important to understand how your monthly repayments will be calculated. Here are some key factors to consider:
Loan Calculator
OCBC provides a loan calculator on their website that allows you to input your desired loan amount and repayment period. This will give you an estimate of your monthly instalments based on the current interest rates. Keep in mind that the actual interest rate you receive may vary depending on your credit score and other factors.
Interest-Free Periods
One benefit of the OCBC Cash-on-Instalments loan is that it comes with an interest-free period. This means that you won’t be charged any interest on your loan for a certain period of time, typically the first few months. This can help you save money on interest charges and make your repayments more manageable.
Front-End Add-On Method
The interest on your OCBC Cash-on-Instalments loan is calculated using the front-end add-on method. This means that the interest is calculated based on the total loan amount, and then added to the loan upfront. This differs from other methods such as the reducing balance method, which calculates interest on the remaining balance each month.
It’s important to understand the front-end add-on method when calculating your monthly repayments, as it can result in a higher effective interest rate. Make sure to factor in the interest charges when deciding on your loan amount and repayment period.
Overall, the OCBC Cash-on-Instalments loan can be a great option for those looking to borrow money at a low interest rate. By understanding how your repayments are calculated and taking advantage of the interest-free period, you can make your loan more manageable and save money on interest charges.
Managing Your Finances
Managing your finances can be overwhelming, especially if you have multiple expenses and bills to take care of. With OCBC Cash-on-Instalments, you can easily manage your finances and stay on top of your monthly payments. Here are some tips to help you manage your finances effectively:
Monthly Income and Repayment
Before applying for a loan, it is important to understand your monthly income and expenses. This will help you determine how much you can afford to repay each month. With OCBC Cash-on-Instalments, you can convert your available credit limit into fixed monthly instalments. This makes it easier to manage your finances and stay on top of your monthly payments.
Debt Consolidation Benefits
If you have multiple debts, consolidating them into one loan can help simplify your finances. With OCBC Cash-on-Instalments, you can consolidate your debts into one loan with a fixed monthly repayment amount. This can help you save money on interest and fees, and make it easier to manage your finances.
Emergency Fund Strategies
It is important to have an emergency fund in case of unexpected expenses or emergencies. With OCBC Cash-on-Instalments, you can access cash from your unused credit limit and repay it with fixed monthly instalments. This can help you build your emergency fund and stay prepared for unexpected expenses.
Overall, OCBC Cash-on-Instalments can help you manage your finances effectively and stay on top of your monthly payments. With its low interest rates and flexible repayment options, it is a great option for anyone looking to simplify their finances and stay on top of their bills.
Promotions and Benefits
If you are looking for a loan with a low-interest rate, OCBC’s Cash-on-Instalments is a great option. Not only does it offer competitive rates, but it also comes with various promotions and benefits that make it even more attractive.
OCBC Promotions
OCBC often runs promotions that offer cashback or rewards when you apply for a Cash-on-Instalments loan. For example, you can receive up to $3,888 cashback when you apply for Cash-on-Instalments online. This promotion is valid until 31 Mar 2023. You can also enjoy up to 2% cashback on your approved loan with a loan tenure of 36, 48, or 60 months (capped at $3,788).
Cashback and Rewards
In addition to promotions, OCBC Cash-on-Instalments also offers cashback and rewards. You can receive cashback when you apply for a loan with a tenure of 36, 48, or 60 months. The amount of cashback you receive depends on the principal loan amount approved. You can also earn cash rebates when you split any payment at 0% interest-free instalments with the OCBC NXT Credit Card.
New Customer Advantages
If you are a new customer applying for Cash-on-Instalments, you can enjoy additional benefits. For example, you can receive an additional $100 cashback if you are new to Cash-on-Instalments. This is on top of any other promotions or cashback offers that may be available.
Overall, OCBC Cash-on-Instalments is a great option if you are looking for a loan with a low-interest rate and various promotions and benefits. Keep an eye out for promotions and cashback offers to make the most of your loan.
Frequently Asked Questions
What are the eligibility criteria for OCBC’s Cash-on-Instalment programme?
To be eligible for OCBC’s Cash-on-Instalment programme, you must be a Singaporean or Permanent Resident aged 21 and above, with an annual income of at least $20,000. You must also have an OCBC Credit Card or EasiCredit account with an available credit limit.
How can I apply for an OCBC ExtraCash Loan?
You can apply for an OCBC ExtraCash Loan online or at any OCBC branch. To apply, you will need to provide your personal and financial details, including your income, employment status, and credit score. The loan amount and interest rate will depend on your creditworthiness and financial profile.
What is the current interest rate for OCBC’s EasiCredit facility?
The current interest rate for OCBC’s EasiCredit facility is 19.98% p.a. However, the interest rate may vary depending on your credit score and repayment history.
Can I calculate my monthly instalments for OCBC’s Cash-on-Instalment plan online?
Yes, you can use OCBC’s online instalment calculator to estimate your monthly instalments for the Cash-on-Instalment plan. Simply enter the loan amount, repayment period, and interest rate to get an estimate of your monthly instalments.
Who should I contact for queries about OCBC Cash-on-Instalment?
If you have any queries or concerns about OCBC Cash-on-Instalment, you can contact OCBC’s customer service hotline at 1800 363 3333 or visit any OCBC branch for assistance.
What are the charges for early repayment of my OCBC personal loan?
If you choose to repay your OCBC personal loan before the end of the loan tenure, you may be charged an early repayment fee. The fee is usually a percentage of the outstanding loan amount and may vary depending on the loan product and repayment period. It is advisable to check with OCBC for the exact charges before making an early repayment.