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