Introduction:
Are you looking for a flexible personal line of credit that provides quick access to cash? If so, you may want to consider OCBC EasiCredit. This credit line is designed to be easy to use and comes with flexible repayment options. In this article, we’ll take a closer look at EasiCredit’s minimum payment in Singapore.
Understanding OCBC EasiCredit:
OCBC EasiCredit is a flexible personal line of credit that provides quick access to cash. Once you’re approved, you’ll receive a credit limit that you can use as needed. You can apply online or at any OCBC branch. 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.
Eligibility and Application:
To apply for EasiCredit, you will need to be a Singaporean or Permanent Resident who is at least 21 years old and earns a minimum annual income of $20,000. You can apply online or at any OCBC branch. Once you’re approved, you’ll receive a credit limit that you can use as needed.
Key Takeaways
- OCBC EasiCredit is a flexible personal line of credit that provides quick access to cash.
- 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’s minimum payment is 3% of outstanding balance or $50, whichever is higher, plus any overdue amount.
Understanding OCBC EasiCredit
If you are looking for a flexible and convenient way to borrow money, then OCBC EasiCredit might be the perfect solution for you. This line of credit allows you to access funds whenever you need them, without having to go through the hassle of applying for a personal loan or credit card.
What Is OCBC EasiCredit?
OCBC EasiCredit is a type of line of credit that is offered by OCBC Bank in Singapore. With EasiCredit, you can borrow up to six times your monthly salary if you earn an annual income of S$120,000 or more. If you earn between S$30,000 and S$119,999 per year, you can borrow up to four times your monthly salary. And if you earn between S$20,000 and S$29,999 per year, you can borrow up to two times your monthly salary.
One of the key benefits of EasiCredit is that you only need to pay interest on the amount that you borrow. This means that if you don’t use your credit line, you won’t have to pay anything. And if you only use a portion of your credit line, you will only have to pay interest on that portion.
EasiCredit Versus Credit Cards and Personal Loans
When it comes to borrowing money, there are several options available to you, including credit cards, personal loans, and lines of credit. Each of these options has its own advantages and disadvantages, so it’s important to understand the differences between them.
Compared to credit cards, EasiCredit offers a lower interest rate and more flexible repayment terms. With a credit card, you are required to make a minimum payment each month, which is usually a small percentage of your outstanding balance. If you only make the minimum payment, it can take a long time to pay off your balance and you will end up paying a lot in interest charges.
With EasiCredit, on the other hand, you only need to pay a minimum amount each month, which is 3% of your outstanding balance or S$50, whichever is higher. This means that you have more control over your repayment schedule and can pay off your balance more quickly.
Compared to personal loans, EasiCredit offers more flexibility and convenience. With a personal loan, you are required to apply for a specific amount of money and pay it back over a fixed period of time. This can be useful if you need a large amount of money for a specific purpose, such as buying a car or renovating your home.
However, if you only need to borrow a small amount of money or you need to access funds on an ongoing basis, a line of credit like EasiCredit might be a better option. With EasiCredit, you can borrow money whenever you need it and only pay interest on the amount that you borrow. This can be useful if you have unexpected expenses or if you need to cover a temporary cash flow shortfall.
Overall, if you are looking for a flexible and convenient way to borrow money, then OCBC EasiCredit might be the perfect solution for you. With its low interest rates, flexible repayment terms, and convenient access to funds, EasiCredit is a great choice for anyone who needs to borrow money on an ongoing basis.
Eligibility and Application
To apply for OCBC EasiCredit, there are certain eligibility criteria that you must meet. Here are the details:
Minimum Annual Income Requirement
For Singaporeans and Permanent Residents (PRs), the minimum annual income requirement is S$20,000. For foreigners, the minimum annual income requirement is S$45,000. This income requirement is applicable for both employed and self-employed applicants.
Required Documents for Application
To apply for OCBC EasiCredit, you will need to provide the following documents:
- For Singaporeans and PRs: Your NRIC or passport, and your latest computerised payslip or latest Income Tax Notice of Assessment.
- For foreigners: Your passport, employment pass or work permit, and your latest computerised payslip or latest Income Tax Notice of Assessment.
You can apply for OCBC EasiCredit online through OCBC Internet Banking. To do this, you will need to have an OCBC deposit account and be registered for Internet Banking. You can also apply for EasiCredit through MyInfo, which is a government digital service that allows you to share your personal information with banks and other organisations.
When applying for EasiCredit, you will need to provide supporting documents to verify your income and employment status. These documents may include your latest payslip, Income Tax Notice of Assessment, or other income documents.
The application form for EasiCredit is available online and can be completed in just a few minutes. Once your application is approved, you will receive your EasiCredit account details and can start using your credit line immediately.
Overall, OCBC EasiCredit is a flexible and convenient way to access credit when you need it. With a low minimum payment requirement and easy online application process, it’s a great choice for anyone looking for a reliable credit option in Singapore.
Fees and Interest Rates
Understanding Interest Rates
When it comes to OCBC EasiCredit, the interest rates are an important factor to consider. 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 an annual income between £20,000 and £29,999, the interest rate is 29.80%.