If you’re in need of some extra cash, OCBC EasiCredit might be a good option for you. This personal line of credit offers a flexible and convenient way to access funds when you need them. With EasiCredit, you’ll have access to standby cash that you can use for emergencies, unexpected expenses or even planned purchases.
To understand more about OCBC EasiCredit, let’s take a closer look at how it works. EasiCredit is a personal line of credit that allows you to borrow money up to a certain limit. You can choose the repayment amount and tenure of your outstanding balance, giving you more control over your finances. With instant approval via Myinfo, you can have access to your funds quickly and easily.
If you’re interested in applying for OCBC EasiCredit, you’ll need to meet certain eligibility requirements. The application process is straightforward and can be done online or in-person at a branch. Keep in mind that there are fees and interest rates associated with EasiCredit, so it’s important to understand these before you apply.
Key Takeaways
- OCBC EasiCredit is a personal line of credit that offers flexibility and convenience.
- The application process is straightforward and can be done online or in-person at a branch.
- It’s important to understand the fees and interest rates associated with EasiCredit before you apply.
Understanding OCBC EasiCredit
If you’re in need of a backup borrowing limit that you can draw on at any time, OCBC EasiCredit is a great option. It’s a line of credit that 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.
What is EasiCredit?
OCBC EasiCredit is a personal line of credit that offers a flexible payment plan that allows you to choose how long and how much you want to repay. With EasiCredit, you can tailor your borrowing to suit your needs, making it an ideal choice for those who need a bit of extra cash for unexpected expenses.
Benefits of EasiCredit
One of the main benefits of EasiCredit is its flexibility. You can choose the repayment amount and tenure of your outstanding balance, allowing you to manage your finances more effectively. Additionally, EasiCredit has one of the lowest minimum income requirements of S$20,000 for citizens and permanent residents, making it accessible to a wide range of people.
Another great benefit of EasiCredit is that it has a competitive interest rate of 19.98% p.a. This is lower than many other personal loan options available in Singapore, making it a cost-effective choice for those who need to borrow money.
With EasiCredit, you can also enjoy a credit limit of up to 4 times your monthly salary. This means that you can borrow a significant amount of money if you need to, without having to worry about exceeding your credit limit.
Overall, OCBC EasiCredit is a flexible and cost-effective way to borrow money when you need it. With its competitive interest rate, flexible repayment options, and generous credit limit, it’s a great choice for anyone who needs a bit of extra cash.
Eligibility and Application Process
If you’re looking for a personal line of credit or short-term loan, OCBC EasiCredit might be the solution you’re looking for. Here’s what you need to know about the eligibility and application process.
Who Can Apply?
Singaporean citizens or permanent residents above 21 years old with an annual income of at least S$20,000 are eligible to apply for EasiCredit. Foreigners above 21 years old with an annual income of at least S$45,000 can also apply.
Required Documents
To apply for EasiCredit, you’ll need to provide the following documents:
- NRIC or passport
- Employment pass or work permit (for foreigners)
- Supporting documents such as income tax statements, payslips, or bank statements
Application Channels
You can apply for EasiCredit online or at any OCBC branch. Applying online is a fast and convenient way to get started. If you choose to apply online, you can use Myinfo to auto-populate most of the fields in the application form, which will shorten the entire application process.
Once you’ve submitted your application, you can expect to receive a fast approval. If you’re approved, you’ll receive a notification with your credit limit. With EasiCredit, you can access your credit line anytime, anywhere, through various channels such as online banking, mobile banking, and ATM.
Overall, EasiCredit is a great option for those looking for a flexible and convenient personal line of credit or short-term loan in Singapore. With a fast and easy application process, you can get the funds you need quickly and easily.
Fees and Interest Rates
If you’re looking for a fast and easy way to get cash, then OCBC EasiCredit might be a good option for you. This line of credit offers a range of features and benefits that can help you get the money you need quickly and easily. However, before you sign up for this line of credit, it’s important to understand the fees and interest rates associated with it.
Understanding Interest Rates
The amount of interest you have to pay for your EasiCredit depends on your annual income. If you earn between £20,000 and £29,999 per year, the interest rate on your loan is 29.8% per year. Borrowers whose annual income is more than £30,000 can get a 20.9% interest rate yearly. It’s important to note that if you miss a payment, the interest rate jumps up to 28.00%.
Fee Structure
The annual fee for the first year will be waived for customers with an annual income of £30,000 and above. However, if you don’t meet this requirement, you’ll have to pay an annual fee of £120. In addition to the annual fee, there is also a processing fee of £50 and a statement retrieval charge of £25 per transaction.
It’s important to note that there is no minimum amount that you need to borrow with EasiCredit. This means that you can borrow as much or as little as you need, depending on your financial situation. However, it’s important to keep in mind that the more you borrow, the more you’ll have to pay in interest and fees.
Overall, OCBC EasiCredit can be a great option if you need fast and easy access to cash. However, it’s important to understand the fees and interest rates associated with this line of credit before you sign up. By doing so, you can make an informed decision about whether this is the right financial product for you.
Repayment and Charges
Repayment Options
With OCBC EasiCredit, you have the flexibility to choose your repayment amount and tenure of your outstanding balance. You can choose to make minimum monthly repayments of 3% of your outstanding balance or $50, whichever is higher. You can also choose to make full repayment of your outstanding balance at any time without any penalty charges.
To make your repayments, you can choose from a variety of modes of payment such as GIRO, AXS, cash deposit machines, and cheque payment. The cut-off times for these modes of payment vary, so make sure to check the specific cut-off times before making your payment.
Late Payment Charges
It is important to make your payments on time to avoid late payment charges. The payment due date is typically 25 days from your statement date. If you miss your payment due date, you will be charged a late payment fee of $80.
In addition to the late payment fee, you will also be charged an effective interest rate (EIR) of 29.8% per annum on the outstanding balance until the payment is made. This can quickly add up and make it difficult to pay off your outstanding balance.
To avoid late payment charges, make sure to keep track of your payment due date and ensure that you have sufficient funds in your account to make your payment on time. You can also set up automatic payments through GIRO to ensure that your payments are made on time each month.
Overall, OCBC EasiCredit offers flexible repayment options and a variety of modes of payment to make it easy for you to manage your outstanding balance. Just make sure to make your payments on time to avoid late payment charges and high interest rates.
Additional Services and Features
OCBC EasiCredit offers a range of additional services and features that make it a versatile and flexible financial tool. Here are some of the additional services and features that come with your EasiCredit account:
Balance Transfer
With the Balance Transfer feature, you can transfer your outstanding balances from other credit cards or personal loans to your EasiCredit account. This allows you to consolidate your debts and save money on interest charges. You can enjoy a promotional interest rate of 0% for up to 6 months on your transferred balances.
Cash-on-Instalments
The Cash-on-Instalments feature allows you to convert your available credit limit into cash, which you can repay in fixed monthly instalments. This feature is useful when you need extra cash for unexpected expenses or emergencies. You can choose from a range of repayment periods, from 3 to 36 months, depending on your needs and budget.
Other additional services and features that come with your EasiCredit account include a chequebook, PIN for ATM withdrawals and fast funds transfer from any participating bank’s online banking platform. You can conveniently access cash via Mobile Banking, Internet Banking, ATM and cheque. With EasiCredit, you have the flexibility to pay what you can, when you can.
Overall, OCBC EasiCredit is a great financial tool that offers a range of additional services and features to help you manage your finances more effectively. With its competitive interest rates and flexible repayment options, EasiCredit is a great choice for those who need a short-term loan or a personal line of credit.
Frequently Asked Questions
How can I apply for an OCBC EasiCredit account?
Applying for an OCBC EasiCredit account is easy. You can apply online through the OCBC website or visit any OCBC branch to apply in person. You will need to provide your personal and financial information, including your income and employment status, to complete the application process.
What are the current interest rates for OCBC EasiCredit?
The current 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%.
How do I go about obtaining a late fee waiver for my EasiCredit account?
To obtain a late fee waiver for your EasiCredit account, you need to contact the OCBC customer service team. You can call the hotline or visit the nearest branch to request a waiver. However, please note that late fee waivers are not guaranteed and are subject to approval.
What steps should I take to waive the annual fee on my EasiCredit?
To waive the annual fee on your EasiCredit account, you need to ensure that you use your EasiCredit account regularly. OCBC waives the annual fee for accounts that have been used at least once every 12 months. If you have not used your account in the past year, you will be charged the annual fee.
What’s the minimum monthly repayment amount for EasiCredit?
The minimum monthly repayment amount for EasiCredit is 3% of the outstanding balance or $50, whichever is higher. However, it is important to note that making only the minimum repayment amount will result in higher interest charges and a longer repayment period.
How can I check the status of my OCBC loan?
You can check the status of your OCBC loan by logging into your online banking account or by contacting the OCBC customer service team. You can also visit the nearest OCBC branch to check the status of your loan in person.