Introduction:
If you’re looking for a flexible and convenient way to access cash when you need it, OCBC EasyCredit Singapore might be the solution you’ve been searching for. With this personal line of credit, you can borrow money whenever you need it, without having to go through the hassle of applying for a loan every time. Whether you need to pay for unexpected expenses, cover a temporary cash shortfall, or simply want some extra funds for a special purchase, EasyCredit can help.
Understanding OCBC EasyCredit:
OCBC EasyCredit is a personal line of credit that allows you to borrow money up to a pre-approved limit. You can use the funds for any purpose you like, and only pay interest on the amount you borrow. Unlike a traditional loan, where you receive a lump sum of money and make fixed payments over a set period, EasyCredit gives you the flexibility to borrow and repay as you need to. This means you can access funds whenever you need them, without having to worry about applying for a new loan every time.
Key Takeaways:
- OCBC EasyCredit is a flexible and convenient way to access cash when you need it.
- With EasyCredit, you can borrow money up to a pre-approved limit and only pay interest on the amount you borrow.
- EasyCredit gives you the flexibility to borrow and repay as you need to, without having to apply for a new loan every time.
Understanding OCBC EasyCredit
If you’re looking for a flexible and convenient way to access cash, OCBC EasyCredit might be the perfect solution for you. This personal line of credit allows you to borrow money on a revolving credit basis and pay back the amount you owe at your own pace.
Key Features of EasyCredit
With OCBC EasyCredit, you can enjoy the following benefits:
- Quick and easy access to cash: You can apply for EasyCredit online or at any OCBC branch. Once approved, you’ll have access to your credit line immediately.
- Flexible repayment options: You can choose to repay your outstanding balance in full or in instalments over a period of up to 5 years. You can also choose to pay a minimum amount each month.
- Competitive interest rates: The interest rate for EasyCredit is competitive and varies based on your annual income. For example, if you earn between $20,000 and $29,999 per year, the interest rate is 29.8%.
- Instant approval: If you apply online using MyInfo, you can get instant approval for your credit line.
Eligibility Criteria
To be eligible for OCBC EasyCredit, you must meet the following criteria:
- You must be a Singaporean citizen, Permanent Resident, or Foreigner with a valid NRIC or Passport.
- You must be at least 21 years old.
- You must have a minimum annual income of $20,000 if you’re a Singaporean citizen or Permanent Resident, or $45,000 if you’re a Foreigner with an Employment Pass or Work Permit.
- You must not have any outstanding credit card or personal loan debts with OCBC Bank or any other financial institution.
Overall, OCBC EasyCredit is a great option if you need quick access to cash and want the flexibility to repay your outstanding balance at your own pace. So, if you meet the eligibility criteria and are in need of some extra cash, consider applying for EasyCredit today!
Applying for OCBC EasyCredit
If you are in need of some extra cash, OCBC EasyCredit is a great option for you. Applying for OCBC EasyCredit is a straightforward process that can be done through online banking or mobile banking.
Application Process
To apply for OCBC EasyCredit, you will need to have a few things ready. Firstly, you will need to have your identification documents such as your NRIC or passport. Secondly, you will need to provide your latest payslip as proof of income. Lastly, you will need to have your Credit Bureau Singapore report ready.
Once you have all the required documents ready, you can proceed with the application process. You can apply for OCBC EasyCredit through online banking or mobile banking. The application process is quick and easy, and you can receive instant approval via MyInfo.
Required Documents
To apply for OCBC EasyCredit, you will need to have the following documents ready:
- Identification documents such as your NRIC or passport
- Latest payslip as proof of income
- Credit Bureau Singapore report
It is important to note that the required documents may vary depending on your individual circumstances. Therefore, it is best to check with OCBC for the specific documents required before submitting your application.
In conclusion, applying for OCBC EasyCredit is a simple and hassle-free process. With the required documents on hand, you can easily apply through online banking or mobile banking and receive instant approval via MyInfo. So, if you are in need of some extra cash, OCBC EasyCredit is definitely worth considering.
Managing Your EasyCredit Account
If you have an OCBC EasyCredit account, you have a flexible line of credit that can help you manage unexpected expenses or finance big purchases. Here’s how you can manage your account.
Accessing Funds
Accessing funds from your EasyCredit account is easy. You can withdraw cash from an ATM or visit a branch to request a cheque book. You can also transfer funds from your EasyCredit account to your OCBC account using online banking or the OCBC mobile app.
Repayment Options
When it comes to repaying your EasyCredit account, you have several options. You can choose to make a minimum monthly repayment or pay off your balance in full. The minimum monthly repayment is 3% of your outstanding balance or $50, whichever is higher.
To avoid paying interest, it’s best to pay off your balance in full. However, if you need more time to repay your balance, you can choose to make a flexible repayment. This allows you to pay a smaller amount than the minimum monthly repayment, but you will be charged interest on the remaining balance.
Modes of Payment
You can make payments on your EasyCredit account through various modes of payment. You can pay through online banking, the OCBC mobile app, or by visiting a branch. You can also set up a GIRO arrangement to automatically deduct payments from your OCBC account.
Payment Due Date
The payment due date for your EasyCredit account is the same day every month. You can check your due date by logging into your account through online banking or the OCBC mobile app. It’s important to make your payments on time to avoid late payment fees.
Prevailing Interest Rate
The prevailing interest rate for your EasyCredit account will depend on your credit score and credit history. You can check your interest rate by logging into your account through online banking or the OCBC mobile app.
Managing your EasyCredit account is simple and convenient. With flexible repayment options and various modes of payment, you can easily access funds and pay off your balance.
Fees and Charges
If you’re looking for a flexible personal line of credit, OCBC EasiCredit might be the right choice for you. However, it’s important to be aware of the fees and charges you’ll face so you can make an informed decision.
Firstly, there is an annual fee of $120 for OCBC EasiCredit, which is waived for the first year if you have an annual income of $30,000 and above. This fee is charged to your account every year and is non-refundable.
In addition to the annual fee, there are other charges you need to be aware of. For instance, if you’re late on your payments, you’ll be charged a late payment fee of $120. It’s important to make sure you pay on time to avoid this fee.
If you exceed your credit limit, you’ll also be charged an over-limit fee of $120. Therefore, it’s important to keep track of your spending and make sure you don’t go over your credit limit.
There’s also a returned cheque fee of $40 if your cheque bounces. If you need to stop a cheque, you’ll be charged $30. Moreover, there is a statement retrieval charge of $5, and a processing fee of $50.
It’s important to note that these fees and charges are subject to change, so it’s always a good idea to check with OCBC for the latest information.
Overall, while there are fees and charges associated with OCBC EasiCredit, it’s still a flexible personal line of credit that can help you manage your finances. Just make sure you’re aware of the fees and charges and use the credit responsibly.
Additional Services and Benefits
OCBC EasiCredit offers a range of additional services and benefits that make it a versatile and flexible financial tool. Here are some of the additional services and benefits that you can enjoy with your OCBC EasiCredit account.
Balance Transfer and Cash-on-Instalment
With OCBC EasiCredit, you can transfer your outstanding balances from other credit cards to your EasiCredit account. This will help you to consolidate your debts and manage your finances more effectively. You can also convert your EasiCredit outstanding balance into a cash-on-installment plan. This will allow you to repay your outstanding balance in fixed monthly instalments over a period of time.
OCBC’s Additional Financial Solutions
OCBC offers a range of additional financial solutions that can complement your EasiCredit account. These include funds transfer, invest, insurance, investments, personal loans, credit line, and supplementary retirement scheme. With funds transfer, you can transfer funds to other accounts or pay your bills. With invest and insurance, you can invest in a range of products and protect yourself and your loved ones. With personal loans, credit line and supplementary retirement scheme, you can access additional funds to meet your financial needs.
Overall, OCBC EasiCredit is a flexible and versatile financial tool that offers a range of additional services and benefits to help you manage your finances more effectively. With the ability to adjust your credit limit and link to other OCBC products, you can customize your EasiCredit account to meet your unique financial needs.
Frequently Asked Questions
How can I check the status of my OCBC credit card application in Singapore?
To check the status of your OCBC credit card application in Singapore, you can log in to your OCBC internet banking account and go to the “Applications” section. Here, you can check the status of your credit card application. Alternatively, you can call the OCBC customer service hotline at 1800 363 3333 and enquire about the status of your application.
What are the eligibility requirements for OCBC EasiCredit?
To be eligible for OCBC EasiCredit, you must be a Singapore citizen or permanent resident, aged between 21 and 65 years old, and have a minimum annual income of $20,000. Additionally, you must have an OCBC deposit account, and your credit score must meet OCBC’s credit assessment criteria.
How do I make a payment for my EasiCredit account?
You can make a payment for your EasiCredit account through various modes, including internet banking, mobile banking, AXS machines, and at any OCBC branch. You can make a minimum payment of 3% of your outstanding balance or $50, whichever is higher.
What is the OCBC EASI card, and what are its benefits?
The OCBC EASI card is a debit card that comes with your EasiCredit account. It offers you the convenience of making purchases and withdrawing cash from ATMs worldwide. Additionally, you can earn rewards points when you use your EASI card for purchases, which you can redeem for gifts and vouchers.
What’s the minimum monthly payment I need to make on my EasiCredit account?
The minimum monthly payment you need to make on your EasiCredit account is 3% of your outstanding balance or $50, whichever is higher. However, it is recommended that you pay more than the minimum amount to reduce your interest charges and pay off your debt faster.
Who do I contact if I have questions or issues with my OCBC EasiCredit?
If you have any questions or issues with your OCBC EasiCredit, you can contact the OCBC customer service hotline at 1800 363 3333. You can also visit any OCBC branch and speak to a customer service representative who will be happy to assist you.