If you’re in need of some extra cash, you might want to consider taking out an OCBC ExtraCash Loan in Singapore. This loan provides a fast and affordable way to get the funds you need, with fixed repayments over a period of up to 60 months. With instant approval through Myinfo, you can get the money you need quickly and easily.
To be eligible for an OCBC ExtraCash Loan, you’ll need to be a Singaporean citizen or permanent resident, and have a minimum annual income of $20,000. You’ll also need to be between the ages of 21 and 65, and have a good credit score. If you meet these requirements, you can apply for a loan online or in person at an OCBC branch.
One of the benefits of an OCBC ExtraCash Loan is that you can use the funds for any purpose you choose, whether it’s to pay off credit card debt, cover unexpected expenses, or fund a big purchase. You’ll also have the flexibility to choose the repayment amount and tenure that works best for your budget. And with competitive interest rates, you can be sure you’re getting a good deal.
Key Takeaways
- OCBC ExtraCash Loan provides a fast and affordable way to get extra funds in Singapore.
- To be eligible, you must be a Singaporean citizen or permanent resident, have a minimum annual income of $20,000, and meet other requirements.
- With flexible repayment options and competitive interest rates, OCBC ExtraCash Loan is a smart choice for those in need of extra cash.
Understanding OCBC ExtraCash Loan
If you’re looking for a fast cash loan, then OCBC ExtraCash Loan might be the perfect option for you. In this section, we’ll go over the key features of the loan, the interest rates and EIR, as well as the loan tenor and amount.
Key Features
OCBC ExtraCash Loan is a loan product that offers a fast and affordable way to get cash when you need it. The loan is available to customers who have an OCBC EasiCredit/ Credit Card, and the application process is hassle-free via MyInfo.
One of the key features of this loan is that you can get up to 6x your monthly income, with fixed repayments up to 60 months. This means that you can borrow a significant amount of money and pay it back over a longer period, making it more manageable for you.
Interest Rates and EIR
The interest rates for OCBC ExtraCash Loan start from 5.42% based on your tenure and income. It’s important to note that the effective interest rate (EIR) is higher than the advertised rate due to the processing fee and other charges.
As of December 27th, 2023, the annual interest rate stands at 5.42%, with an effective interest of 12.11%. This rate is considered high by many, but it’s still a competitive rate compared to other loan products in the market.
Loan Tenor and Amount
The loan tenor for OCBC ExtraCash Loan is up to 60 months, which gives you plenty of time to pay back the loan. The loan amount is up to 6x your monthly income, which means you can borrow a significant amount of money.
It’s important to note that the loan amount and tenor will depend on your income and credit score. If you have a good credit score and a stable income, you may be able to borrow more money and have a longer tenor.
Overall, OCBC ExtraCash Loan is a great option if you need fast cash and have an OCBC EasiCredit/ Credit Card. The interest rates are competitive, and you can borrow a significant amount of money with a longer tenor.
Eligibility and Application
Eligibility Requirements
Before applying for an OCBC ExtraCash Loan, you need to ensure that you meet the eligibility requirements. The eligibility requirements are as follows:
- You must be a Singaporean, Singapore PR, or a Foreigner with a valid employment pass.
- You must be between the ages of 21 and 65 years.
- Your minimum annual income should be at least $20,000 if you are a Singaporean or Singapore PR, and $45,000 if you are a Foreigner.
- You should not have any outstanding credit card debts or personal loans with OCBC Bank.
Application Process
The application process for an OCBC ExtraCash Loan is straightforward and can be done online. You can apply for a loan through the OCBC website or mobile app. The application process involves the following steps:
- Fill in your personal and employment details and submit the application.
- OCBC Bank will review your application and check your credit score.
- If you meet the eligibility requirements and have a good credit score, your loan will be approved.
- You will receive the loan amount in your bank account within 24 hours.
Required Documents
To apply for an OCBC ExtraCash Loan, you need to provide the following supporting documents:
- NRIC or Passport (for foreigners)
- Latest computerized payslip or latest 6 months’ CPF Contribution History Statement
- Latest Income Tax Notice of Assessment
- Any other supporting documents as requested by OCBC Bank
MyInfo
If you are a Singaporean or a Singapore PR, you can use MyInfo to apply for an OCBC ExtraCash Loan. MyInfo is a service provided by the Singapore government that allows you to retrieve your personal information from government agencies and use it to fill in forms automatically. This makes the application process faster and more convenient.
Online Application
OCBC Bank offers an online application process for ExtraCash Loans. You can apply for a loan from the comfort of your home or office without having to visit a branch. The online application process is quick and easy, and you can receive the loan amount within 24 hours.
In conclusion, an OCBC ExtraCash Loan is a great way to get the extra cash you need quickly and easily. With a simple online application process, MyInfo integration, and fast approval, you can get the money you need in no time.
Repayment and Fees
Repayment Options
When you take out an OCBC ExtraCash Loan, you have the option to choose your repayment plan based on your financial situation. You can opt for fixed repayments up to 60 months or flexible repayments with a minimum repayment of $50 or 3% of the outstanding balance, whichever is higher. This gives you the flexibility to choose a plan that suits your monthly budget.
Processing Fees and Charges
OCBC ExtraCash Loan comes with a one-time processing fee as low as 1.80% (EIR 7.22% p.a.). This means that if you borrow $10,000, you only need to pay a processing fee of $180.
It is important to note that late payments will incur a late payment fee of $80. Additionally, if you choose to settle your loan early, an early repayment fee of 2.5% of the outstanding loan amount will be charged.
Conclusion
OCBC ExtraCash Loan offers flexible repayment options and low processing fees, making it an affordable and convenient option for those in need of fast cash. With fixed repayments up to 60 months or flexible repayments with a minimum repayment of $50 or 3% of the outstanding balance, you can choose a plan that suits your monthly budget. However, it is important to make your payments on time to avoid late payment fees and to carefully consider the early repayment fee if you plan to settle your loan early.
Additional Services and Features
If you’re looking for more financial assistance, OCBC ExtraCash Loan is not the only option available to you. Here are some additional services and features offered by OCBC that could help you out:
OCBC EasiCredit
OCBC EasiCredit is a line of credit that allows you to borrow up to six times your monthly income. Unlike a personal loan, you only pay interest on the amount you use. This is a great option if you need standby cash for emergencies, or if you’re not sure how much you’ll need to borrow.
Balance Transfer and Cash-on-Instalments
If you have outstanding balances on your credit cards or personal loans, you can transfer them to an OCBC credit card at a lower interest rate. This will help you save on interest payments and pay off your debts faster. OCBC also offers cash-on-instalments, which allows you to convert your available credit limit into cash that you can repay in fixed instalments.
Mobile Banking and OCBC Digital App
OCBC offers a mobile banking app that allows you to check your account balances, transfer money, and pay bills on the go. You can also use the app to apply for loans and credit cards, and to view your transaction history. The OCBC Digital App is another great tool for managing your finances. It lets you track your expenses, set savings goals, and get personalised financial advice.
Internet Banking
If you prefer to do your banking on a computer, OCBC’s internet banking platform is easy to use and secure. You can access your accounts, transfer money, and pay bills from anywhere with an internet connection. You can also apply for loans and credit cards, and manage your investments and insurance policies.
Overall, OCBC offers a range of financial products and services to help you manage your money and achieve your financial goals. Whether you need a personal loan, a line of credit, or just a better way to manage your finances, OCBC has something for you.
Managing Your Loan
Managing your OCBC Extra Cash Loan is made easy with the bank’s online and mobile banking options. Here are some tips to help you manage your loan effectively.
Online and Mobile Banking
OCBC’s internet banking platform provides a convenient way to manage your loan from the comfort of your home. You can check your outstanding balance, view your repayment schedule, and make payments online. The bank’s mobile app also allows you to access your loan information on-the-go.
To access your loan details online, simply log in to your OCBC internet banking account and navigate to the “Extra Cash Loan” section. From there, you can view your loan details, repayment schedule, and make payments. You can also set up automatic payments to ensure that your loan is always paid on time.
Dealing with Financial Difficulties
If you are facing financial difficulties and are unable to make your loan payments, it is important to contact OCBC as soon as possible. The bank may be able to provide you with a repayment plan or other options to help you manage your loan.
It is also important to note that your loan repayment history is reported to Credit Bureau Singapore. Late or missed payments can negatively impact your credit score and make it more difficult to obtain credit in the future.
If you are experiencing financial difficulties, it may be helpful to seek advice from a financial institution or credit counselling agency. They can provide you with advice and resources to help you manage your finances and get back on track.
In conclusion, managing your OCBC Extra Cash Loan is made easy with the bank’s online and mobile banking options. Be sure to stay on top of your loan payments and seek help if you are experiencing financial difficulties.
Frequently Asked Questions
What are the eligibility criteria for obtaining a personal loan with OCBC?
To obtain a personal loan with OCBC, you must be at least 21 years old and earn a minimum annual income of $20,000. You must also be a Singaporean citizen, Permanent Resident, or a foreigner with a valid employment pass. Additionally, you should have a good credit score and credit history.
How can I find out the status of my loan application?
You can check the status of your loan application by logging into your OCBC internet banking account or by contacting the bank’s customer service hotline. The bank will also send you regular updates on the status of your application via email or SMS.
What is the typical approval time for a personal loan?
The approval time for a personal loan with OCBC varies depending on several factors, such as the completeness of your application and the amount of loan you are applying for. Typically, the approval process takes 1-3 business days.
How competitive are the interest rates offered for personal loans?
OCBC offers competitive interest rates for personal loans. The interest rates vary depending on several factors, such as the amount of loan you are applying for and your credit score. You can check the current interest rates on the OCBC website or by contacting the bank’s customer service hotline.
Can I calculate my expected monthly repayments before applying for a loan?
Yes, you can use the OCBC loan calculator on the bank’s website to calculate your expected monthly repayments before applying for a loan. The calculator takes into account the loan amount, interest rate, and loan tenure to give you an estimate of your monthly repayments.
What methods are available for making loan repayments?
You can make loan repayments through several methods, such as GIRO, internet banking, mobile banking, and ATM transfers. You can choose the method that is most convenient for you.