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.
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