OCBC Personal Loan Singapore | Apply for Personal Loans in Singapore
Personal Loans
by Priyadarshini
3 January 2022
If you are in a situation where you have high-interest debt, such as credit card debt, and want to combine your loans to minimize your interest payments, taking up a loan is a wise financial decision. Personal loans are available from many banks in Singapore. In this blog, we tell you about the OCBC Personal Loan Singapore.
Eligibility for OCBC personal Loans
You must be at least 21 years old to apply for an OCBC personal loan. If you are a Singaporean/PR, you must earn at least $20,000 per year, or $45,000 if you are a foreigner. You must also have an OCBC credit card or an EasiCredit account.
The Interest Rate on OCBC Personal Loan Singapore
OCBC provides numerous options for borrowing money. OCBC Cash-on-Instalments is their regular personal loan, and it allows you to convert the unused credit limit on your OCBC credit card into a personal loan with fixed installments. If you truly need money, Cash-on-Instalment is a better option than paying with a credit card because the interest rate is cheaper. You can borrow money for 1 to 5 years at 4.7 percent p.a. with a $100 transaction charge. For the $10,000/3-year example, the effective interest rate (EIR) is approximately 9.46 percent p.a.
Please keep in mind that OCBC’s Cash-on-Instalment loan is one of the most expensive personal loans available! If you’re looking for a decent bargain, shop around and examine different personal loans in Singapore.
How Long Does it take for OCBC Personal Loan Singapore to Get Approved?
You must be a current OCBC credit card or EasiCredit holder to apply for an OCBC Cash-on-Instalment loan. Approval is immediate, and the funds are transferred to a bank account you specify.
Plan for Debt Consolidation at OCBC
If you already have high-interest debt, such as an unpaid credit card amount, OCBC’s Debt Consolidation Plan is a possibility. Transfer your old debt to OCBC and you’ll pay a lower interest rate than you would on a credit card (but it’ll be higher than a personal loan).
Why choose this over a Cash-on-Instalment loan? If you have previously exceeded your OCBC credit limit, you will not be eligible for Cash-on-Instalments. Cash-on-Instalments likewise has a maximum term of 5 years, whereas the Debt Consolidation Plan has a maximum tenure of 8 years. Debt consolidation schemes, on the other hand, are only available to Singaporeans/PRs with at least a year’s income in debt.
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