If you’re looking for a way to finance a big purchase or consolidate your debts, OCBC Cash-on-Instalments can be a great option. This loan allows you to borrow a lump sum of money and repay it in fixed monthly instalments over a period of time.
However, you may be wondering how to pay for this loan.
One way to pay for OCBC Cash-on-Instalments is to use your OCBC credit card or EasiCredit account. To apply for a Cash-on-Instalment loan, you need to have an OCBC credit card or EasiCredit account with an available credit limit.
You’ll be charged a processing fee of 1% of the loan amount, and competitive interest rates will apply. Once your loan is approved, the funds will be credited to your credit card or EasiCredit account, and you can start using the money immediately.
Another way to pay for OCBC Cash-on-Instalments is to use your savings or investments. If you have savings or investments you don’t need to access immediately, you can use them to pay for your loan.
This can be an excellent option to avoid paying interest on your loan, as you’ll use your money to pay for it. However, if you withdraw money from your savings or investments, you may lose out on potential earnings or face penalties for early withdrawal.
1-Minute Read: OCBC Cash-on-Instalment Repayments
Cash-on-instalments from OCBC can be a fantastic financial tool, offering flexibility and budget-friendly repayment options. However, with any loan, understanding repayment is critical. If you’re an OCBC Cash-on-Instalment borrower in Singapore and want the quick facts on how to make those payments, this section’s for you!
Fast Facts for Singaporean Borrowers:
- Effortless Automation: OCBC allows for automatic deductions from your OCBC account each month. Simply set it up and forget it!
- Flexible Options: Don’t have an OCBC account? No worries! You can still make one-off payments via other Singaporean bank accounts.
- Understanding Your Costs: The OCBC website features a handy loan calculator. Use it to estimate your monthly repayment amount before you even apply.
- Transparency is Key: The Effective Interest Rate (EIR) factors in processing fees, giving you a clear picture of the total borrowing cost.
Impact on Singapore:
OCBC Cash-on-Instalments empowers Singaporeans with a responsible way to manage larger purchases or consolidate debt. By offering clear repayment structures and accessible information, OCBC fosters financial literacy and accountable borrowing habits within the community.
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This 1-Minute Guide provides a snapshot, but a wealth of information is waiting to be discovered in the comprehensive guide! Delve deeper to explore eligibility requirements, explore flexible repayment plans in detail, and uncover any potential fees associated with the process.
With all the knowledge at your fingertips, you can make informed decisions and navigate your OCBC Cash-on-Instalment repayments with confidence!
Understanding OCBC Cash-on-Instalments
If you are looking for a flexible and affordable way to get cash in Singapore, then OCBC Cash-on-Instalments might be the right option for you. This loan product allows you to borrow money against your unused credit limit on your OCBC credit card or EasiCredit account at a lower interest rate than your credit card’s cash advance fee.
With OCBC Cash-on-Instalments, you can enjoy a fixed repayment schedule for up to 60 months, which is longer than most credit card instalment plans. This means you can spread out your payments over a longer period and manage your finances more effectively.
To apply for OCBC Cash-on-Instalments, you need to have an OCBC credit card or EasiCredit account with an available credit limit. The loan amount you can borrow depends on your available credit limit and your creditworthiness. You can apply for the loan online or at any OCBC branch in Singapore.
The interest rate for OCBC Cash-on-Instalments is lower than most personal loans and credit card cash advance fees. As of April 2024, new customers can enjoy an exclusive rate of 3.50% p.a. for up to 60 months. This makes OCBC Cash-on-Instalments one of the cheapest borrowing options for individuals who do not currently have OCBC credit cards or EasiCredit loans.
In summary, OCBC Cash-on-Instalments is a convenient and affordable way to get cash in Singapore. It allows you to borrow money against your unused credit limit on your OCBC credit card or EasiCredit account at a lower interest rate than your credit card’s cash advance fee. You can enjoy a fixed repayment schedule for up to 60 months, which is longer than most credit card instalment plans.
Eligibility and Application Process
If you’re interested in applying for OCBC Cash-on-Instalments in Singapore, there are a few things you need to know about the eligibility and application process. Here’s what you need to know:
Assessing Your Eligibility
Before you apply for OCBC Cash-on-Instalments, you need to make sure you meet the eligibility requirements. To be eligible for this product, you must be a salaried employee with an annual income of at least SGD 30,000. You must also have an OCBC credit line or credit card with an available credit limit. Singaporeans, Permanent Residents, and foreigners residing in Singapore are eligible to apply for the Cash-on-Instalments. Singaporeans and Permanent Residents must have annual incomes of at least SGD 20,000, while foreigners must have annual incomes of at least SGD 45,000.
How to Apply for OCBC Cash-on-Instalments
If you meet the eligibility requirements, you can apply for OCBC Cash-on-Instalments online via the OCBC internet banking portal. The process is simple and straightforward, and you can expect fast approval if you meet the eligibility criteria. Here’s how to apply:
- Log in to your OCBC internet banking account.
- Click on “Apply for Cash-on-Instalments” under the “Product Holding” section.
- Fill in the application form with your personal and financial details.
- Submit your application online.
Once you’ve submitted your application, you can expect to receive a response within a few working days. If your application is approved, you will receive the funds in your designated bank account.
Overall, applying for OCBC Cash-on-Instalments is a simple and hassle-free process. With fast approval and a low-interest rate, this product is a great way to get the funds you need to meet your financial goals.
Loan Details and Terms
If you’re considering applying for OCBC Cash-on-Instalments in Singapore, it’s important to understand the loan details and terms before committing to the loan. Here are some key factors to consider:
Loan Amount and Instalments
The loan amount you can receive from OCBC Cash-on-Instalments can range from a minimum of $1,000 to a maximum of up to 6 times your monthly income, depending on your creditworthiness. The loan repayment period can range from 12 to 60 months, and you can choose between fixed monthly instalments or monthly instalments that decrease over time.
Interest Rates and Fees
The interest rate for OCBC Cash-on-Instalments is fixed at 4.70% per annum, with an effective interest rate (EIR) of 9.24% to 10.45% per annum, depending on the loan tenure and processing fee. You’ll also be charged a one-time processing fee of 1% of the loan amount, which will be deducted from your loan disbursement. There are no other bank fees and charges, except for an administrative fee of $100 if you choose to cancel your loan after it has been approved.
Repayment Terms
Repayment for OCBC Cash-on-Instalments is done through fixed monthly repayment, where you’ll need to make equal monthly payments for the entire loan tenure. The minimum loan amount for the fixed monthly repayment option is $1,000, and the indicative amount for the loan repayment can be calculated using the OCBC loan calculator available on their website. The payment due date will be on the same date every month, and if you fail to make your payment on time, you’ll be charged a late payment fee of $80.
It’s important to note that if you choose to make a prepayment on your loan, you’ll be charged a front-end add-on method of interest on the amount prepaid. This means that the interest on the amount prepaid will be calculated based on the prevailing interest rate at the time of prepayment, and added to the loan amount. However, if you choose to make a full prepayment on your loan, you’ll be entitled to a rebate of the interest charged on the prepaid amount.
Overall, OCBC Cash-on-Instalments is a great option for those who need a lump sum of cash and want to pay it back over a fixed period of time. With competitive interest rates and flexible repayment terms, it’s a convenient way to finance your needs.
Tip: Consider Early Repayment
If your budget allows, prioritise making full or partial prepayments on your loan. This can significantly reduce the total interest charged over the loan term.
Remember, there’s a penalty for prepaying a portion of the loan, so weigh the benefits against the cost before prepaying.
Managing Your Cash-on-Instalments
If you have taken out a Cash-on-Instalments loan with OCBC, it is important to manage it effectively to avoid any late payment fees or charges. Here are some tips on how to manage your Cash-on-Instalments loan:
Accessing Your Funds
Once your Cash-on-Instalments loan has been approved, the funds will be credited to your EasiCredit account. You can access your funds in several ways, including:
- ATM withdrawals
- Debit Consolidation Card transactions
- Online transfers to your bank account
Understanding the Repayment Process
Repaying your Cash-on-Instalments loan is simple and straightforward. You can choose the loan tenure that suits you, with repayment periods of up to 60 months. Your monthly repayment amount will depend on the outstanding amount of your loan and the loan tenure you have selected.
To make your repayments, you can use any of the following methods:
- GIRO
- Online banking
- Mobile banking
- AXS stations
- Cash deposit machines
It is important to make your repayments on time to avoid any late payment fees or charges. If you are unable to make your monthly repayment, you should contact OCBC immediately to discuss your options.
Overall, managing your Cash-on-Instalments loan is easy and hassle-free. By accessing your funds through various channels and understanding the repayment process, you can ensure that you stay on top of your loan and avoid any unnecessary fees or charges.
Benefits and Considerations
Advantages of OCBC Cash-on-Instalments
If you need cash quickly, OCBC Cash-on-Instalments is a great option to consider. With this service, you can get cash from your unused credit limit and repay it with fixed monthly instalments at low interest rates for up to 60 months. The minimum loan amount is S$1,000, and the minimum income requirement is S$20,000.
One of the benefits of OCBC Cash-on-Instalments is that it offers a low interest rate. This means that you can save money on interest charges compared to other loan options, such as personal loans. Additionally, you can enjoy up to 2% cashback on your approved loan with loan tenure of 36, 48, or 60 months (capped at S$3,788).
Another advantage of OCBC Cash-on-Instalments is that it allows for flexible repayment. You can choose a loan tenure that suits your needs, and you can also make early repayments without any penalty fees.
Important Factors to Consider
Before you decide to use OCBC Cash-on-Instalments, there are some important factors to consider. One of the things to keep in mind is the interest rate. While the interest rate is low compared to other loan options, it is still important to make sure that you can afford the monthly instalments.
Another factor to consider is the processing fee. When you apply for Cash-on-Instalments, you will need to pay a one-time processing fee of as low as 3%. This fee is added to your loan amount, so it is important to factor this into your repayment plan.
It is also important to note that if you have outstanding credit card balances, you may not be eligible for Cash-on-Instalments. In this case, you may want to consider other options, such as a balance transfer or a debt consolidation plan.
Overall, OCBC Cash-on-Instalments is a great option to consider if you need cash quickly and want a flexible repayment plan. Just make sure to consider the interest rate, processing fee, and eligibility requirements before you apply.
Promotions and Offers
If you are looking to pay for OCBC Cash-on-Instalments in Singapore, you may be interested in the promotions and offers available to you. OCBC Bank offers several promotions that can help you save money on your loan.
One current promotion is the Cash-on-Instalments Promotion. With this promotion, you can enjoy a processing fee waiver for loan tenors of 36 months and beyond. Additionally, if your approved loan is above $10,000, you will receive 2% unlimited cashback. This promotion is valid until 30 June 2024, and terms and conditions apply.
Another promotion to consider is the OCBC Balance Transfer. This promotion allows you to get cash from your unused credit limit with flexible repayment terms and 0% interest with a low processing fee. You can save up to 81% on interest charges with this promotion.
If you are an OCBC credit card member, you may be interested in the OCBC Instalment Payment Plan (PayLite). This plan allows you to split purchases of at least $100 each into interest-free monthly instalments with a low one-time processing fee. However, OCBC credit card members with the OCBC Cashflo Credit Card, OCBC NXT Card, OCBC Great Eastern Cashflo Credit Card, or Debt Consolidation Card are not eligible to apply for this plan.
When making a retail transaction, be sure to check if the merchant is offering any promotions or discounts that you can take advantage of. Some merchants may offer cashback or discounts when you use your OCBC credit card to make a purchase.
Overall, there are several promotions and offers available to help you save money when paying for OCBC Cash-on-Instalments in Singapore. Be sure to check the terms and conditions of each promotion to ensure that you are eligible and understand the requirements.
Frequently Asked Questions
How do I make an online payment for my OCBC instalment plan?
Making an online payment for your OCBC instalment plan is easy. Log in to your OCBC online banking account, select “Payments & Transfers”, and choose “Pay Bills”. From there, select “OCBC Cash-on-Instalments” and follow the prompts to make your payment.
You can also set up a GIRO arrangement for automatic payments.
Can I settle my OCBC credit card bill through an instalment plan?
Yes, you can settle your OCBC credit card bill through an instalment plan. Apply for the OCBC Instalment Payment Plan (PayLite) and choose the payment term that works best for you. You can also convert your credit card purchases into an instalment plan with PayLite.
How can I manage my OCBC EasiCredit payments effectively?
To manage your OCBC EasiCredit payments effectively, set up a GIRO arrangement for automatic payments or make payments online through your OCBC online banking account. You can also visit any OCBC branch to make payments in person.
What should I know about the OCBC interest-free instalment plan?
The OCBC interest-free instalment plan allows you to split your purchases into interest-free monthly instalments. You can choose a payment term of up to 12 months and enjoy 0% interest. A one-time processing fee applies.
Can I pay off my OCBC car loan in instalments, and if so, how?
Yes, you can pay off your OCBC car loan in instalments. Apply for the OCBC Car Loan Instalment Plan and choose the payment term that works best for you. You can also make payments online through your OCBC online banking account or visit any OCBC branch to make payments in person.
What are the features of the OCBC 365 Instalment Plan?
The OCBC 365 Instalment Plan allows you to convert your purchases into an instalment plan with a low processing fee and competitive interest rates. You can choose a payment term of up to 60 months and earn up to 6% cashback on your purchases.
Quick Credit: Urgent Cash Needs Relief in Singapore
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