If you’re considering taking out a personal loan in Singapore, you may have encountered the OCBC Cash-on-Instalments loan. This loan is designed to give you access to cash when needed, with the flexibility to repay it over time. But what are the eligibility requirements for this loan, and how can you determine if you qualify?
To begin with, you must be at least 21 years old to apply for an OCBC Cash-on-Instalments loan. Additionally, you must be a Singaporean citizen, a Permanent Resident, or a foreigner with an annual income of at least $45,000. If you meet these basic requirements, you can proceed with your application and learn more about the loan terms and conditions.
It’s worth noting that each application is subject to a minimum loan amount of S$1,000 (or such other amounts which the Bank may determine at its discretion from time to time) and other terms and conditions that may apply. To learn more about the eligibility requirements for an OCBC Cash-on-Instalments loan and apply for one today, visit the OCBC Bank website.
1-Minute Read: Can You Get OCBC Cash-on-Instalments?
Borrowers in Singapore, this section’s for you if you’re keen on a quick rundown of OCBC Cash-on-Instalments eligibility!
Fast Facts for Singapore Residents:
- Age: You’ll need to be at least 21 years old.
- Income: The minimum annual income requirement is S$20,000 for Singaporeans and Permanent Residents (PRs). For foreigners, it’s S$45,000 or more.
- Existing OCBC Account: You’ll already need to hold an OCBC Credit Card or an OCBC EasiCredit account.
- Minimum Loan Amount: Be prepared to apply for at least S$1,000 (though this amount can change at OCBC’s discretion).
- Credit Limit Check: The approved loan amount, plus interest, cannot exceed 90% of your available credit limit on your existing OCBC account, minus a one-time processing fee.
Unlocking Financial Flexibility
OCBC Cash-on-Instalments offers a convenient way for Singaporeans to access cash and manage repayments in fixed monthly instalments. This can be particularly helpful for unexpected expenses or consolidating existing debts.
Ready to Dive Deeper?
This 1-minute guide provides a snapshot, but there’s more to explore! Our comprehensive guide delves into all the details you need to make an informed decision. It covers application processes, interest rates, and repayment options, empowering you to unlock the full potential of OCBC Cash-on-Instalments.
So, what are you waiting for? Dive deeper and see if it’s the right financial solution for you!
Understanding OCBC Cash-On-Instalments
If you’re looking for a way to finance your expenses, OCBC Cash-On-Instalments might be the solution for you. Here’s what you need to know.
What Is Cash-On-Instalments?
OCBC Cash-On-Instalments is a loan product that allows you to borrow money from your credit card or EasiCredit account limit and repay it in fixed monthly instalments over a period of up to 60 months. It is a convenient way to get funds when you need them, without having to pay the high interest rates associated with cash advance fees on credit cards.
Benefits of OCBC Cash-On-Instalments
One of the main benefits of OCBC Cash-On-Instalments is that it allows you to spread out the cost of your expenses over a longer period of time, making it easier to manage your finances. Additionally, you can enjoy low interest rates on your loan, which can help you save money in the long run.
Another benefit of OCBC Cash-On-Instalments is that it is interest-free for up to 12 months, depending on the repayment period you choose. This means that you won’t have to pay any interest on your loan during this period, making it an affordable way to finance your expenses.
To be eligible for OCBC Cash-On-Instalments, you must have an OCBC credit card or EasiCredit account with an available credit limit. The minimum loan amount is S$1,000 and the repayment period can be up to 60 months.
In summary, if you’re looking for a way to finance your expenses, OCBC Cash-On-Instalments might be the solution for you. It allows you to borrow money from your credit card or EasiCredit account limit and repay it in fixed monthly instalments over a period of up to 60 months. Additionally, you can enjoy low interest rates and interest-free periods, making it an affordable way to manage your finances.
Eligibility Criteria
If you are looking to apply for the OCBC Cash-on-Instalments loan in Singapore, there are certain eligibility criteria that you need to meet. In this section, we’ll take a closer look at the basic eligibility requirements for OCBC customers and the requirements for foreigners.
Basic Eligibility for OCBC Customers
To be eligible for the OCBC Cash-on-Instalments loan, you need to be an OCBC customer with either a credit card or an EasiCredit account. Additionally, you must be a Singaporean or Singapore Permanent Resident (PR) aged 21 years and above with an annual income of at least SGD 20,000.
If you are a foreigner, you must have an annual income of at least SGD 45,000 and a valid employment pass. You should also have an OCBC credit card or an EasiCredit account with an available credit limit.
Requirements for Foreigners
Foreigners who wish to apply for the OCBC Cash-on-Instalments loan must meet the following requirements:
- Have a valid employment pass
- Earn an annual income of at least SGD 45,000
- Have an OCBC credit card or an EasiCredit account with an available credit limit
It is important to note that the above requirements are subject to change and may vary depending on the loan tenure and amount. Additionally, meeting the eligibility criteria does not guarantee loan approval, as the bank will assess your creditworthiness and financial situation before approving the loan.
In summary, the OCBC Cash-on-Instalments loan is a great option for those who need quick access to funds in Singapore. As long as you meet the basic eligibility requirements and have an OCBC credit card or an EasiCredit account, you can apply for the loan and enjoy the benefits of fixed monthly instalments.
Application Process
If you are interested in applying for OCBC Cash-on-Instalments, you can do so through various channels such as online banking, the OCBC digital app, or at any OCBC branch. In this section, we will outline the steps you need to take to apply for Cash-on-Instalments and the documents you will need to provide.
Online Application Steps
One of the most convenient ways to apply for Cash-on-Instalments is through the OCBC internet banking portal. To apply online, you will need to log in to your OCBC internet banking account and follow these steps:
- Click on the “Apply for Cash-on-Instalments” button.
- Select the loan amount and repayment tenure that suits you best.
- Upload the required documents.
- Review and confirm your application details.
- Submit your application.
Once your application is submitted, it will be reviewed by the bank. You will be notified of the outcome of your application within a few working days.
Required Documents
When applying for Cash-on-Instalments, you will need to provide certain documents to support your application. These documents may include:
- Your NRIC or passport
- Your latest computerised payslip or latest income tax notice of assessment
- Your latest bank statement or CPF statement showing your salary credit
- Your latest credit card statement (if applicable)
It is important to note that additional documents may be required depending on your individual circumstances. Therefore, it is always a good idea to check with the bank before submitting your application.
In conclusion, applying for OCBC Cash-on-Instalments is a straightforward process that can be done through various channels. By following the steps outlined above and providing the necessary documents, you can enjoy the benefits of this loan product and achieve your financial goals.
Financial Considerations
If you’re considering applying for OCBC Cash-on-Instalments in Singapore, there are a few financial considerations to remember. In this section, we’ll cover interest rates and fees and how to calculate your loan to ensure you’re getting the best deal possible.
Interest Rates and Fees
OCBC Cash-on-Instalments comes with a processing fee of 1% of the loan amount, payable upfront. However, if you’re taking out a loan with a tenure of 36 months or longer, you’ll enjoy a processing fee waiver. This could help you save money on upfront costs.
In addition to the processing fee, you’ll also need to consider the interest rate. The interest rate for OCBC Cash-on-Instalments is currently 4.70% per annum, which is fixed for the entire loan tenure. Your monthly repayment amount will remain the same throughout the loan period.
It’s important to note that the interest rate is different from the Effective Interest Rate (EIR). The EIR considers the processing fee and any other bank fees and charges and is a more accurate representation of the total cost of the loan. You can use the loan calculator provided on the OCBC website to calculate the EIR.
Calculating Your Loan
When applying for a loan, it’s essential to calculate how much you can afford to borrow and how much you’ll need to repay each month. To calculate your loan amount, you’ll need to consider your annual income and other financial commitments.
You can use the loan calculator provided on the OCBC website to calculate your monthly repayment amount. Enter your loan amount, tenure, and interest rate, and the calculator will give you an estimate of your monthly repayment amount.
It’s important to note that you may be charged a late payment fee if you miss a repayment. Additionally, if you fail to repay on time, your account may be terminated, and you may be charged an account termination fee.
Considering these financial factors, you’ll be better equipped to make an informed decision when applying for OCBC Cash-on-Instalments in Singapore.
Tip: Consider Effective Interest Rate (EIR)
Don’t just focus on the advertised interest rate. Use the OCBC loan calculator to determine the EIR, which includes processing and other fees, giving you a more accurate picture of the loan cost.
Loan Terms and Repayment
If you are eligible for OCBC Cash-on-Instalments, you can choose from various instalment plans with fixed monthly instalments. The tenure of the loan can be up to 60 months, depending on your preference.
Choosing Your Instalment Plan
You can choose from 12 months, 24 months, 36 months, 48 months, or 60 months repayment plans, depending on your financial situation and repayment capability. The longer the loan tenure, the lower the monthly instalments. However, you will end up paying more in interest over the course of the loan.
Understanding Repayment Options
The monthly instalments for your Cash-on-Instalments loan will be automatically deducted from your EasiCredit account or credit line. You can also choose to pay off the loan earlier than the agreed tenure, but there may be an early repayment fee.
It is important to make timely repayments to avoid late payment fees and negative impact on your credit score. You can keep track of your repayment schedule through the OCBC mobile app or internet banking.
Overall, OCBC Cash-on-Instalments offers flexible repayment options to help you manage your finances. With fixed monthly instalments and a variety of repayment plans, you can choose the option that works best for you.
Additional OCBC Products
As an OCBC customer, you have access to a range of financial products that can help you manage your finances. In addition to the Cash-on-Instalments product, OCBC offers a variety of credit cards, personal loans, and other credit facilities.
OCBC Credit Cards Overview
OCBC offers a range of credit cards to suit different lifestyles and spending habits. Whether you’re looking for cashback rewards, 0% Installment Payment Plan (IPP) transactions, or other benefits, there is an OCBC credit card that can meet your needs.
Some of OCBC’s most popular credit cards include the OCBC NXT Credit Card, the OCBC Cashflo Credit Card, and the OCBC GE Cashflo Credit Card. Each of these cards offers unique benefits and features that can help you save money and manage your expenses.
Exploring EasiCredit and Balance Transfer
If you need to borrow money, OCBC’s EasiCredit product can provide you with a flexible and convenient solution. EasiCredit is a personal line of credit that allows you to borrow up to your credit limit and repay the amount over time. This product can be a good option if you need to cover unexpected expenses or manage your cash flow.
If you have existing debt that you want to consolidate, OCBC’s Balance Transfer product can help you save money on interest charges. With Balance Transfer, you can transfer your outstanding balances from other credit cards or loans to your OCBC credit card and enjoy a lower interest rate. This can be a great way to pay off your debt faster and save money on interest charges.
Overall, OCBC offers a range of financial products that can help you manage your finances and achieve your financial goals. Whether you’re looking for a credit card, personal loan, or other credit facility, OCBC has a product that can meet your needs.
Promotions and Offers
Exciting promotions and offers are available for those who meet the eligibility criteria for OCBC Cash-on-Instalments. As a new customer, you can enjoy a processing fee waiver for loan tenor of 36 months and beyond. This means that you can save money on processing fees when you take out a loan for longer than 36 months.
If you are an existing OCBC customer, you can enjoy up to S$480 worth of cashback depending on the principal loan amount approved for your Cash-on-Instalments loan application made online at www.ocbc.com during the promotion period. You can refer to the terms and conditions for more information.
In addition to these promotions, you can also benefit from the flexibility of Cash-on-Instalments. Unlike cash advance, which can come with high fees and interest rates, Cash-on-Instalments allows you to borrow money at a lower interest rate and pay it back over a longer period of time. This makes it a great option for larger purchases or unexpected expenses.
To be eligible for Cash-on-Instalments, you must be at least 21 years old and a Singaporean or Singapore PR with an annual income of at least $20,000. Foreigners with an annual income of at least $45,000 are also eligible. Keep in mind that other terms and conditions may apply, so be sure to check the eligibility requirements before applying.
In summary, with exciting promotions and offers, flexible repayment terms, and low interest rates, OCBC Cash-on-Instalments is a great option for those looking to borrow money in Singapore. If you meet the eligibility criteria, consider applying today to take advantage of these benefits and get the funds you need.
Managing Your Cash-On-Instalments
Congratulations on securing your OCBC Cash-On-Instalments loan! You can now enjoy the flexibility of converting your unused credit limit into cash and repaying it in fixed monthly instalments at a low-interest rate. Here are a few things you need to know to manage your loan effectively.
Dealing with Early Repayment
If you wish to make an early repayment on your Cash-On-Instalments loan, you can do so by contacting OCBC customer service. However, please note that an early repayment fee of S$150 or 3% of the outstanding principal amount, whichever is higher, may be imposed at the discretion of OCBC Bank if the Facility is terminated.
Consolidating Debt
If you have multiple debts with high-interest rates, consolidating them into one Cash-On-Instalments loan can help you save money. You can use your Cash-On-Instalments loan to pay off your other debts and enjoy a lower interest rate.
To make it even easier, consider using OCBC’s PayLite or Debit Consolidation Card to consolidate your credit card transactions into one monthly payment. This can help you manage your debt more effectively and avoid missing payments.
In conclusion, following these tips can make managing your Cash-On-Instalments loan easy. Remember to make your payments on time, consider early repayment fees, and consolidate your debt to save money. If you have any questions or concerns, please contact OCBC customer service for assistance.
Frequently Asked Questions
What are the qualifying criteria for an OCBC Cash-on-Instalments loan?
To be eligible for an OCBC Cash-on-Instalments loan, you must be a Singaporean or Permanent Resident aged 21 and above, with a minimum annual income of S$20,000. Foreigners residing in Singapore are also eligible but must have a minimum yearly income of S$45,000.
How can I apply for an OCBC personal loan in Singapore?
You can apply for an OCBC personal loan in Singapore by visiting any OCBC branch, or by applying online. You must provide your personal details, income and employment information, and other relevant documents such as your NRIC or passport, income tax statements, and payslips.
What’s the interest rate for OCBC’s EasiCredit facility?
The interest rate for OCBC’s EasiCredit facility is 19.98% p.a. However, the effective interest rate (EIR) may vary depending on the loan amount, loan tenure, and other factors.
Could you explain how to use the OCBC EasiCredit calculator?
The OCBC EasiCredit calculator is a tool that helps you estimate your monthly instalment amount and the total interest payable for your EasiCredit loan. To use the calculator, you must enter the loan amount, loan tenure, and interest rate. The calculator will display the estimated monthly instalment and the total interest payable.
What steps should I follow to check the status of my OCBC loan application?
To check the status of your OCBC loan application, you can log in to your OCBC Internet banking account and click on “Applications” under the “Accounts and Services” tab. You can then view the status of your loan application.
What exactly triggers the cash flow for OCBC’s Cashflo feature?
The cash flow for OCBC’s Cashflo feature is triggered when you make a purchase using your OCBC credit card. The purchase amount will be automatically converted into a 0% interest instalment plan, which you can pay back monthly.
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