Are you looking for a flexible loan option in Singapore that can help you manage your finances efficiently? OCBC Cash-on-Instalments might be the perfect solution for you. This loan product offers a fixed repayment schedule tailored to your needs, making it easy to budget and plan for your future expenses.
One of the critical benefits of OCBC Cash-on-Instalments is its low interest rates. Depending on your loan tenure, you can enjoy interest rates as low as 4.70% per annum, which is significantly lower than most credit card interest rates. Plus, you can enjoy a processing fee waiver for loan tenor of 36 months and beyond, making it an even more affordable option.
If you’re interested in applying for OCBC Cash-on-Instalments, it’s essential to understand the fees and charges associated with this loan product. Some of the costs you might encounter include a one-time processing fee, an administrative fee for early termination, and late payment charges. To learn more about these fees and how they might impact your loan, check out the OCBC Personal Banking fees guide here.
1-Minute Read: The OCBC Cash-on-Instalments Fees
Borrowers, need a quick rundown on the latest OCBC Cash-on-Instalments fees? Look no further! This section gives you the essential details in under a minute.
- Competitive Rates: Rates start as low as 3.8% p.a. (EIR 7.49% p.a.), potentially saving you money compared to other options.
- Transparent Fees: A one-time processing fee of 1% of the loan keeps things simple. There are no hidden charges to worry about.
- Flexible Repayments: Spread your loan across 1 to 5 years with fixed monthly instalments that fit your budget.
- Fast and Easy: Apply online for instant approval and quickly get the cash you need.
Potential Impact: The OCBC Cash-on-Instalments program offers Singapore residents a potentially more affordable way to borrow money. This could be particularly helpful for those looking to consolidate debt or finance a larger purchase.
Unlock More! This is just a taste of what OCBC Cash-on-Instalments has to offer. To explore eligibility requirements, full terms and conditions, and how this program can benefit you, delve deeper into our comprehensive guide!
Understanding OCBC Cash-on-Instalments
If you need to borrow money for a short-term expense but don’t want to use your credit card, OCBC’s Cash-on-Instalments might be a good option. This loan product allows you to borrow money and pay it back in fixed monthly instalments over 60 months.
What Is Cash-on-Instalments?
Cash-on-Instalments is a personal loan that allows you to borrow money and repay it in fixed monthly instalments. Unlike credit cards, which typically charge high interest rates on cash advances, Cash-on-Instalments offers a lower interest rate and a fixed repayment schedule. This makes it a good option if you need to borrow a more significant sum of money and want to pay it back over a longer period.
Benefits of OCBC Cash-on-Instalments
There are several benefits to using OCBC’s Cash-on-Instalments:
- Low interest rates: OCBC offers competitive interest rates on Cash-on-Instalments loans, making it a more affordable option than other types of loans.
- Flexible repayment terms: You can choose a repayment period of up to 60 months, depending on the amount you borrow. This gives you the flexibility to choose a repayment schedule that works for you.
- Easy application process: You can apply for a Cash-on-Instalments loan online or at any OCBC branch. The application process is simple, and you can get a loan decision within minutes.
- Cashback promotions: From time to time, OCBC offers cashback promotions on Cash-on-Instalments loans. This can help you save money on interest and make your loan more affordable.
When you take out a Cash-on-Instalments loan, you’ll need to pay a one-time processing fee, which is a percentage of the loan amount. You’ll also need to make sure you can afford the monthly repayments, as missing payments can result in late fees and damage to your credit score.
Overall, if you need to borrow money for a short-term expense and want to pay it back over a longer period of time, OCBC’s Cash-on-Instalments can be a good option for you.
Eligibility and Application
Eligibility Criteria
To be eligible for OCBC Cash-on-Instalments in Singapore, you must be at least 21 years old and either a Singaporean citizen, Permanent Resident, or Foreigner with a valid Employment Pass. You must have an annual income of at least SGD 20,000 if you are a salaried employee, or at least SGD 45,000 if you are a self-employed individual.
Additionally, you must have an OCBC Credit Card or EasiCredit account with an available credit limit. Please note that the eligibility criteria are subject to change, and OCBC Bank reserves the right to approve or reject any application at its discretion.
Application Process
The application process for OCBC Cash-on-Instalments in Singapore is simple and straightforward. You can apply online via the OCBC internet banking portal or by visiting any OCBC Bank branch.
To apply online, you must first log in to your OCBC internet banking account and navigate to the Cash-on-Instalments application form. You will need to provide your personal details, including your name, NRIC or passport number, and contact information. You will also need to specify the loan amount and repayment period that you require.
Once you have submitted your application, OCBC Bank will review your eligibility and creditworthiness. If your application is approved, the funds will be disbursed directly to your designated bank account within 1-2 business days.
In conclusion, OCBC Cash-on-Instalments in Singapore is a convenient and flexible way to manage your finances. With competitive interest rates and a simple application process, it is an ideal solution for individuals who require short-term financing for personal or business purposes.
Fees and Charges
If you are considering taking out a loan with OCBC Cash-on-Instalments, it is important to be aware of the fees and charges that come with it. Here is a breakdown of the fees and charges that you can expect to pay:
Processing Fees
When you take out a loan with OCBC Cash-on-Instalments, you will be charged a processing fee of 1% of the loan amount. This fee is slightly more expensive than those of Singapore’s top lenders. However, if you opt for a loan tenor of 36 months and beyond, you can enjoy a processing fee waiver.
Interest Rates and EIR
OCBC Cash-on-Instalments offers competitive interest rates that are based on the loan tenure that you choose. The interest rates start from 4.70% p.a. and go up to 5.80% p.a. depending on the loan tenure.
It is important to note that the interest rates are subject to change and are based on the prevailing market conditions. In addition to the interest rates, you will also be charged an Effective Interest Rate (EIR), which takes into account the processing fee and any other fees that may be applicable.
Other Applicable Fees
In addition to the processing fee and interest rates, there are other fees that you may be charged. These include a late payment fee of S$80, an account termination fee of S$100, and a termination fee of S$150 if you terminate your loan before the end of the loan tenure.
It is important to be aware of these fees before you take out a loan with OCBC Cash-on-Instalments. Make sure you read the terms and conditions carefully and understand all the fees and charges that you may be required to pay.
Overall, while there are fees and charges associated with OCBC Cash-on-Instalments, the competitive interest rates and processing fee waiver for longer loan tenors make it an attractive option for those looking for a loan in Singapore.
Loan Terms and Repayment
Loan Tenure
When you take out a Cash-on-Instalments loan from OCBC Bank, you can choose your preferred loan tenure. The loan tenure can range from 12 to 60 months, depending on your needs and financial situation.
Monthly Instalments and Repayment
With Cash-on-Instalments, you can enjoy fixed monthly instalments, meaning your monthly repayment amount will remain unchanged throughout the loan tenure. This makes it easier for you to budget and plan your finances.
Your monthly repayment amount will depend on the loan amount you have taken and your chosen loan tenure. You can use the OCBC Cash-on-Instalments calculator to estimate your monthly repayment amount based on your loan amount and tenure.
It is important to note that your monthly repayment amount is due on the payment due date, typically on the same day each month. You may be charged a late payment fee if you miss a payment. To avoid late payment fees, pay your monthly instalments on time.
In summary, with OCBC Cash-on-Instalments, you can enjoy flexible loan tenures and fixed monthly instalments, making planning and budgeting your finances easier. Pay your monthly instalments on time to avoid late payment fees.
Tip: Debt Consolidation Powerhouse
Cash-on-instalments can be a strategic tool for debt consolidation. If you’re burdened by high-interest credit card debt, consider consolidating it with a Cash-on-Instalment loan.
This strategy can potentially secure a lower interest rate, saving you money in the long run.
Credit Facilities and Limitations
If you are looking for a flexible and affordable way to access credit, then OCBC Cash-on-Instalments is a great option. With this service, you can borrow up to your available credit limit and repay the loan in fixed monthly instalments over a period of up to 60 months. In this section, we will look at the two main credit facilities that can be integrated with the OCBC Cash-on-Instalments service.
OCBC Easicredit
OCBC Easicredit is a line of credit that provides you with a flexible credit limit that you can use whenever you need it. You can apply for an OCBC Easicredit line of credit if you are a Singapore citizen or permanent resident, aged between 21 and 65 years old, and earn a minimum annual income of S$20,000. Once you have been approved for an OCBC Easicredit line of credit, you can use the service to withdraw cash or make purchases with your NXT or other OCBC credit card.
Credit Card Integration
OCBC Cash-on-Instalments is integrated with all OCBC credit cards, including the NXT credit card. This means that you can use your credit card to make purchases and then convert the outstanding balance into a loan with fixed monthly instalments. The interest rates and processing fees for the loan will depend on the tenure of the loan and the amount borrowed.
Keep in mind that there are certain limitations to the OCBC Cash-on-Instalments service. For example, the loan amount cannot exceed your available credit limit, and the tenure of the loan cannot exceed 60 months. In addition, you will need to pay a processing fee of 1% of the loan amount, and the interest rates will depend on the tenure of the loan. Overall, however, the OCBC Cash-on-Instalments service is a great way to access credit on flexible and affordable terms.
Calculating Your Loan
Excited to take out a loan with OCBC Cash-on-Instalments? Before you do, it’s important to understand how your monthly repayments will be calculated. Here are some key factors to consider:
Using OCBC’s Loan Calculator
OCBC provides a loan calculator on their website that allows you to input your desired loan amount and repayment period. Once you enter the relevant details, the calculator will provide you with an estimated monthly repayment amount. This can be particularly helpful when you’re trying to determine whether a particular loan is affordable for you.
Effective Interest Rate
When taking out a loan, it’s important to pay attention to the effective interest rate (EIR). This is the actual cost of borrowing money, taking into account the interest rate as well as any other fees or charges associated with the loan. With OCBC Cash-on-Instalments, the EIR is calculated using the flat rate method, which means that the interest charged is based on the original loan amount, rather than the outstanding balance.
Flat Rate
The flat rate is a simple interest rate that is calculated based on the original loan amount. This means that you will pay the same amount of interest throughout the entire loan term, regardless of whether you’ve paid off some of the loan or not. While the flat rate can make it easier to understand how much you’ll be paying in interest, it can also be more expensive than other interest rate calculation methods.
Front-End Add-On Method
Another interest rate calculation method that you may come across is the front-end add-on method. With this method, the interest is calculated based on the total loan amount, and is added to the loan upfront. This means that you’ll be paying interest on the entire loan amount, even if you’ve already paid off some of the loan. The front-end add-on method can be more expensive than the flat rate method, so it’s important to compare the EIR of different loans before making a decision.
In summary, understanding how your loan is calculated is an important part of taking out a loan. By using OCBC’s loan calculator and paying attention to the effective interest rate, flat rate, and front-end add-on method, you can make an informed decision about which loan is right for you.
Special Offers and Promotions
OCBC Cash-on-Instalments offers special promotions for new customers. With exclusive rates starting from 3.50% p.a. (from 6.96% EIR), you can enjoy a lower interest rate when you apply for a loan. The minimum loan amount is S$1,000, and the minimum income requirement is S$20,000.
Promotions for New Customers
If you apply for Cash-on-Instalments online, you can receive up to S$3,888 cashback as a new customer. This promotion is valid until 31 Mar 2023. To be eligible for this promotion, you need to apply for a loan with a minimum loan amount of S$10,000 and a loan tenor of at least 36 months.
In addition to cashback, new customers can also enjoy processing fee waivers for loan tenors of 36 months and beyond. This means you can save on upfront costs and enjoy more flexible repayment options.
To take advantage of these promotions, simply apply for Cash-on-Instalments online and meet the eligibility criteria. You can enjoy a lower interest rate, cashback, and processing fee waivers as a new customer.
Overall, OCBC Cash-on-Instalments offers attractive promotions for new customers, including lower interest rates, cashback, and processing fee waivers. If you are looking for a flexible and affordable way to finance your purchases, Cash-on-Instalments is worth considering.
Managing Your Cash-on-Instalment Plan
If you have taken a Cash-on-Instalment plan from OCBC Bank, you can manage it easily through online banking. Here are some tips to help you manage your plan.
Online Banking and Management
OCBC Bank provides easy and convenient online banking services to its customers. You can log in to your account through the OCBC Internet Banking portal and manage your Cash-on-Instalment plan. You can view your billing statements, check your outstanding balance, and make payments online.
You can also set up automatic payments to ensure that your instalments are paid on time. This will help you avoid late fees and penalties. Additionally, you can view your payment history and track your progress towards paying off your debt.
Adjusting Your Instalment Plan
If you need to adjust your instalment plan, you can do so through online banking. You can change your instalment amount, payment frequency, and due date. This will help you manage your budget and ensure that you can make your payments on time.
Before making any changes to your instalment plan, it is important to review your budget and ensure that you can afford the new payments. You may want to consider setting up a budget or working with a financial advisor to help you manage your debt.
In conclusion, managing your Cash-on-Instalment plan with OCBC Bank is easy and convenient. By using online banking and adjusting your instalment plan as needed, you can stay on top of your debt and avoid late fees and penalties.
Additional Financial Solutions
If you are looking for additional financial solutions, OCBC offers various options to help you manage your finances.
Balance Transfer Options
If you have outstanding credit card balances or personal loans with high-interest rates, you can consider OCBC’s Balance Transfer options to consolidate your debt. By transferring your balances to OCBC, you can enjoy lower interest rates and save on interest charges.
With OCBC’s Balance Transfer, you can transfer up to 80% of your credit limit or up to six times your monthly income, whichever is lower. You can choose from various tenures ranging from 3 to 12 months, and enjoy interest rates as low as 0% p.a. for the first 6 months.
OCBC Personal Loans and Extracash
If you need additional funds to finance your expenses or emergencies, you can consider OCBC’s Personal Loans or Extracash loans. With OCBC’s Personal Loans, you can borrow up to 6 times your monthly income, and enjoy flexible repayment periods of up to 7 years. You can also choose from fixed or variable interest rates, depending on your preference.
If you need a smaller loan amount, you can consider OCBC’s Extracash loan, which offers a loan amount of up to 6 times your monthly income, with a repayment period of up to 5 years. With Extracash, you can enjoy instant approval and disbursement of funds, making it a convenient option for emergencies.
Both Personal Loans and Extracash loans come with affordable interest rates and flexible repayment options, making it easier for you to manage your finances.
Overall, OCBC offers various financial solutions to help you manage your finances and achieve your financial goals. By choosing the right financial product based on your needs and preferences, you can enjoy greater financial stability and peace of mind.
Terms and Conditions
When applying for OCBC Cash-on-Instalments, it is important to understand the terms and conditions that come with it. By signing up for this service, you agree to the following terms:
- Interest rates: The interest rate for OCBC Cash-on-Instalments is fixed and is determined based on the loan amount and tenure. You can find the interest rates on the OCBC website or by contacting the bank directly.
- Processing fees: A one-time processing fee is charged for each Cash-on-Instalments application. The cost is calculated as a percentage of the loan amount and is deducted from the loan amount disbursed to you.
- Early repayment: You can make early repayments for your Cash-on-Instalments loan. However, a prepayment fee may be charged if you choose to do so.
- Late payment fees: If you fail to make a payment on time, a late payment fee will be charged to your account. The cost is a percentage of the overdue amount and is subject to a minimum charge.
It is important to remember that these terms and conditions are subject to change. Always check the OCBC website or contact the bank for the most up-to-date information.
In addition to the terms and conditions, having all the necessary information is essential before applying for OCBC Cash-on-Instalments. This includes:
- Loan amount: You can apply for a loan depending on your credit limit. You can apply for a Cash-on-Instalments loan up to your available credit limit.
- Tenure: The tenure of your loan depends on the loan amount and repayment ability. You can choose a tenure of up to 5 years for your Cash-on-Instalments loan.
- Eligibility: To be eligible for Cash-on-Instalments, you must be an OCBC credit card or EasiCredit account holder. You must also have a good credit score and repayment history.
By understanding the terms and conditions and having all the necessary information, you can make an informed decision when applying for OCBC Cash-on-Instalments.
Frequently Asked Questions
How can I calculate the fees for OCBC’s Cash-on-Instalments?
Calculating the fees for OCBC’s Cash-on-Instalments is easy. You can use the OCBC Cash-on-Instalments Calculator to calculate the costs for your loan. Input the loan amount and the loan tenor, and the calculator will show you the interest rate and the monthly instalment amount.
What are the current interest rates for OCBC’s EasiCredit?
The current interest rates for OCBC’s EasiCredit start from 19.98% p.a. The interest rate will depend on your credit score, credit history, and income. You can check your eligibility for EasiCredit and the interest rate you qualify for by using the OCBC EasiCredit Eligibility Checker.
Is there an option to waive fees for OCBC EasiCredit?
Yes, there is an option to waive the annual fee for OCBC EasiCredit. You can enjoy a waiver of the yearly fee for the first year when you apply for EasiCredit online. Additionally, you can enjoy a waiver of the yearly fee for the subsequent years when you spend a minimum of S$10,000 on your EasiCredit account.
How does OCBC’s EasiCredit work for covering my credit card bills in instalments?
OCBC’s EasiCredit allows you to convert your credit card bills into instalments. You can convert your credit card bills into instalments with a tenor of up to 36 months. The interest rate for the instalment plan will depend on your credit score, credit history, and income. You can apply for the instalment plan online or through the OCBC Mobile Banking app.
What are the charges for using OCBC Cashflo?
The charges for using OCBC Cashflo are a processing fee of 2% of the approved loan amount and an annual fee of S$180. The interest rate for Cashflo is 15.84% p.a. You can apply for Cashflo online or through the OCBC Mobile Banking app.
Are there any processing fees for OCBC’s Interest-free Payment Plans?
No, there are no processing fees for OCBC’s Interest-free Payment Plans. However, there may be other fees and charges, such as late payment fees, if you do not make your payments on time. You can check the terms and conditions of the Interest-free Payment Plans before applying.
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