Are you needing quick cash but don’t want to drain your savings account? OCBC Cash-on-Instalments might be the solution you’re looking for. With this service, you can convert your unused credit limit into cash and repay it in fixed monthly instalments throughout 12 to 60 months.
It’s a convenient way to get the necessary funds without paying the total upfront.
But wait, it gets even better. With the OCBC Cash-on-Instalments Offer Code, you can enjoy exclusive promotions and discounts. For example, you can get a processing fee waiver for loan tenors of 36 months and beyond and receive up to 2% unlimited cashback if your approved loan exceeds $10,000.
Plus, if you apply for Cash-on-Instalments online, you can receive up to S$480 cashback for your approved loan. Terms and conditions apply, so read them carefully before applying.
1-Min Read: OCBC Cash-on-Instalments Fast Facts
Cash-strapped Singaporeans, this section’s for you! If you’re looking for a quick rundown on the nitty-gritty of OCBC Cash-on-Instalments and its potential impact, you’ve come to the right place.
The lowdown:
OCBC Cash-on-Instalments allows you to convert your unused credit limit into a loan with fixed monthly repayments spread over 1 to 5 years. This can be a game-changer for folks needing a financial buffer, consolidating debt, or making a significant purchase.
Impact on Singapore’s Financial Landscape:
This program offers a potentially more affordable alternative to traditional personal loans, especially with OCBC’s promotional interest rates. This translates to potentially better loan management and increased access to flexible financing options for Singapore’s clients.
Intrigued? There’s More!
This is just a taste of what OCBC Cash-on-Instalments has to offer. Dive deeper into our comprehensive guide to unlock all the details – interest rates, eligibility criteria, exclusive offers, and more! We’ll equip you with the knowledge you need to make informed financial decisions.
So, don’t wait – unlock the full potential of OCBC Cash-on-Instalments and take control of your finances!
Understanding OCBC Cash-on-Instalments
If you are looking for a flexible and convenient way to get cash, you should look at OCBC Cash-on-Instalments. This loan product allows you to borrow money from your available credit limit and repay it with fixed monthly instalments at low-interest rates. Here’s what you need to know about OCBC Cash-on-Instalments.
What Is Cash-on-Instalment?
Cash-on-Instalment is a loan that allows you to convert your available credit limit into cash. You can use the money for any purpose, such as paying for a home renovation, funding a business venture, or settling medical bills.
Instead of paying high credit card interest rates, you can repay the loan with fixed monthly instalments over up to 60 months.
How Does It Work?
To apply for OCBC Cash-on-Instalments, you must have an OCBC credit card or EasiCredit account with an available credit limit. You can apply for the loan online, and if your application is approved, the loan amount will be credited to your bank account.
The interest rate for the loan is lower than the cash advance fee for your credit card, making it a more affordable option for borrowing money.
Benefits of OCBC Cash-on-Instalment
There are several benefits to using OCBC Cash-on-Instalments. Firstly, you can enjoy low-interest rates and fixed monthly instalments, which makes it easier to budget your finances. Secondly, you can borrow up to your available credit limit, which means you can get the cash you need without applying for a separate loan. Thirdly, you can use the loan for any purpose, allowing you to manage your finances as you see fit.
In conclusion, OCBC Cash-on-Instalments is a great way to get cash when needed. With low-interest rates, fixed monthly instalments, and flexible repayment terms, it’s a loan product that can help you manage your finances more effectively.
Eligibility and Application
If you’re looking for a flexible way to finance your expenses, OCBC Cash-on-Instalments could be the solution you need. Here’s what you need to know about eligibility and the application process.
Who Can Apply?
To apply for OCBC Cash-on-Instalments, you must be at least 21 years old and meet the following eligibility requirements:
- Singaporean or Singapore PR with an annual income of at least £20,000
- Foreigners with a yearly income of at least £45,000
Please note that OCBC credit card members (OCBC Cashflo Credit Card, OCBC NXT Card, OCBC Great Eastern Cashflo Credit Card or Debt Consolidation Card) are not eligible to apply for Cash-on-Instalments.
Application Process
You can apply for Cash-on-Instalments online or at any OCBC branch. The online application process is quick and easy. Fill out the application form and submit it online. You will receive an instant approval decision, and the funds will be disbursed to your designated account within 24 hours.
Required Documents
When applying for Cash-on-Instalments, you will need to provide the following documents:
- A copy of your NRIC or passport
- Income documents such as your latest computerised payslip or latest Income Tax Notice of Assessment
- For self-employed individuals, a copy of your latest Income Tax Notice of Assessment and bank statements for the last three months
Additional documents may be required depending on your employment status and credit limit.
Overall, OCBC Cash-on-Instalments is a great way to finance your expenses. With flexible repayment terms and competitive interest rates, it’s an intelligent choice for Singaporeans, permanent residents, and foreigners alike.
Financial Details
If you are considering applying for the OCBC Cash-on-Instalments loan, it is important to understand the financial details of the offer. This section will review the interest rates, fees and charges, loan amount and tenure, and more.
Interest Rates Explained
The interest rate for the OCBC Cash-on-Instalments loan is fixed and determined based on your chosen loan tenure. The longer the loan tenure, the lower the interest rate. The prevailing interest rate ranges from 4.7% p.a. to 8.5% p.a., depending on the loan tenure.
Fees and Charges
A processing fee of 1% of the approved loan amount will be deducted from the loan amount disbursed to you. In addition, there is a late payment fee of 1% of the monthly instalment amount, subject to a minimum of S$10 and a maximum of S$120.
Loan Amount and Tenure
The minimum loan amount for the OCBC Cash-on-Instalments loan is S$1,000, and the maximum loan amount is up to 6 times your monthly salary or S$100,000, whichever is lower. The loan tenure ranges from 12 to 60 months, and you can choose a tenure that suits your financial needs.
With the OCBC Cash-on-Instalments loan, you can enjoy fixed monthly instalments, which makes it easier to plan and budget your finances. The monthly repayment amount will be determined based on your chosen loan amount, interest rate, and loan tenure.
Effective Interest Rate (EIR)
The Effective Interest Rate (EIR) is the actual interest rate you pay on your loan, considering the loan amount, interest rate, and loan tenure. The EIR for the OCBC Cash-on-Instalments loan ranges from 9.46% p.a. to 17.17% p.a., depending on the loan tenure and loan amount.
The OCBC Cash-on-Instalments loan offers a competitive interest rate, fixed monthly instalments, and flexible loan tenure. However, it is essential to note the processing fee, late payment fee, and EIR when considering this loan option.
Repayment and Management
Managing your repayments is essential to ensure you do not incur late payment charges or penalties. OCBC Cash-on-Instalments offers flexible repayment periods of up to 60 months, allowing you to choose a repayment period that suits your financial needs.
You can use the calculator on the OCBC website to determine the billed instalment amount and the monthly repayments you will need to make.
Managing Repayments
To manage your repayments effectively, you should ensure sufficient funds are in your account to cover your monthly instalments. You can set up a GIRO arrangement to automatically deduct the monthly instalments from your account.
This will ensure that you do not miss any payments and incur any late payment charges.
Late Payment Implications
If you miss a payment or fail to pay the total billed instalment amount by the settlement due date, you may incur late payment charges and penalties. These charges can compound over time, making it difficult to repay your loan.
Therefore, it is vital to ensure you make your payments on time to avoid unnecessary charges.
Early Settlement
If you wish to settle your loan earlier than the agreed repayment period, you may be required to pay an account termination fee. This fee is usually a percentage of the outstanding loan amount and is charged to compensate the bank for the loss of interest income. However, settling your loan early can help you save on interest charges and reduce your overall debt.
In conclusion, managing your repayments effectively is crucial to ensure you do not incur unnecessary charges or penalties. With flexible repayment periods and a range of repayment options, OCBC Cash-on-Instalments makes it easy to repay your loan on time and in full.
Tip: Explore Early Settlement
Consider early loan settlement if you receive a windfall or your income increases. While there might be a termination fee, you’ll save on future interest payments, potentially saving you significant money in the long run.
Additional Features and Benefits
If you’re considering applying for OCBC Cash-on-Instalments, you’ll be pleased to know that several additional features and benefits come with this loan.
Cashback and Rewards
OCBC Cash-on-Instalments offers a variety of cashback and rewards options, depending on the loan amount and tenure. For example, if your approved loan exceeds $10,000, you will receive 2% unlimited cashback. Additionally, if you apply for Cash-on-Instalments online, you can receive up to S$480 cashback for your approved loan.
Balance Transfer Options
Suppose you have outstanding balances on other credit cards or loans. In that case, you can use your available credit on your credit card or EasiCredit account as extra cash to repay those balances with OCBC Cash-on-Instalments. You can repay in fixed monthly instalments for a 12-month to 60-month tenure.
Credit Line Flexibility
OCBC Cash-on-Instalments is a flexible way to get extra cash when needed. You can use your unused credit limit with OCBC Cash-on-Instalments and repay it with fixed monthly instalments. This allows you to access additional cash without applying for a personal loan or line of credit.
In addition to these features, OCBC Cash-on-Instalments also offers flexible repayment options, which means you can choose a repayment period that suits your needs and budget. Whether you need extra cash for a big purchase or unexpected expense, or you want to consolidate your debts, OCBC Cash-on-Instalments can help you achieve your financial goals.
Overall, OCBC Cash-on-Instalments is an excellent option if you’re looking for a flexible, convenient, and affordable way to get extra cash. With its cashback and rewards, balance transfer options, credit line flexibility, and flexible repayment options, it’s easy to see why many people choose OCBC Cash-on-Instalments for their lending needs.
Calculating Your Costs
If you’re considering taking out a Cash-on-Instalments loan from OCBC, it’s important to understand how much you can expect to pay back each month. Here’s what you need to know to calculate your costs.
Using the Loan Calculator
OCBC provides a loan calculator on their website that you can use to estimate your monthly repayment amount. To use it, input the amount you want and select your desired loan tenor. The calculator will show you how much you can expect to pay back each month.
Remember that this is just an estimate, and your monthly repayment amount may differ.
Understanding EIR vs Flat Rate
When calculating your costs, it’s essential to understand the difference between EIR and flat rate. EIR, or effective interest rate, considers the compounding of interest over time and is a more accurate representation of the actual cost of borrowing.
A flat rate, on the other hand, does not consider the compounding of interest and may make the loan appear cheaper.
Front-End Add-On Method
OCBC uses the front-end add-on method to calculate the interest on their Cash-on-Instalments loans. This means that the interest is calculated based on the original amount borrowed rather than the remaining balance. Consider this when calculating your costs, as it may result in a higher overall interest cost.
Before taking out a Cash-on-Instalments loan, carefully review the terms and conditions and eligibility requirements to ensure that you are eligible and understand the full cost of borrowing.
Digital Banking with OCBC
Are you tired of waiting in line at the bank? With OCBC’s digital banking services, you can manage your account anytime, anywhere. OCBC’s mobile banking features allow you to check your account balance, transfer funds, and pay bills on the go.
Mobile Banking Features
With the OCBC Digital app, you can access various mobile banking features at your fingertips. The app is available for download on both iOS and Android devices. Some of the app’s features include:
- Check account balance and transaction history
- Transfer funds to other OCBC accounts or other banks in Singapore
- Pay bills and credit card bills
- Apply for credit cards and loans
- View and redeem reward points
The app also uses biometric authentication, such as fingerprint or face ID, to ensure secure access to your account.
Online Account Management
In addition to mobile banking, OCBC offers online account management through its website. You can access your account information, transfer funds, and pay bills through the website. You can also apply for OCBC Cash-on-Instalments online using the website’s online application form.
OCBC’s online banking is secure and easy to use. You can manage your account from the comfort of your home without visiting a branch.
With OCBC’s digital banking services, you can bank safely and securely anywhere in Singapore. Download the OCBC Digital app today and start managing your bank account on the go.
Getting Started
If you’re looking for a quick and easy way to get the funds you need, OCBC Cash-on-Instalments could be your perfect solution. With this offer, you can enjoy a fixed repayment schedule and competitive interest rates. Here’s what you need to know to get started.
How to Apply for OCBC Cash-on-Instalment
Applying for OCBC Cash-on-Instalment is easy. If you’re a new customer, you must first open an account with OCBC Bank. Once you have an account, you can apply for Cash-on-Instalment by completing an online application form. You’ll need to provide basic information about yourself, including your name, address, and income.
If you’re an OCBC customer, you can apply for Cash-on-Instalment through your existing account. Log in to your account and follow the instructions to apply.
Next Steps After Approval
Once your application has been approved, you’ll receive your funds in a lump sum. You can then use the funds for whatever you need, whether to pay off debt, make a large purchase, or cover unexpected expenses.
You’ll need to repay your loan according to the agreed-upon schedule. You can make repayments monthly, quarterly, or annually, depending on your needs. Remember that missed or late payments can result in additional fees and charges.
Overall, OCBC Cash-on-Instalments is a great way to get the funds you need quickly and easily. With competitive interest rates and a fixed repayment schedule, it’s a smart choice for anyone needing extra cash.
Frequently Asked Questions
How can I apply for OCBC EasiCredit, and what are the perks?
If you are an OCBC account holder, you can apply for EasiCredit online through OCBC’s website. EasiCredit offers a flexible credit line with low-interest rates, and you can use it as a cash withdrawal facility, balance transfer, or to pay for your purchases.
Additionally, you can enjoy a promotional interest rate of 4.5% per annum for the first year and 5.5% per annum for the second year.
What are the current interest rates for OCBC EasiCredit, and how do I use the calculator?
The current interest rate for OCBC EasiCredit is 19.98% per annum. You can use the EasiCredit calculator on OCBC’s website to calculate your monthly instalment payment and interest charges.
What steps should I follow to check my OCBC EasiCredit application status?
To check the status of your OCBC EasiCredit application, you can log in to your OCBC online banking account and click on “Apply & Track” to view the status of your application. Alternatively, you can call OCBC’s customer service hotline at 1800 363 3333.
Could you explain the benefits of the OCBC Balance Transfer?
OCBC Balance Transfer is a facility that allows you to transfer your outstanding balances from other credit cards or personal loans to OCBC credit cards or EasiCredit accounts. You can enjoy a promotional interest rate of 0% per annum for up to 12 months and a processing fee of 2.5% of the transferred amount.
This facility can help you consolidate your debt and save on interest charges.
What is the process for OCBC’s Cash-on-Instalment, and how does it benefit me?
OCBC’s Cash-on-Instalment is a facility that allows you to convert your available credit limit on your OCBC credit card or EasiCredit account into cash, which you can repay in fixed monthly instalments throughout 12 to 60 months. You can enjoy a promotional interest rate of 3.50% per annum for new and 4.50% for existing customers.
This facility can help you manage your cash flow and expenses.
What are the fees associated with OCBC’s Interest Payment Plan, and how do I manage them?
OCBC’s Interest Payment Plan is a facility that allows you to convert your large purchases into affordable monthly payments, which you can repay for 3 to 12 months. You can enjoy a promotional interest rate of 0% per annum for up to 6 months and a processing fee of 3% of the converted amount.
You can manage your Interest Payment Plan through your OCBC online banking account.
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