If you’re a self-employed, commissioned or variable income earner in Singapore, you know that it can be challenging to get a personal loan. This is where OCBC EasiCredit comes in, offering a flexible line of credit that can help you easily manage your finances.
With OCBC EasiCredit, you can borrow up to four times your monthly income, with a minimum loan amount of S$1,000. The application process is quick and easy; you can get approval within minutes. Plus, you only need to pay interest on the amount you use, making it an affordable option for those who need short-term financing.
One of the best things about OCBC EasiCredit is that it’s available to Singaporeans and foreigners, as long as you meet the eligibility criteria. This includes being at least 21 years old, having a minimum annual income of S$20,000 (for Singaporeans and PRs) or S$45,000 (for foreigners), and having a good credit score. If you’re looking for a flexible and affordable way to manage your finances, OCBC EasiCredit is definitely worth considering.
1-Min Read: The EasiCredit Lowdown for Singaporeans
Short on time? This quick guide cracks open OCBC EasiCredit, a game-changer for self-employed, freelance, and commission folks in Singapore!
The Fast Facts:
- EasiCredit gets you cash, even with an up-and-down income.
- It looks at your income over 2 years, not just your last paycheck.
- Perfect for those who don’t have a fixed monthly salary.
Curious? There’s More!
EasiCredit could be your financial sidekick in Singapore’s fast-paced world. We’ll uncover how it works, its impact, and why it might be the key to unlocking your next big dream.
Stay tuned to see if EasiCredit unlocks your financial future with a comprehensive guide waiting to be uncovered below!
Understanding OCBC EasiCredit
If you’re self-employed or earn a variable income in Singapore, you may find it difficult to obtain a loan or credit line. However, OCBC EasiCredit is a personal line of credit that can help you manage your finances more efficiently.
What Is EasiCredit?
OCBC EasiCredit is a personal line of credit that allows you to access funds whenever you need them. It works like an overdraft, but with a lower interest rate. You can borrow up to your credit limit, which is determined based on your income and credit history.
How EasiCredit Works for Variable Incomes
If you have a variable income, you may find it difficult to qualify for a traditional loan or credit line. However, EasiCredit may be a good option for you. Instead of requiring a fixed income, EasiCredit takes into account your average income over the past six months.
To qualify for EasiCredit, you must have a minimum income of S$20,000 per year. The interest rate on EasiCredit is 19.98% per annum, which is higher than some other personal lines of credit. However, EasiCredit offers flexible repayment options, so you can pay back what you can, when you can.
When you apply for EasiCredit, you will be assigned a credit limit based on your income and credit history. You can access your credit limit through ATM, mobile banking, internet banking, or cheque. You can also set up automatic repayments to ensure that you never miss a payment.
Overall, OCBC EasiCredit is a great option for self-employed or commissioned Singaporeans who need access to funds on a regular basis. With flexible repayment options and a credit limit based on your income, EasiCredit can help you manage your finances more efficiently.
Eligibility and Application
If you are a self-employed, commissioned or variable income earner in Singapore, you may be eligible for OCBC EasiCredit. With this personal line of credit, you can borrow up to four times your monthly income and enjoy flexible repayment options.
Who Can Apply?
To apply for OCBC EasiCredit, you must be a Singaporean or Singapore PR above 21 years old with an annual income of at least S$20,000. Foreigners above 21 years old with an annual income of at least S$45,000 can also apply.
Application Process
The application process for OCBC EasiCredit is simple and convenient. You can apply online through OCBC’s Internet Banking platform or visit any OCBC branch. If you apply online, you will need to provide your personal details, including your NRIC or passport number, and income information. You can also use MyInfo to automatically fill in your personal details.
Required Documents
When applying for OCBC EasiCredit, you will need to provide supporting documents to verify your income. If you are a self-employed or commissioned earner, you will need to provide your Income Tax Notice of Assessment for the past two years. If you are a variable income earner, you will need to provide your payslip for the past three months. Additionally, foreigners will need to provide their Employment Pass or Work Permit.
Overall, OCBC EasiCredit can be a great option for self-employed, commissioned or variable income earners in Singapore who need flexible financing options. With a simple application process and easy eligibility requirements, you can quickly access the funds you need.
Interest Rates and Fees
Are you a self-employed, commissioned, or variable income earner in Singapore looking for a flexible line of credit? Look no further than OCBC EasiCredit. In this section, we’ll break down the interest rates and fees associated with this personal line of credit.
Understanding Interest Rates
Interest rates are a crucial aspect of any loan or line of credit. With EasiCredit, the interest rate is calculated based on the outstanding balance of your account. The prevailing interest rate is 29.80% per annum, but you can enjoy a lower interest rate of 22.90% per annum if you opt for the flexible repayment plan.
It’s important to note that interest is charged daily on the outstanding balance of your account. This means that the longer you take to repay your balance, the more interest you’ll end up paying.
Annual Fees and Other Charges
In addition to interest rates, there are also annual fees and other charges associated with EasiCredit. The annual fee for this personal line of credit is S$120, but it’s waived for customers who are under 29 years old.
Other charges that you should be aware of include a late payment fee of S$80, an over-limit fee of S$40, and an early termination fee of S$150. It’s important to read the terms and conditions carefully to understand all the fees and charges associated with EasiCredit.
Effective Interest Rate (EIR)
When considering the interest rates and fees associated with EasiCredit, it’s important to also take into account the effective interest rate (EIR). The EIR is the true cost of borrowing, taking into account all the fees and charges associated with the loan or line of credit.
For EasiCredit, the EIR is calculated based on a 5-year repayment period. The EIR for the flexible repayment plan is 25.92% per annum, while the EIR for the fixed repayment plan is 29.80% per annum.
Overall, EasiCredit is a flexible and convenient option for self-employed, commissioned, or variable-income earners in Singapore. With competitive interest rates, reasonable fees, and charges, it’s a great way to access the funds you need to grow your business or cover unexpected expenses.
Tip: Budget Effectively
Carefully plan your finances to ensure you can comfortably repay the borrowed amount within the stipulated timeframe. This includes factoring in the monthly interest and any potential fees to avoid overextending yourself financially.
Creating a budget and tracking your expenses can help you stay on top of your finances.
Repayment Terms
If you are a self-employed, commissioned, or variable income earner in Singapore, OCBC EasiCredit is a flexible personal line of credit that can help you manage your cash flow. One of the key benefits of EasiCredit is its flexible repayment terms that allow you to pay back what you can, when you can.
Repayment Options
When you apply for EasiCredit, you can choose from two repayment options: Minimum Payment or Full Payment. If you choose the Minimum Payment option, you will need to pay at least 3% of the outstanding balance or S$50, whichever is higher, by the Due Date. The Due Date is the 20th of each month. If you choose the Full Payment option, you will need to pay the entire outstanding balance by the Due Date.
Minimum Repayment Requirements
If you choose the Minimum Payment option, it is important to note that you will be charged interest on the outstanding balance. The interest rate is 25.92% per annum, and it is calculated on a daily basis. This means that the longer you take to pay off your balance, the more interest you will be charged. To avoid paying excessive interest charges, it is recommended that you pay more than the minimum amount whenever possible.
In addition to the interest charges, there is also a Late Payment Fee of S$80 if you do not make your Minimum Payment by the Due Date. This fee is charged once per month, and it is in addition to the interest charges.
Overall, EasiCredit’s flexible repayment terms make it a great option for self-employed, commissioned, or variable income earners in Singapore who need a personal line of credit that can adapt to their changing cash flow needs. Just be sure to make your payments on time and pay more than the minimum whenever possible to avoid excessive interest charges and late payment fees.
Additional Features and Services
If you are a self-employed, commissioned or variable income earner in Singapore, OCBC EasiCredit offers you a range of additional features and services that can make your life easier. Here are some of the key features:
Online Banking and Mobile App
With OCBC EasiCredit, you can manage your account online or through the mobile app. This makes it easy to keep track of your balance, view your transaction history, and make payments. You can also set up alerts to notify you of any unusual activity on your account.
Cash-on-Instalment
If you need some extra cash, you can use OCBC EasiCredit’s Cash-on-Instalment feature. This allows you to convert your available credit limit into cash, which you can then pay back in instalments. You can choose the repayment period that suits you best, from 3 to 36 months.
Balance Transfer
If you have outstanding balances on other credit cards or loans, you can transfer them to your OCBC EasiCredit account. This can help you consolidate your debts and save money on interest charges. You can choose the repayment period that suits you best, from 3 to 36 months.
Overall, OCBC EasiCredit offers a range of additional features and services that can help you manage your finances more effectively. Whether you need to transfer a balance, convert your credit limit into cash, or simply keep track of your account online, OCBC EasiCredit has you covered. With access to AXS Machines and Cash Deposit Machines, you can easily deposit cash or pay your bills.
Managing Your EasiCredit Account
Congratulations on getting your OCBC EasiCredit account! As a self-employed, commissioned or variable income earner in Singapore, EasiCredit is a flexible and convenient option for you to manage your finances. Here are some tips to help you manage your account effectively.
Keeping Track of Your Spending
It’s important to keep track of your spending to avoid overspending and accumulating unnecessary debt. With EasiCredit, you can easily monitor your spending through your online banking account. You can view your account balance, transaction history, and payment due dates.
To help you keep track of your spending, you can set up alerts for your EasiCredit account. You can receive alerts for transactions, payment due dates, and when your account balance reaches a certain amount. This will help you stay on top of your finances and avoid late payment fees.
System Maintenance and Updates
To ensure that your EasiCredit account is always up-to-date and secure, it’s important to perform regular system maintenance and updates. This includes updating your online banking password, checking your credit report with Credit Bureau Singapore, and reviewing your account statements regularly.
By keeping your account information up-to-date and monitoring your credit report, you can detect any fraudulent activity early and take action to protect your account. You can also check your credit score and take steps to improve it if necessary.
In conclusion, managing your EasiCredit account is easy and convenient with these tips. By keeping track of your spending and performing regular system maintenance, you can stay on top of your finances and avoid unnecessary debt.
Important Considerations
If you are a self-employed, commissioned, or variable income earner in Singapore and are considering OCBC EasiCredit, there are a few important considerations you should keep in mind.
Terms and Conditions
Before applying for OCBC EasiCredit, it is important to review the terms and conditions of the loan. The loan is subject to interest rates, fees, and other charges that may vary depending on your credit score, income, and other factors. You should also be aware of the repayment terms, which may include a minimum monthly payment and a maximum credit limit.
Important Notices
It is important to note that there are certain important notices that you should be aware of when applying for OCBC EasiCredit. For example, from 9 March 2024, clause 19 of the terms and conditions will be revised. You should also be aware of the annual fee for the loan, which is S$120 for the first year and may be waived for customers with an annual income of S$30,000 and above.
Eligibility Requirements
To be eligible for OCBC EasiCredit, you must be a Singaporean or Permanent Resident who is at least 21 years old and earns a minimum annual income of S$20,000. Commission-based and self-employed applicants must submit either their last 12 months’ CPF contribution history or latest 2 years’ income tax statements. Additionally, applicants from Singapore must provide their NRIC, while foreigners must provide either their employment pass, work permit or student pass and passport.
Information
When applying for OCBC EasiCredit, you will need to provide certain information, such as your personal and financial details. You should ensure that all the information you provide is accurate and up-to-date. You should also be aware that OCBC may conduct a credit check and verify your income and employment status before approving your loan.
Overall, OCBC EasiCredit can be a convenient and flexible way to access funds for self-employed, commissioned, or variable income earners in Singapore. However, it is important to carefully review the terms and conditions, eligibility requirements, and important notices before applying for the loan.
Frequently Asked Questions
How can I apply for an EasiCredit account if I’m self-employed or have a variable income in Singapore?
Applying for an EasiCredit account with OCBC is easy and can be done online. As a self-employed or variable income earner in Singapore, you will need to provide supporting documents such as your latest Income Tax Notice of Assessment, bank statements, and any other relevant financial documents. You can apply for an EasiCredit account through OCBC’s website, mobile app or at any of their branches.
What are the latest interest rates for OCBC’s EasiCredit for those with fluctuating incomes?
OCBC’s EasiCredit account offers competitive interest rates for those with fluctuating incomes. The interest rate is calculated based on the outstanding balance and is subject to change from time to time. You can refer to OCBC’s website or contact their customer service for the latest interest rates.
Are there any specific requirements for self-employed individuals to qualify for OCBC EasiCredit?
Self-employed individuals will need to meet certain requirements to qualify for an EasiCredit account with OCBC. You must be a Singapore citizen or permanent resident, at least 21 years old, and have an annual income of at least SGD 20,000. You will also need to provide relevant financial documents such as your latest Income Tax Notice of Assessment, bank statements, and other relevant financial documents.
How quickly can I get my credit limit reviewed and potentially increased with OCBC EasiCredit?
OCBC offers a hassle-free credit limit review process for EasiCredit account holders. You can request a credit limit review through OCBC’s website, mobile app or at any of their branches. The review process typically takes 3-5 working days, and you will be notified of the outcome via email or SMS.
What steps should I take to waive the annual fee for my OCBC EasiCredit account?
OCBC offers an annual fee waiver for EasiCredit accounts, subject to certain terms and conditions. To qualify for the fee waiver, you must spend a minimum of SGD 10,000 on your EasiCredit account in the previous year. You can also request for a fee waiver by contacting OCBC’s customer service.
Could you explain the process for obtaining a late fee waiver on my OCBC EasiCredit?
If you have been charged a late fee on your EasiCredit account, you can request for a waiver by contacting OCBC’s customer service. The waiver is subject to certain terms and conditions, and you will need to provide a valid reason for the late payment.
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