If you’re looking for a way to finance your purchases without paying everything upfront, you may want to consider OCBC’s Cash-on-Instalments facility. This service allows you to convert your big-ticket purchases into smaller, more manageable instalments over up to 5 years.
With competitive interest rates and flexible repayment terms, this facility can be a convenient way to manage your cash flow.
Before you apply for Cash-on-Instalments, it’s essential to understand the terms and conditions that come with this service. For instance, you’ll need an EasiCredit or credit card account with OCBC to qualify for this facility.
Additionally, the minimum amount you can convert into instalments may vary depending on your credit limit and other factors. Some other important factors to consider include the interest rates, processing fees, and early repayment penalties that may apply.
By carefully reading the terms and conditions, you can decide whether Cash-on-Instalments is the right choice for you.
1 Minute Read: The Quick Insider’s Guide to OCBC Cash-on-Instalments
Borrowers in a hurry, this section’s for you! Get the lowdown on OCBC Cash-on-Instalments in Singapore with our quick-fire breakdown of crucial facts.
We’ll cover eligibility, interest rates, repayment terms, and more – all in under a minute!
Fast Facts:
- Eligibility: OCBC Cash-on-Instalments are available to most OCBC Credit Card and EasiCredit account holders (excluding corporate cards, debit cards, and PayAssist).
- Minimum amount: You can apply for as little as S$1,000 (subject to change).
- Interest rates: Rates start as low as 3.8% p.a. (Effective Interest Rate starts from 7.49% p.a.), with a one-time processing fee.
- Repayment terms: Spread your loan over 1 to 5 years with fixed monthly instalments for easy budgeting.
- Approval speed: Enjoy the convenience of instant approval and swift cash disbursement (upon online application).
Intrigued? There’s more to discover!
This guide dives deeper into the nitty-gritty of OCBC Cash-on-Instalments, helping you make informed decisions. We’ll explore eligibility requirements in detail, explain interest calculations and fees, and guide you through the application process.
But that’s not all! We’ll also unveil how OCBC Cash-on-Instalments can empower your financial goals. Whether you’re consolidating debt, financing a dream vacation, or covering unexpected expenses, this guide equips you with the knowledge to unlock Cash-on-Instalments’ potential.
So, are you ready to explore the possibilities? Dive into our comprehensive guide and unlock a world of financial flexibility with OCBC Cash-on-Instalments!
Disclaimer: While this guide offers a glimpse into OCBC Cash-on-Instalments, it’s not a substitute for the official terms and conditions set by OCBC Bank.
Note: This article summarises the impact and future outlook with limited information about the guide.
Understanding OCBC Cash-on-Instalments
If you need extra cash to finance your personal needs, OCBC Cash-on-Instalments is the perfect solution. It allows you to borrow and repay money in monthly instalments over a fixed period. Here’s what you need to know about Cash-on-Instalments:
What Is Cash-on-Instalments?
Cash-on-Instalments is a personal loan facility offered by OCBC Bank in Singapore. It allows you to borrow a fixed amount of money and repay it in equal monthly instalments over up to 5 years. You can use the loan amount for personal needs, such as home renovation, education, medical expenses, or even to consolidate your debts.
OCBC Cash-on-Instalments is available for both credit card and EasiCredit customers. If you are an EasiCredit customer, you can transfer the loan amount to your EasiCredit account and enjoy a lower interest rate. The loan amount will be credited to your credit card account if you are a credit card customer.
Benefits of OCBC Cash-on-Instalments
There are several benefits of using OCBC Cash-on-Instalments to finance your personal needs:
- Low interest rates: With OCBC Cash-on-Instalments, you can enjoy interest rates as low as 3.5% p.a. (EIR 6.96% p.a.) for loan tenors up to 5 years. This is much lower than the interest rates charged on credit cards or other personal loans.
- Flexible repayment options: You can choose the loan tenor that suits your needs, ranging from 12 to 60 months. This allows you to spread your repayments over a more extended period and better manage your cash flow.
- Easy application process: You can apply for OCBC Cash-on-Instalments online or at any OCBC branch in Singapore. The application process is simple; you can get approval within minutes.
- No collateral or guarantor required: You don’t need to provide any collateral or guarantor to apply for OCBC Cash-on-Instalments. This makes it a convenient and hassle-free option for many borrowers.
In conclusion, OCBC Cash-on-Instalments is an excellent option for borrowing money for your personal needs. It offers low interest rates, flexible repayment options, and a hassle-free application process. So, if you’re looking for a convenient and affordable way to finance your expenses, consider applying for OCBC Cash-on-Instalments today!
Eligibility and Application Process
Eligibility Criteria
Before applying for OCBC Cash-on-Instalments, you need to meet specific eligibility criteria. Firstly, you must be a Singaporean citizen, permanent resident or a foreigner residing in Singapore. Secondly, you must be at least 21 years old. Thirdly, you must have an annual income of at least S$20,000 if you are a Singaporean or permanent resident and S$45,000 if you are a foreigner residing in Singapore.
How to Apply for OCBC Cash-on-Instalment
You can apply for OCBC Cash-on-Instalments in Singapore if you meet the eligibility criteria. You can apply online through the OCBC Bank website. The online application process is quick and easy; you can use it from home.
To apply online, you must provide your NRIC or passport number, income details, and other personal information. If you are a new customer, you must provide additional documents, such as your employment pass and proof of address.
Once you have submitted your application, it will be processed by OCBC Bank. If your application is approved, you will receive a confirmation email with the details of your Cash-on-Instalments plan.
In conclusion, if you want to pay for your purchases in instalments, OCBC Cash-on-Instalments is an excellent option. Ensure you meet the eligibility criteria and follow the application process correctly.
Fees, Charges, and Interest Rates
When considering a loan, it’s essential to understand the fees, charges, and interest rates associated with it. You need to know the fees for OCBC Cash-on-Instalments in Singapore.
Understanding Interest and Fees
The interest rate for OCBC Cash-on-Instalments starts from as low as 3.8% p.a. (EIR from 7.49% p.a.) and a one-time processing fee. The interest rate is subject to change, so checking with OCBC for the latest rates is essential.
In addition to the interest rate, there is a one-time processing fee of 1% of the approved loan amount. This fee is slightly more expensive than those of Singapore’s top lenders. However, OCBC offers a promotional interest rate of 0% p.a. for 12 months with a 6% processing fee (EIR: 11.47% p.a.) for Cash-on-Instalments.
Effective Interest Rate (EIR) is Explained
The Effective Interest Rate (EIR) is the actual cost of borrowing, considering the interest rate, processing fee, and loan tenure. The EIR for OCBC Cash-on-Instalments ranges from 7.49% p.a. to 12.80% p.a., depending on the loan tenure and processing fee.
Additional Charges to Consider
Apart from the processing fee and interest rate, other charges must be considered. If you decide to terminate your loan account before the end of the loan tenure, you will be charged an S$100 account termination fee.
It’s important to note that the fees and charges listed here are not exhaustive. Other fees and charges may be associated with your loan, so it’s essential to read the terms and conditions carefully before applying.
Overall, OCBC Cash-on-Instalments offers competitive interest rates and processing fees. However, it’s essential to understand the EIR and additional charges associated with the loan.
Repayment Terms and Conditions
If you are planning to take out a cash-on-instalments loan with OCBC Bank, it is essential to understand the repayment terms and conditions. Here’s what you need to know:
Monthly Instalment and Tenure
You must repay monthly when you take out a cash-on-instalments loan with OCBC Bank. Your monthly instalment amount will depend on the loan tenure you choose.
You can select a loan tenure of up to 60 months, which can help you spread your repayments over a more extended period and make them more manageable.
Payment Due Date and Penalties
Your payment due date will be stated in your loan agreement. It is vital to make your repayments on time to avoid late payment penalties. If you miss a payment, you may be charged a late payment fee, which can add up over time and make your loan more expensive.
Early Repayment and Settlement
If you want to repay your loan early, you can do so at any time without penalties. However, you will need to pay the outstanding balance of your loan, including any interest and fees that have accrued up to the settlement due date. This can be an excellent option to reduce debt and save money on interest charges.
In summary, when you take out a cash-on-instalments loan with OCBC Bank, you must make monthly repayments based on your chosen loan tenure. It is crucial to make your repayments on time to avoid late payment penalties, and you can repay your loan early without incurring any penalties.
Tip: Consider Early Repayment
If your financial situation improves, consider paying off your loan early. While OCBC doesn’t penalise early repayments, you’ll save money on interest charges over the remaining loan term.
Managing Your OCBC Cash-on-Instalment Plan
If you have an approved OCBC Cash-on-Instalment plan, you must manage it properly to avoid any issues. Here are some tips to help you manage your plan effectively:
Keeping Track of Instalments
It is essential to keep track of your monthly instalments to ensure you don’t miss any payments. You can do this by checking your monthly statement or logging into your OCBC EasiCredit account.
You can also set up automatic payments to ensure your instalments are paid on time.
Adjusting Your Instalment Plan
If you need to adjust your instalment plan, you can do so by contacting OCBC Bank. You can increase or decrease your monthly instalments or even pay off your outstanding amount in full. Remember that any changes to your instalment plan may affect your credit limit.
When you apply for a Cash-on-Instalment plan, you will be given an approved funds transfer facility amount. This is the maximum amount that you can transfer to your EasiCredit account. You can use this amount to pay for your purchases in instalments.
It is important to note that the aggregate instalment amount cannot exceed your credit limit. You may be charged an over-limit fee if you exceed your credit limit. Additionally, you should ensure that you have enough funds in your account to cover your monthly installments.
Managing your OCBC Cash-on-Instalment plan can be easy if you keep track of your monthly instalments and adjust your plan as needed. With flexible repayment options and an approved funds transfer facility amount, you can enjoy the benefits of purchasing in instalments without worrying about high interest rates.
Special Features and Promotions
If you’re considering taking out a Cash-on-Instalments loan with OCBC in Singapore, you’ll be pleased to know that several unique features and promotions are available to you. In this section, we’ll look at some of these offers and explain how you can take advantage of them.
OCBC Exclusive Promotions
As an OCBC customer, you’ll have access to exclusive promotions that are unavailable to the general public. For example, if you apply for a Cash-on-Instalments loan online at www.ocbc.com, you could receive up to S$480 worth of cashback, depending on the principal loan amount approved [1]. Additionally, if your approved loan exceeds $10,000, you will receive 2% unlimited cashback [2]. These promotions are valid until 30 June 2024, so take advantage of them.
Additional Benefits for OCBC Customers
In addition to the exclusive promotions mentioned above, several other benefits are available to OCBC customers who take out a Cash-on-Instalments loan. For example, suppose you have an EasiCredit account or any OCBC credit card. You can transfer funds from your unused credit limit to your bank account using the Cash-on-Instalments facility [3]. This can be a convenient way to access extra funds when needed.
Another benefit of taking out a Cash-on-Instalments loan with OCBC is that you can enjoy a processing fee waiver for a loan tenor of 36 months and beyond [2]. This can help you save on fees and charges, making your loan more affordable.
Overall, several unique features and promotions are available to OCBC customers who take out a Cash-on-Instalments loan in Singapore. Whether you’re looking for cashback rewards, a processing fee waiver, or other benefits, explore your options and take advantage of these offers while they last.
Important Considerations Before Applying
Suppose you’re considering applying for OCBC Cash-on-Instalments. In that case, there are a few important considerations you should keep in mind to ensure that you’re making the right decision for your financial situation.
Assessing Your Financial Situation
Before applying for OCBC Cash-on-Instalments, it’s essential to closely examine your current financial situation to ensure you can afford the monthly payments. Consider factors such as your income, expenses, and existing debt obligations.
It would be best if you also thought about how you plan to use the funds from the Cash-on-Instalments loan and whether or not it’s a necessary expense.
Compared with Other Credit Options
It’s also essential to compare OCBC Cash-on-Instalments with other credit options to ensure you’re getting the best deal. For example, if you have an existing credit card, you may want to consider using an interest-free balance transfer to pay off your debt instead of taking out a Cash-on-Instalments loan. Alternatively, you may feel a personal loan with a lower prevailing interest rate if you need to borrow a more significant sum.
When comparing credit options, be sure to pay attention to the terms and conditions of each option, including any fees or charges associated with the loan. It would be best to consider how the loan will be disbursed and whether or not interest charges will be compounded, which can significantly increase the total cost of the loan over time.
While OCBC Cash-on-Instalments can be a convenient way to access funds quickly, it’s essential to carefully consider your financial situation and compare your options before deciding. Doing so can ensure you’re making the best choice for your needs and budget.
Conclusion
In conclusion, OCBC Cash-on-Instalments is a convenient and flexible way to get the funds you need in Singapore. With competitive interest rates and flexible repayment terms, this loan facility can help you achieve your financial goals without breaking the bank.
Before applying for a Cash-on-Instalments loan, understand the terms and conditions. These include the interest rate, processing fee, repayment period, and other essential details. You can find these details on the OCBC website or by contacting a customer service representative.
Remember that taking out a loan is a serious financial commitment. Make sure you can afford the monthly repayments and that the loan is the right choice for your needs. If you have any doubts or questions, don’t hesitate to contact OCBC for guidance and advice.
OCBC Cash-on-Instalments is an excellent option for anyone looking for a flexible and affordable loan in Singapore. Whether you need funds for a home renovation, a wedding, or a holiday, this loan facility can help you achieve your goals and dreams.
Frequently Asked Questions
How can I calculate my monthly repayments for OCBC’s Cash-on-Instalments?
Calculating your monthly repayments for OCBC’s Cash-on-Instalments is easy. You can use the bank’s online calculator to estimate your monthly repayments. Input the loan amount, repayment period, and interest rate to get a breakdown of your monthly instalments.
Remember that the interest rate is subject to change and may vary depending on the loan amount and repayment period.
What are the interest rates for OCBC’s personal loans in Singapore?
OCBC’s loans in Singapore come with competitive interest rates that vary depending on the loan amount and repayment period. The bank’s interest rates for personal loans start from as low as 3.5% per annum.
However, remember that the interest rate is subject to change and may vary depending on your credit score and other factors.
Is there a ‘cooling-off’ period for OCBC Cash-on-Instalments agreements?
Yes, there is a ‘cooling-off’ period for OCBC Cash-on-Instalments agreements. The cooling-off period is seven days, during which you can cancel your loan agreement without any penalties or charges.
However, the cooling-off period may vary depending on the loan amount and repayment period.
What’s the maximum amount I can transfer with OCBC’s Cash-on-Instalments?
The maximum amount you can transfer with OCBC’s Cash-on-Instalments depends on your available credit limit. You can transfer up to the available credit limit on your credit card or EasiCredit account. Remember that the amount you can transfer may vary depending on your credit score and other factors.
Could you explain the cash rebate system for OCBC’s EasiCredit?
Yes, OCBC’s EasiCredit has a cash rebate system that rewards you for prompt repayments. The cash rebate system offers up to 1% rebate on your outstanding balance when you make prompt repayments for six consecutive months.
The refund is credited to your EasiCredit account and can be used to offset your outstanding balance or withdrawn as cash.
How much will OCBC charge me for withdrawing cash?
OCBC charges a cash advance fee for withdrawing cash using your credit card or EasiCredit account. The cash advance fee is 6% of the amount withdrawn or S$15, whichever is higher. Additionally, interest charges apply from the withdrawal date until the date of total payment.
Remember that the cash advance fee and interest charges may vary depending on your credit score and other factors.
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