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Terms & ConditionsAnnual Interest Rate
Effective Interest Rate
Processing Fee
Minimum Loan Amount
Monthly Repayment
Apply NowThe interest rate offered by OCBC is relatively high compared to other lenders. It Is currently at 3.45% annually and the
processing fee is around 2%. This of course is very high when compared to other lenders. This loan is available to
borrowers which earn S$30,000 annually and above. This of course is advantageous for low-income earners. Note that
interest charged by OCBC is also high for borrowers with lower-income and thus the personal loan offered by the bank has
very high interest rates which are 3.5% p.a and EIR of 8.27% p.a
All banks listed below are authorized financial institutions operating under MAS supervision and regulation. They comply with stringent banking standards, consumer protection guidelines and fair lending practices established by MAS. Bank loans typically offer lower interest rates compared to licensed moneylenders and are suitable for borrowers with good credit history.
*Today's Moneylenders Rates - 31 December 2025
Loans from OCBC would usually incur an initial fee of 2% which is usually equivalent to S$200. This is definitely higher
than fees from other lenders. But for lower income earners, you can expect to have a lower processing fee of about
S$100. In addition borrowers would still have to pay 3% of the credit amount as partial or full repayment. Lastly, late
payment fees attract a fine of S$80.
| Loan Duration | AIR | Fee | EIR | Total Cost | Monthly Payment |
| 1 Year | 1.98% | 1.0% of approved loan | 4.19% | S$10,198 | S$850 |
| 2 Year | 1.98% | 1.0% of approved loan | 4.19% | S$10,396 | S$433 |
| 3 Year | 1.98% | 1.0% of approved loan | 4.19% | S$10,594 | S$294 |
| 4 Year | 1.98% | 1.0% of approved loan | 4.19% | S$10,792 | S$225 |
| 5 Year | 1.98% | 1.0% of approved loan | 4.19% | S$10,990 | S$183 |
To obtain a loan from OCBC, you would have to be a Singaporean, PR, or employment pass holder. Employment pass holders
have to earn at least S$45,000 annually to be eligible while Singaporeans and PR would only need a yearly salary of
S$20,000. The minimum age to apply is 21 years old.
For those who are applying online, they would earn 1.2% cashback or a minimum of $100. Also, there is a provision for a Cash-on-Installments credited line of $10,000 new to bank clients. Terms and conditions apply.
You may start your application by clicking on the OCBC link.
You need to submit some documents. These Documents need to be submitted before a request for a loan can be
granted.
Here are the documents needed:
Turn about 90% of the borrowing limit to a repayable fixed monthly plan.
Get at least 6 times of salary (S$120000 minimum)
3.5% interest rate per annum. EIR is estimated to be about 6.96%
