Annual Interest Rate
Minimum Loan Amount
The interest rate offered by OCBC is relatively high compared to other lenders. It Is currently at 3.5% 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
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||Fiat Rate||Fee||EIR||Total Cost||Monthly Payment|
*Loan Amount Example S$10,000
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%