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Interest Rate: From as low as 3.5% p.a (EIR 6.96% p.a)
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Loan Tenures: Choice of 1 year to 5 years
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Max. Credit Limit: Up to 6x of monthly income
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Min. Loan Amount: S$1,000
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Turnaround Time: Next 2-3 days
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If you are not an existing OCBC Credit Card or EasiCredit customers, you are in for a great deal with the lowest flat interest rate that OCBC is offering now for a limited period of time. With an effective interest rate starting from less than 7% p.a, OCBC Personal is currently the cheapest loans in town. Note that this is only applicable for customers with annual income of at least S$30,000. That being said, this is a preferential rate for a selected group of individuals. For existing customers, you are at a slightly disadvantaged for the higher cost of borrowing at a flat interest rate of 4.7% p.a. But the great thing? This rate that you are getting from SingSaver is still lower than the rate reflected on OCBC website!
What makes this loan unique is the fact that you can convert up to 90% of your existing credit limit with OCBC into a fixed monthly instalment loan. This allows borrowers to drawdown a large sum of money without the worry of repaying all the amount by next statement or with the exorbitant fees that credit card or line of credit charges. With the choice of a fixed monthly instalment loan spread across 1 - 5 years, borrowers will be able to better manage their monthly expenses as it is more affordable.
Your loan just became more affordable with SingSaver as OCBC is offering up to $320 worth of vouchers upon approval. This starts from a minimum loan amount of $8,000 to get $80. This means that you can "offset" your upfront processing fee i.e. if you borrow S$8,000, at 1% processing fee, you can “waive” off this processing fee with the cash reward. This promotion is valid till 31 December 2019.
Most banks offer a credit limit of up to 4x of your monthly income. But OCBC offers the flexibility to loan up 6x of your monthly income if your annual income is above S$120,000.
| Age Requirement | 21 - 65 years old |
| Income Requirement | Singaporeans/PRs: S$20,000 of annual income Foreigners: S$45,000 of annual income |
| Processing fee | 1% of approved loan amount |
| Termination fee | S$100 |
| Late Payment fee | S$80 |
If you do not think that OCBC is suitable for you, below are some of the other recommendations for you:
| Loan Tenure | Flat Interest Rate (p.a) | Effective Interest Rate (p.a) | Processing Fee | Monthly Instalments |
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| 1 year | 3.5% | 7.87% | 1% | S$1,725 |
| 2 years | 3.5% | 7.57% | 1% | S$892 |
| 3 years | 3.5% | 7.27% | 1% | S$614 |
| 4 years | 3.5% | 7.09% | 1% | S$475 |
| 5 years | 3.5% | 6.96% | 1% | S$392 |
