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Interest Rate: From as low as 5.8% p.a (EIR 11.38% 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: Cash disbursement as fast as next two working day
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SingSaver Exclusive: $100 cash upon approval (equivalent to waiver of processing fee with loan amount of S$5,000). T&C apply.
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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 we are offering $100 cash for all approved loan applied via SingSaver. This means that you can offset your upfront processing fee i.e. if you borrow S$10,000, at 1% processing fee, you can “waive” off this processing fee with the cash reward. This promotion is valid till 31 January.
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 | 2% 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 |
|---|---|---|---|---|
| 1 year | 5.8% | 14.33% | 2% | S$1,763.33 |
| 2 years | 5.8% | 12.8% | 2% | S$833.33 |
| 3 years | 5.8% | 12.11% | 2% | S$652.22 |
| 4 years | 5.8% | 11.71% | 2% | S$513.33 |
| 5 years | 5.8% | 11.38% | 2% | S$430 |
