OCBC Personal Loan

Interest rate from 3.5% p.a (EIR 6.96% p.a) for new to OCBC loan customers


  • Borrow up to 6x of monthly income
  • One of the lowest rate for new to OCBC loan customers
  • Up to $320 vouchers upon approval


  • Upfront processing fees of 1%
Summary of Product
Interest Rate: From as low as 3.5% p.a (EIR 6.96% p.a)
Loan Tenures: Choice of 1 year to 5 years
Max. Credit Limit: Up to 6x of monthly income
Min. Loan Amount: S$1,000
Turnaround Time: Next 2-3 days

Table of Content

Why should you choose OCBC Personal Loan?

Lowest flat interest rates in Singapore

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!

Convert available credit limit to fixed monthly instalment loan

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.

Up to $320 vouchers from CapitaVouchers

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.

Borrow up to 6x of monthly income

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.

Who can apply?

Age Requirement 21 - 65 years old
Income Requirement Singaporeans/PRs: S$20,000 of annual income
Foreigners: S$45,000 of annual income

What charges or fees should you look out for?

Processing fee 1% of approved loan amount
Termination fee S$100
Late Payment fee S$80

How to apply?

Once you have decided to take up for this loan, click on the “Apply Now” button and complete the application form on OCBC page.

Here’s what you will need during the application process:
  • Front and back of NRIC/FIN/Passport number
  • Latest Notice of Assessment
  • Electronic Payslip for the past 3 months
  • Other Personal Loans for your consideration

    If you do not think that OCBC is suitable for you, below are some of the other recommendations for you:

  • HSBC is currently offering exclusive rate from 3.7% p.a (EIR from 7% p.a).
  • Standard Chartered offers 3.88% p.a (EIR from 7.63% p.a) for all loan amount and tenures.

  • Note that your eligibility for approval is at the discretion of each bank.

    Appendix: Summary of Interest Rate for all tenures

    Loan Tenure Flat Interest Rate (p.a) Effective Interest Rate (p.a) Processing Fee Monthly Instalments
    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
    *Note that the above monthly repayment is based on the calculation of S$20,000 loan amount, unless otherwise stated.

    Looking for other personal loans? Check out the Best Personal Loans in Singapore 2020.