OCBC Personal Loan

Interest rate from 3.5% p.a for new-to-OCBC loan customers

SingSaver Exclusive: Get S$20 cash via PayNow upon loan approval


  • Borrow up to 6X of monthly salary
  • One of the lowest rates on the market for new-to-OCBC loan customers
  • Min. annual income requirement of S$20,000
  • Instant loan approval for existing OCBC Credit card or Easicredit members


  • Upfront processing fee of 1%
  • Termination fee: S$100
Summary of Product
Interest Rate: From as low as 3.5% p.a (EIR 6.96% p.a)
Loan Tenures: Choice of 1 to 5 years
Max. Credit Limit: Up to 6X of monthly salary
Min. Loan Amount: S$1,000
Turnaround Time: 2 to 3 working days

Table of Content

Why should you choose OCBC Personal Loan?

Enjoy the lowest flat interest rate in Singapore
New-to-OCBC bank loan applicants are in for a treat with 3.5% interest p.a. (EIR 6.96%). For existing customers, interest rate on repayments are at 4.7% p.a (EIR 9.06%).
Convert available credit limit to affordable monthly instalment loan
A unique feature of this loan is the option to convert up to 90% of existing credit limit with OCBC into a fixed monthly instalment loan, without being subjected to the higher fees charged by credit cards or credit lines.
Borrow up to 6X of monthly salary
OCBC offers the flexibility to borrow up to 6X of your monthly salary if your annual income is above S$120,000. Those earning between S$20,000 and S$120,000 annually qualify for 4X of monthly salary.

Who can apply?

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

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’s page. Note that you will need to prepare the following documents. Here’s what you will need during the application process:
Salaried employees Electronic payslip for the past 3 months; OR Latest 6 months' CPF statement (if Singaporean/PR); OR Latest income tax statement
Self-employed Latest 12 months' CPF statement (if Singaporean/PR); OR Latest income tax statement (for the past 24 months)
All Applicants Front and back of NRIC/Passport/Employment Pass

Other Personal Loans for your consideration

OCBC not the right fit? 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.