|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 SingaporeNew-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 loanA 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 salaryOCBC 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|
|Late Payment fee||S$80|
How to apply?
|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
- 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.
Appendix: Summary of Interest Rate for all tenures
|Loan Tenure||Flat Interest Rate (p.a)||Effective Interest Rate (p.a)||Processing Fee||Monthly Instalments|