OCBC Balance Transfer
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Summary
OCBC Balance Transfer Review 2024
Balance Transfer (or funds transfer) is a type of personal loan. It allows for the outstanding amount in one account to be transferred to another account with a lower interest rate.
Loan Features & Details
1) Key Features
- Interest-free periods of 3, 6, or 12 months with differing processing fees
- Minimum monthly repayment of 3% or S$50 of total outstanding loan amount, whichever is higher
- Transfer amount of S$500 to 90% of credit limit
2) Eligibility
- Citizenship: Singaporean, PRs, Foreigners
- Age: 21 years old and above
- Minimum income requirement: S$20,000 (Singaporeans & PRs); S$45,000 (Foreigners)
3) Fees
- Cancellation fee: S$100
4) Application Process
How to apply?
- Head to OCBC’s website to apply for the loan online
- An EasiCredit account or OCBC Credit Card is required to apply for Cash-on-Instalments
- Customers without the above will be prompted to create an EasiCredit account before proceeding with the loan application
- Login to OCBC online banking
- Complete and submit loan application
Supporting documents
- No additional income documents needed for application
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Summary
OCBC Balance Transfer Review 2024
Balance Transfer (or funds transfer) is a type of personal loan. It allows for the outstanding amount in one account to be transferred to another account with a lower interest rate.
Loan Features & Details
1) Key Features
- Interest-free periods of 3, 6, or 12 months with differing processing fees
- Minimum monthly repayment of 3% or S$50 of total outstanding loan amount, whichever is higher
- Transfer amount of S$500 to 90% of credit limit
2) Eligibility
- Citizenship: Singaporean, PRs, Foreigners
- Age: 21 years old and above
- Minimum income requirement: S$20,000 (Singaporeans & PRs); S$45,000 (Foreigners)
3) Fees
- Cancellation fee: S$100
4) Application Process
How to apply?
- Head to OCBC’s website to apply for the loan online
- An EasiCredit account or OCBC Credit Card is required to apply for Cash-on-Instalments
- Customers without the above will be prompted to create an EasiCredit account before proceeding with the loan application
- Login to OCBC online banking
- Complete and submit loan application
Supporting documents
- No additional income documents needed for application
Plans (3)
OCBC Balance Transfer (3 Month Tenure)
7.38%
EFFECTIVE INTEREST RATE
0%
FLAT INTEREST RATE
1.8% of principal amount, subjected to min. of S$9
PROCESSING FEE
0.0
0 Reviews
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Interest Rates for OCBC Balance Transfer
Repayment period | 3 months | 6 months | 12 months |
|---|---|---|---|
min. monthly repayment | S$50 | S$50 | S$50 |
Interest rate (per year) | 0 % | 0 % | 0 % |
Processing Fee | 1.80% | 2.50% | 4.50% |
Effective Interest Rate (EIR) p.a. | 7.38% | 5.34% | 5.20% |
Features: Pros & cons of OCBC Balance Transfer
- No applied interest rate (0%) for up to 1 year
- Pay a one-time processing fee of up to 4.50%
- Minimum loan amount S$500
- Effective Interest Rate (EIR) from 5.20%-7.38%
- Minimum monthly repayment of 3% of your total outstanding balance (or S$50, whichever is higher.)
- Not the best nor the worst balance transfer offered
- Will be subjected to high prevailing interest rates after your balance transfer loan tenor has matured
Other fees: what else to look out for?
- Processing fee: 4.50%
- Minimum monthly repayment: 3% of total outstanding balance
Eligibility: who can apply for OCBC Balance Transfer
- 21 years old and above
- For Singaporean / Singapore PR: Annual Income of S$20,000 and above
- For Foreigner: Annual income of S$45,000 and above
- Be an existing OCBC Credit Card or OCBC EasiCredit Holder
Contact OCBC Singapore
- Tel: +65 6363 3333
- Address: OCBC Bank, 65 Chulia Street, #01-00, OCBC Centre, Singapore 049513
- Visit their website for more details on OCBC Balance Transfer
Contact us at [email protected] should you require any assistance or spot any inaccuracies.
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