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OCBC Balance Transfer

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Summary

OCBC Balance Transfer

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
...see more

Popular Products

Summary

OCBC Balance Transfer

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
...see more

Plans (3)

Slide 1 of 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

OCBC Balance Transfer (6 Month Tenure)

5.34%

EFFECTIVE INTEREST RATE

0%

FLAT INTEREST RATE

2.5% of principal amount, subjected to min. of S$12.50

PROCESSING FEE

OCBC Balance Transfer (12 Month Tenure)

5.20%

EFFECTIVE INTEREST RATE

0%

FLAT INTEREST RATE

4.5% of principal amount, subjected to a min. of S$22.50

PROCESSING FEE

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

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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.