OCBC EasiCredit Personal Loan
- Key Features
- Reviews (18)
- Discussions (0)
- More Details
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Summary
OCBC EasiCredit Personal Loan Review 2024
EasiCredit is a line of credit type personal loan scheme by OCBC Bank Singapore.
Loan Features & Details
1) Key Features
- Prevailing interest rate of 1.74% per month
- Flexible repayment, where minimum repayment amount will be the monthly installment amount and the fixed percentage of outstanding amount, or $50 (whichever is higher)
- Borrow up to 6x your monthly income if you earn S$120,000 and above
2) Loan Eligibility
- Citizenship: Singaporean, Singapore PRs, and Foreigners
- Age: Above 21 years old
- Minimum income requirement: S$20,000 and above per annum (Singaporeans & PRs); S$45,000 and above per annum (Foreigners)
3) Fees
- Annual fee: S$120 (waived for first year if you have an annual income of S$30,000 and above)
- Monthly service fee: N.A
- Late payment fee: S$120
- Excess fee: S$50
4) Application Process
How to apply?
- Head to OCBC’s website to apply for the loan online
- As you will be required to submit income information, have your Singpass ready to access CPF login page
- Complete and submit loan application
Supporting documents
- Singaporeans and PRs
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Summary
OCBC EasiCredit Personal Loan Review 2024
EasiCredit is a line of credit type personal loan scheme by OCBC Bank Singapore.
Loan Features & Details
1) Key Features
- Prevailing interest rate of 1.74% per month
- Flexible repayment, where minimum repayment amount will be the monthly installment amount and the fixed percentage of outstanding amount, or $50 (whichever is higher)
- Borrow up to 6x your monthly income if you earn S$120,000 and above
2) Loan Eligibility
- Citizenship: Singaporean, Singapore PRs, and Foreigners
- Age: Above 21 years old
- Minimum income requirement: S$20,000 and above per annum (Singaporeans & PRs); S$45,000 and above per annum (Foreigners)
3) Fees
- Annual fee: S$120 (waived for first year if you have an annual income of S$30,000 and above)
- Monthly service fee: N.A
- Late payment fee: S$120
- Excess fee: S$50
4) Application Process
How to apply?
- Head to OCBC’s website to apply for the loan online
- As you will be required to submit income information, have your Singpass ready to access CPF login page
- Complete and submit loan application
Supporting documents
- Singaporeans and PRs
undefinedundefinedundefined - Foreigners:
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Plans (2)
OCBC EasiCredit (Annual Income S$20,999 - S$29,999)
36%
EFFECTIVE INTEREST RATE
29.8%
FLAT INTEREST RATE
$0
PROCESSING FEE
OCBC EasiCredit (Annual Income ≥ S$30,000)
36%
EFFECTIVE INTEREST RATE
20.9%
FLAT INTEREST RATE
$0
PROCESSING FEE
OCBC EasiCredit (Annual Income S$20,999 - S$29,999)
36%
EFFECTIVE INTEREST RATE
29.8%
FLAT INTEREST RATE
$0
PROCESSING FEE
4.3
18 Reviews
High to Low
09 May 2020
Purchased
OCBC EasiCredit (Annual Income ≥ S$30,000)
Application is easy thru singpass. Upon approval, it is easy to use. Transferring money and withdrawing money across account and atm. The only bad part is that I can’t see minimum amount you have to pay as well as the due date on the app itself. UPDATE: The minimum amount due date are able to be seen if you are using internet browser. There is no update on the app for the due date to be seen yet.1
What are your thoughts?Reply
Save
26 Mar 2020
Purchased
OCBC EasiCredit (Annual Income ≥ S$30,000)
What you see is what you get. Straightforward and transparent. Excellent service and great rates. Customer service is very modern and up to date making the whole process so much easier and streamlined to arrange.0
What are your thoughts?26 Mar 2020
Purchased
OCBC EasiCredit (Annual Income ≥ S$30,000)
Easy to use and easy payment thru online application. In this current situation where most of us is affected , it helps me to supplement my expenses. 👍👍👍0
What are your thoughts?25 Mar 2020
Purchased
OCBC EasiCredit (Annual Income ≥ S$30,000)
This is a simple, easy-to-use line of credit, which makes it all the more helpful during financial emergencies, which is when you need cash fast and in a painless manner. The application process is quick and easy, mine was approved in a very short time. It comes with an ATM card, which makes cash withdrawal very easy, since there are OCBC ATMs at MRT stations and shopping malls. Repayment is also very easy, especially if you have an OCBC account and the customer service is always on hand to help if you have questions. I like OCBC because it is always very innovative, so it would be good if they could explore some innovative ways to have promotional rates for Easicredit for certain big ticket purchases.0
What are your thoughts?25 Mar 2020
Purchased
OCBC EasiCredit (Annual Income S$20,999 - S$29,999)
Very easy and convenient to draw money. Ocbc & Uob atm Reasonable rate. Use when you need. Easy paid off bill simply by transfer. No waiting time or subject to approval. Just use it as u need. Overall satisfying experience0
What are your thoughts?25 Mar 2020
Purchased
OCBC EasiCredit (Annual Income S$20,999 - S$29,999)
Instant processing and Easy loans from EasyCredit is very much useful in times of emergency. I was very much delighted with OCBC EasiCredit Paper Less Easy Loan. I got my loan with just few clicks. I am highly obliged by the hassle free processing and team commitment from your bank especially when my account was credited with loan amount within few hours of application, which required no documents. Great service and easy way to check on payments and pay installments online.0
What are your thoughts?25 Mar 2020
Purchased
OCBC EasiCredit (Annual Income ≥ S$30,000)
Easy way to get ready cash.. approval was much faster and no other hiccups when applying.. even when payment, with the ocbc app, it clearly show the balance and payment.. cash is disburse to your own preferrence and monthly payment is calculated according to your means..0
What are your thoughts?25 Mar 2020
Purchased
OCBC EasiCredit (Annual Income ≥ S$30,000)
Application process was smooth,customer service is good.Overall satisfied with their product. Easy to use.0
What are your thoughts?Posted 19 Sep 2022
Purchased
OCBC EasiCredit (Annual Income S$20,999 - S$29,999)
Easy to apply via Singpass, no hidden terms for the application, the application process is simple..0
What are your thoughts?Posted 03 Jul 2022
Purchased
OCBC EasiCredit (Annual Income S$20,999 - S$29,999)
Easy to apply with your own Singpass. If nothing goes wrong, the approval is within less than 2 days.0
What are your thoughts?
Discussions (0)
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Interest rates for OCBC EasiCredit Personal Loan
Annual Income | S$20,000 - S$29,999 | S$30,000 - S$119,999 | S$120,000 and above |
|---|---|---|---|
Maximum Loan | Up to 2x your monthly income | Up to 4x your monthly income | Up to 6x your monthly income |
Prevailing Interest Rate | 29.80% p.a. | 20.90% p.a. | 20.90% p.a. |
Minimum Payment (not applicable for cash-on-instalments) | 5% of outstanding amount (or S$50, whichever is higher) | 3% of outstanding amount (or S$50, whichever is higher) | 3% of outstanding amount (or S$50, whichever is higher) |
Features: Pros and Cons of OCBC EasiCredit Personal Loan
Pros
- Accessible standby line of credit, a type of short-term loan
- Flexible repayment duration and amount
- Interest rate of 1.74% per month, accrued on a daily basis
- Efficient Interest Rates (EIR) of 5.20% p.a. when drawing unused credits
- Maximum credit limit dependent on your annual income
- Annual Fee waiver available on the first year
Cons:
- Relatively high Prevailing Interest Rates from 20.9% - 28.9% p.a.
- Minimum repayment is 3% of outstanding balance
- Subsequent annual fees of S$120, regardless of usage
- No promotion or further fee waiver for lower income applicants
- More information on OCBC EasiCredit Personal Loan Singapore here
Other Fees: what else to look for?
Annual Fee: S$120
Late Fee: S$120
Minimum Overdraft Interest: S$5
Promotions
- Enjoy S$60 cashback when you apply for EasiCredit via MyInfo before 31 March 2020
- Receive up to S$320 cashback when you apply for Balance of Transfer within 2 months of opening your EasiCredit account. (0% interest, EIR 2.35% p.a., processing fee 1.18%)
Eligibility: who can apply for OCBC EasiCredit
- above 21 years old
- annual income of at least S$20,000 for Singaporeans and PR
- annual income of at least S$45,000 for foreigners
Contact OCBC Singapore
- Tel: +65 6363 3333
- Address: OCBC Bank, 65 Chulia Street, #01-00, OCBC Centre, Singapore 049513
Contact us at [email protected] should you require any assistance or spot any inaccuracies.
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