OCBC ExtraCash Loan
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Summary
OCBC ExtraCash Personal Loan Review 2024
Loan Features & Details
1) Key Features
- Interest rate ranges from 5.42% – 13.14% depending on loan tenure and annual income bracket
- Loan tenure from 1 to 5 years
- Maximum loan amount depends on annual income:
undefinedundefinedundefined - Instant loan approval and disbursement when you apply via MyInfo
2) Eligibility
- Citizenship: Singaporeans, PRs, and Foreigners
- Age: 21 years old and above
- Minimum income requirement: S$20,000 (Singaporeans & PRs); S$45,000 (Foreigners)
3) Fees
- Processing fee: 1.0%
- Late fee: S$80
- Early partial/full repayment fee: 3.0% of the amount to be paid with 1-month interest in lieu if redemption is done immediately
- Restructuring fee: 3.0% of the outstanding loan amount
4) Application Process
How to apply?
- Head to OCBC’s website to apply 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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Summary
OCBC ExtraCash Personal Loan Review 2024
Loan Features & Details
1) Key Features
- Interest rate ranges from 5.42% – 13.14% depending on loan tenure and annual income bracket
- Loan tenure from 1 to 5 years
- Maximum loan amount depends on annual income:
undefinedundefinedundefined - Instant loan approval and disbursement when you apply via MyInfo
2) Eligibility
- Citizenship: Singaporeans, PRs, and Foreigners
- Age: 21 years old and above
- Minimum income requirement: S$20,000 (Singaporeans & PRs); S$45,000 (Foreigners)
3) Fees
- Processing fee: 1.0%
- Late fee: S$80
- Early partial/full repayment fee: 3.0% of the amount to be paid with 1-month interest in lieu if redemption is done immediately
- Restructuring fee: 3.0% of the outstanding loan amount
4) Application Process
How to apply?
- Head to OCBC’s website to apply 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:
undefinedundefinedundefined
Plans (5)
OCBC ExtraCash Loan (1 Year Tenure)
26.39%
EFFECTIVE INTEREST RATE
12.31%
FLAT INTEREST RATE
$100
PROCESSING FEE
0.0
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Popular Products
4.2
19 Reviews
4.0
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5.0
1 Reviews
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Interest Rates for OCBC ExtraCash Loan
Tenure (Years) | Flat Interest Rate (p.a) | Effective Interest Rate (p.a) |
|---|---|---|
1 | 12.31 | 26.39 |
2 | 12.25 | 24.37 |
3 | 12.50 | 23.67 |
4 | 12.81 | 23.31 |
5 | 13.14 | 23.10 |
For borrowers who have an annual income between S$20,000 and S$29,999
Tenure | Flat Interest Rate (p.a) | Effective Interest Rate (p.a) |
|---|---|---|
1 | 5.54 | 13.92 |
2 | 5.42 | 12.11 |
3 | 5.43 | 11.47 |
4 | 5.48 | 11.15 |
5 | 5.54 | 10.96 |
For borrowers who have an annual income above S$30,000
Features: Pros and cons of OCBC Extra Cash Loan
- Flexible 1 to 5 years repayment scheme
- Borrow up to 6 x your salary
Verdict: Is OCBC Extra Cash Loan Suitable for You?
- Suitable for when you have surpassed your credit limit and can no longer apply for lines of credit
- Best for one-time borrowing needs. Otherwise, OCBC Extra Cash is much more costlier than other personal loan options.
More details on ExtraCash Loan and OCBC personal loan calculator here.
Eligibility: who can apply for OCBC ExtraCash loan?
- above 21 years old
- annual income of at least S$20,000 for Singaporeans and PR
- annual income of S$45,000 and above for foreigners
Other Fees: what else to look out for?
- Late Fees: S$80
- Early payment Fee: 3%
- Restructuring Fee: 3% of outstanding loan amount
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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