If you’re looking for a flexible way to get cash, OCBC Cash-on-Instalment may be worth considering. This personal loan allows you to borrow money and pay it back in fixed monthly instalments, making it easier to manage your finances. In this OCBC Cash-on-Instalment Review Singapore, we will help you understand its eligibility criteria, benefits, loan features, application process, and more.
OCBC Cash-on-Instalment is a personal loan that allows you to borrow money against your unused credit limit. You don’t need to provide any additional income documents to apply for this loan. Depending on your needs and budget, you can choose your 12 to 60 months repayment period. The interest rates for OCBC Cash-on-Instalment are competitive and may vary depending on the loan tenure and amount borrowed.
Key Takeaways
- OCBC Cash-on-Instalment is a type of personal loan that allows you to borrow money against your unused credit limit
- You will learn from this OCBC Cash-on-Instalment Review Singapore that you don’t need to provide any additional income documents to apply for this loan.
- The interest rates for OCBC Cash-on-Instalment are competitive and may vary depending on the loan tenure and amount borrowed.
Understanding OCBC Cash-on-Instalment
If you want a flexible and affordable loan option in Singapore, read this OCBC Cash-on-Instalment Review Singapore first. Then, it would be best if you considered OCBC Cash-on-Instalment.
Conversion
This loan product allows you to convert your unused credit limit into cash, which you can repay with fixed instalments up to 60 months at low interest rates.
No Credit Card
OCBC Cash-on-Instalment is an excellent option for those who do not have an OCBC credit card or OCBC EasiCredit loan. It offers an exclusive rate of 3.50% p.a. to new customers, one of Singapore’s cheapest borrowing options [1].
6 Times Your Monthly Income
With this OCBC Cash-on-Instalment Review Singapore, you will uncover that you can get up to 6 times your monthly income or $30,000 (whichever is lower) as a loan amount [2]. The loan amount and interest rate you are eligible for will depend on your credit score, income, and other factors.
Apply Online
One of the best things about OCBC Cash-on-Instalment is that you can apply for it online and receive up to 2.3% unlimited cashback [1]. Moreover, you can get an additional $100 cashback if you are new to Cash-on-Instalments [1]. This makes it a desirable option for those who want to save money on their loans.
Loan Tenure
When you apply for OCBC Cash-on-Instalment, you can choose the loan tenure that suits you best. You can repay the loan in as little as 12 or 60 months [1]. This allows you to select a repayment period that fits your budget and financial goals.
In summary, OCBC Cash-on-Instalment is an excellent loan product for those who want to convert their unused credit limit into cash at low interest rates. It is easy to apply for, offers attractive cashback rewards, and lets you choose a repayment period that suits you best.
[1] Source: OCBC Cash-on-Instalment Review: Worth Considering?
[2] Source: OCBC Cash-on-Instalments | Monthly Instalment Loans Singapore – OCBC Bank
OCBC Cash-on-Instalment Review: Eligibility Criteria
Do you want to know if you are eligible? From this OCBC Cash-on-Instalment Review Singapore, you will know that to be suitable for OCBC Cash-on-Instalment, you must meet specific criteria. Here are the eligibility requirements for Singaporeans PRs, and foreigners.
For Singaporeans and PRs
If you are a Singaporean or PR, you must be at least 21 years old and have an annual income of at least S$20,000 to be eligible for OCBC Cash-on-Instalment. You should also have a good credit score and a stable job. You may be required to provide income documents such as your latest payslip, CPF statement, or Income Tax Notice of Assessment.
For Foreigners
If you are a foreigner, you must be at least 21 years old and have an annual income of at least S$45,000 to be eligible for OCBC Cash-on-Instalment. You should also have a valid employment pass or work permit and a passport. You may be required to provide income documents such as your latest payslip, employment pass, or passport.
Remember that meeting the eligibility criteria does not guarantee approval for OCBC Cash-on-Instalment. You read it here from this OCBC Cash-on-Instalment Review Singapore, that your application will be subject to credit assessment and approval by OCBC Bank.
OCBC Cash-on-Instalment Review: The Benefits
If you want a personal loan with lower interest rates and flexible loan tenure, OCBC Cash-on-Instalment is an excellent option. Here are some of the benefits you can enjoy when you apply for this loan:
Lower Interest Rates
One of the most significant benefits of OCBC Cash-on-Instalment is the lower interest rates. With a fixed interest rate of 4.7% p.a., you can enjoy a lower cost of borrowing compared to other personal loans in Singapore. This means saving money on interest charges and lowering your monthly repayments.
Flexible Loan Tenure
OCBC Cash-on-Instalment also offers flexible loan tenure. You can choose a loan tenure of up to 5 years, depending on your financial needs and repayment capacity. This allows you to select a repayment period that suits your budget and lifestyle.
Easy Application Process
The online application process for OCBC Cash-on-Instalment is quick and easy. You can apply for the loan online and receive approval within minutes. This means you can get the cash you need quickly and without hassle.
OCBC Cash-on-Instalment is an excellent option for anyone looking for a personal loan with lower interest rates and flexible loan tenure. With an easy application process, you can get the cash you need quickly and without hassle. So, if you need cash for any reason, consider applying for OCBC Cash-on-Instalment today.
OCBC Cash-on-Instalment Review: Loan Features
If you want a loan to finance your needs, OCBC Cash-on-Instalment might be the right choice. This loan product offers various features catering to your unique financial needs.
OCBC Cash-on-Instalment Review: Loan Size and Tenure
With OCBC Cash-on-Instalment, you can borrow up to SGD 200,000, depending on your credit limit. The loan tenure ranges from 12 to 60 months, giving you flexibility in choosing the repayment period that suits your financial situation.
Interest Rates and Fees
OCBC Cash-on-Instalment offers competitive interest rates, starting from 2.1% per annum. The interest rate is fixed throughout the loan tenure, giving you peace of mind knowing that your monthly repayment will remain the same.
A one-time processing fee of 2% of the loan amount will be deducted from your approved loan amount. This means that you will receive the loan amount minus the processing fee.
Repayment Options
You can repay your loan through monthly instalments, which will be automatically deducted from your OCBC account. The monthly repayment amount will depend on the loan amount, interest rate, and loan tenure. You can use the loan calculator on the OCBC website to estimate your monthly repayment amount.
The Effective Interest Rate (EIR) for OCBC Cash-on-Instalment ranges from 4.38% to 5.22% per annum, depending on the loan amount and tenure. The EIR considers the processing fee and other charges, giving you a more accurate picture of the total cost of borrowing.
OCBC Cash-on-Instalment is an excellent option if you need a loan with flexible repayment options and competitive interest rates. With its transparent charges, you can be sure you are getting a loan that fits your financial needs.
OCBC Cash-on-Instalment Review: Application Process
Are you excited to apply for OCBC Cash-on-Instalment? The application process is quick and easy. Here’s what you need to know.
Required Documents
Before you apply, make sure you have the following income documents ready:
- Latest payslip
- Income tax notice of assessment
Step-by-Step Guide
- Log in to your OCBC online banking account.
- Click on “Apply for Cash-on-Instalment” under the “Apply” tab.
- Choose your preferred repayment period and loan amount.
- Upload your required income documents.
- Review and confirm your application.
- Wait for approval.
It’s that simple! Remember that the approval process may take up to 3 business days. Once approved, the loan amount will be credited to your chosen account.
Ensure you have a good credit score and meet the income requirements before applying. With OCBC Cash-on-Instalment, you can enjoy low interest rates and fixed monthly instalments. Apply now and get the cash you need!
OCBC Cash-on-Instalment Review: How You Can Manage
If you have taken out an OCBC Cash-on-Instalment loan, you must manage your account to ensure you don’t miss any payments or incur late fees. Here are some tips on how to manage your loan:
OCBC Cash-on-Instalment Review: Online Banking and Management
OCBC offers a comprehensive online banking platform that allows you to manage your Cash-on-Instalment loan easily. You can view your loan balance, payment due dates, and payment history all in one place. You can also make payments online using your OCBC bank account or any other bank account in Singapore. To access your online account, log in to OCBC’s online banking portal using your username and password.
OCBC Cash-on-Instalment Review: Adjusting Credit Limits
If you need to adjust your credit limit, you can do so by contacting OCBC’s customer service team. They will be able to advise you on the process and any fees that may be associated with the change. It is important to note that there may be an account termination fee if you decide to terminate your Cash-on-Instalment account early. Therefore, it is essential to carefully consider your credit limit before applying for a loan.
In conclusion, managing your OCBC Cash-on-Instalment loan is easy with OCBC’s online banking platform. You can view your loan balance, payment due dates, and payment history all in one place. If you need to adjust your credit limit, you can do so by contacting OCBC’s customer service team.
It is essential to consider all fees associated with the loan before applying and to ensure you manage your account carefully to avoid any potential late fees.
OCBC Cash-on-Instalment Review: Comparing With Other Loans
If you’re considering taking out a loan, comparing your options is important before deciding. Here’s a breakdown of how OCBC Cash-on-Instalment stacks up against other loan options in Singapore.
OCBC Personal Loans
OCBC Personal Loans are a good option for those who need a large sum of money upfront. With OCBC Personal Loans, you can borrow up to 6 times your monthly salary, with a maximum loan amount of $200,000. The interest rates for OCBC Personal Loans range from 3.5% to 4.7% per annum, with a processing fee of 2% of the loan amount. However, the interest rates may vary depending on your credit score and other factors.
OCBC EasiCredit
If you need a smaller loan amount, OCBC EasiCredit is a good option. With OCBC EasiCredit, you can borrow up to 2 times your monthly salary, with a maximum loan amount of $100,000. The interest rates for OCBC EasiCredit range from 19.98% to 29.98% per annum, with a processing fee of 3% of the loan amount. However, the interest rates may vary depending on your credit score and other factors.
Other Banks’ Offers
When it comes to personal loans, other banks in Singapore offer competitive interest rates as well. For example, HSBC Personal Loan offers interest rates as low as 3.7% per annum, with a processing fee of 1% of the loan amount. You can also compare the interest rates and fees of different banks on MoneySmart’s Personal Loans Comparison Page.
OCBC Personal Loans may be a better option if you need a more significant loan amount. However, if you only need a smaller loan amount, OCBC EasiCredit may be more suitable. It’s essential to compare different banks’ interest rates and fees before ensuring you get the best deal.
OCBC Cash-on-Instalment Review: Special Promotions and Offers
Are you looking for a loan with exclusive rates and promotions? Look no further than OCBC Cash-on-Instalment! This loan product offers a variety of promotions for both new and existing customers.
For New Customers
If you are a new customer, you can enjoy up to 2.3% unlimited cashback when you apply for Cash-on-Instalments online. Plus, you can receive an additional $100 cashback if you are new to OCBC. This promotion is only available for a limited time, so act fast to take advantage of this great offer!
For Existing OCBC Customers
Existing OCBC customers can also enjoy great promotions and offers when they apply for Cash-on-Instalments. You can receive up to $3,888 cashback when you apply for Cash-on-Instalments online. Plus, you can enjoy up to 2% cashback on your approved loan with loan tenure of 36, 48 or 60 months (capped at $3,788). This promotion is valid until 31 Mar 2023.
You can enjoy even more exclusive rates if you are an OCBC credit card holder. You can enjoy interest rates as low as 4.7% p.a. on flexible loan tenure of 1-5 years. This package guarantees quick approval and longer loan tenures of up to five years.
In addition to these promotions and offers, OCBC also offers a variety of other benefits. For example, you can enjoy a hassle-free loan application process with minimal documentation required. Plus, you can enjoy fixed instalments for up to 60 months at low-interest rates.
OCBC Cash-on-Instalment is a great loan product for anyone looking for exclusive rates and promotions. Whether a new or existing customer, you can enjoy various benefits when applying for this loan. So why wait? Apply today and start enjoying the benefits of OCBC Cash-on-Instalment!
OCBC Cash-on-Instalment Review: Financial Planning and Advice
If you are struggling with high-interest debt, OCBC Cash-on-Instalment can be a great solution to consolidate your debt. With a lower interest rate and fixed repayment, you can pay off your debt faster and save money in the long run.
Debt Consolidation
In this OCBC Cash-on-Instalment Review Singapore, you will learn that debt consolidation combines multiple debts into one loan with a lower interest rate. This can help simplify your finances and make it easier to manage your debt.
With OCBC Cash-on-Instalment, you can consolidate your high-interest debt into a lower-interest-rate loan. This can help you save money on interest and pay off your debt faster.
Building an Emergency Fund
It’s essential to have an emergency fund in case of unexpected expenses, such as a medical emergency or job loss. An emergency fund can help you avoid more debt and provide peace of mind. With OCBC Cash-on-Instalment, you can borrow money for up to 5 years at a low-interest rate. This can help you build your emergency fund and prepare for unexpected expenses.
In conclusion, if you are struggling with high-interest debt or want to build an emergency fund, OCBC Cash-on-Instalment can be a great solution. With a lower interest rate and fixed repayment, you can pay off your debt faster and save money in the long run.
OCBC Cash-on-Instalment Review: Terms and Conditions
If you are considering applying for an OCBC Cash-on-Instalment loan, it is essential first to read this OCBC Cash-on-Instalment Review Singapore and to be aware of the terms and conditions that come with it.
OCBC Cash-on-Instalment Review: Fees and Charges
There are several charges associated with an OCBC Cash-on-Instalment loan. These include an administrative fee of S$150 or 3% of unbilled Cash-on-Instalments outstanding principal amount, whichever is higher. Additionally, there is an annual interest rate of 4.5% to 8.0%, depending on the loan tenure and amount. Late payment fees and early repayment fees may also apply.
OCBC Cash-on-Instalment Review: Loan Amendments
You may be subject to additional charges if you wish to change your loan after approval. For example, if you want to increase your loan amount, you may need to pay an administrative fee of S$100. Alternatively, if you shorten your loan tenure, you may need to pay an early repayment fee of S$150 or 3% of the outstanding principal amount, whichever is higher.
It is essential to carefully read and understand the terms and conditions before applying for an OCBC Cash-on-Instalment loan. This will help you avoid any unexpected fees or charges and ensure that you can meet the minimum loan amount and income requirement.
Frequently Asked Questions
How can I swiftly check the status of my OCBC loan application?
You can check your OCBC loan application status through the OCBC website or mobile. Log in to your account and navigate to the “Application Status” section. You can also call the OCBC customer service hotline at +65 6363 3333 to check your application status.
What steps must I take to apply for an OCBC EasiCredit Balance Transfer?
To apply for an OCBC EasiCredit Balance Transfer, you must have an existing OCBC EasiCredit account. You can apply for the balance transfer through the OCBC website or the mobile app. Log in to your account and navigate to the “Balance Transfer” section. You can also call the OCBC customer service hotline at +65 6363 3333 to apply for a balance transfer.
Could you enlighten me on how to use the OCBC personal loan calculator?
The OCBC personal loan calculator allows you to estimate your monthly repayments and total interest payable based on your loan amount and tenure. To use the calculator, input your loan amount and tenure, and the calculator will display your estimated monthly repayments and total interest payable. You can access the personal loan calculator on the OCBC website or the mobile app.
Is there a way to obtain a fee waiver for my OCBC EasiCredit?
Yes, you can obtain a fee waiver for your OCBC EasiCredit by maintaining a minimum outstanding balance of S$1,000 in your EasiCredit account. Alternatively, you can receive a fee waiver by making a minimum payment of S$50 per month on your outstanding balance.
What’s the usual approval time for an OCBC personal loan?
The usual approval time for an OCBC personal loan is 1 to 2 business days, provided all required documents are submitted and in order. However, the approval time may vary depending on your loan application’s complexity and the documentation required.
How might one avoid late fees with OCBC EasiCredit? Is there any hotline to call?
To avoid late fees with OCBC EasiCredit, you should pay on time. You can set up a GIRO arrangement to automatically deduct your expenses from your bank account. Alternatively, you can pay through the OCBC website or mobile app. If you have questions or concerns about your EasiCredit payments, call the OCBC customer service hotline at +65 6363 3333.
