If you’re looking for a personal loan in Singapore, OCBC ExtraCash Loan is one option that you may want to consider. This loan product offers fast cash up to six times your monthly income with fixed repayments for up to 60 months. In this article, we will provide an in-depth OCBC ExtraCash loan review Singapore to help you determine if it’s the right loan for your needs.
In this OCBC ExtraCash loan review Singapore, we will cover the much-needed details you need. We will also provide you with our key takeaways at the end of this article to summarize the most important points. So, let’s get started and take a closer look at the OCBC ExtraCash Loan.
Key Takeaways
- OCBC ExtraCash Loan is a fast cash loan product in Singapore that offers up to six times your monthly income with fixed repayments for up to 60 months.
- To be eligible for the loan, you need to be a Singaporean or Permanent Resident, between 21 and 65 years old, and have an annual income of at least S$20,000.
- The loan features and benefits of OCBC ExtraCash Loan include instant approval, no collateral or guarantor needed, and early repayment without penalty. However, the interest rates are higher compared to other personal loans in Singapore.
Key Takeaways
If you are in need of fast cash, the OCBC ExtraCash Loan might be a good option for you. Here are some key takeaways in this OCBC ExtraCash loan review Singapore to keep in mind:
- The interest rates for the OCBC ExtraCash Personal Loan range from 5.42% to 5.54% per annum, with an effective interest rate of 10.96% to 13.92%. These rates are higher compared to other banks offering personal loans in Singapore.
- You can borrow up to 6 times your monthly income with the OCBC ExtraCash Personal Loan, with a repayment period of up to 5 years. This means you can borrow a substantial amount of money to meet your financial needs.
- The application process for the OCBC ExtraCash Personal Loan is hassle-free and can be done online. You can apply for the loan via MyInfo, which allows you to retrieve your personal information and pre-fill the application form.
- There is no processing fee for the OCBC ExtraCash Personal Loan, which means you can save some money on administrative charges.
- You can use the OCBC ExtraCash Personal Loan for any purpose, whether it’s to pay for a wedding, renovate your home, or consolidate your debts.
Overall, the OCBC ExtraCash Personal Loan is a good option if you need fast cash and are willing to pay slightly higher interest rates. However, it’s important to note that you should only borrow what you can afford to repay, and you should always read the terms and conditions carefully before signing up for any loan.
Understanding OCBC ExtraCash Loan
If you are a Singaporean who needs cash for emergencies or unforeseen expenses, you may want to consider taking out a personal loan. One of the options available to you is to read more on the OCBC ExtraCash loan review Singapore.
This loan is designed to help you get the cash you need quickly and easily. Here’s what you need to know about it.
What Is OCBC ExtraCash Loan?
OCBC ExtraCash Loan is a type of personal loan offered by OCBC Bank. This loan is designed to help you get the cash you need quickly and easily. With this loan, you can borrow up to six times your monthly salary. The loan comes with a fixed repayment period of up to five years, which means you will have to make regular monthly payments until you have paid off the loan in full.
The Basics of ExtraCash Loan
Here are some of the key features and benefits of the OCBC ExtraCash Loan:
- Interest rates: The interest rates for the ExtraCash Loan are competitive, starting from 5.42% per annum. The effective interest rate (EIR) for the loan ranges from 10.96% to 13.92%, depending on the loan amount and repayment period.
- Loan amount: You can borrow up to six times your monthly salary with the ExtraCash Loan. The minimum loan amount is S$1,000, and the maximum loan amount is S$70,000.
- Repayment period: The repayment period for the ExtraCash Loan is fixed at up to five years. You will have to make regular monthly payments until you have paid off the loan in full.
- Eligibility: To be eligible for the ExtraCash Loan, you must be a Singaporean or Permanent Resident with a minimum annual income of S$20,000. You must also be between 21 and 65 years old.
- Processing fee: The processing fee for the ExtraCash Loan is 2% of the approved loan amount. This fee will be deducted from the loan amount when it is disbursed.
- Instant approval: You can get instant approval for the ExtraCash Loan if you apply online and provide all the necessary information and documents. Once your loan is approved, the funds will be disbursed to your bank account within one working day.
Taking out a personal loan can be a smart way to get the cash you need quickly and easily. With the OCBC ExtraCash Loan, you can enjoy competitive interest rates, flexible repayment periods, and instant approval. If you need cash for emergencies or unforeseen expenses, this loan may be the right choice for you.
OCBC ExtraCashLoan Review Singapore: Eligibility and Requirements
If you are looking for a personal loan that offers flexible repayment options, then the OCBC ExtraCash Personal Loan might be the perfect fit for you. To apply for this loan, you need to meet certain eligibility criteria and provide some necessary documents. Here’s what you need to know:
Eligibility Criteria
To be eligible for the OCBC ExtraCash Personal Loan, you need to meet the following criteria:
- You must be a Singaporean citizen, Permanent Resident, or a foreigner with a valid Employment Pass or Work Permit.
- You must be at least 21 years old.
- You must have an annual income of at least S$20,000 if you are a Singaporean citizen or Permanent Resident, and at least S$45,000 if you are a foreigner.
- You must not have any outstanding loans with OCBC.
Necessary Documents
To apply for the OCBC ExtraCash Personal Loan, you will need to provide the following documents:
- For Singaporean citizens and Permanent Residents:
- NRIC (front and back)
- Income Tax Notice of Assessment
- For foreigners:
- Passport
- Employment Pass or Work Permit
- Income Tax Notice of Assessment or latest original computerized payslip
As a salaried employee, you will need to provide your latest original computerized payslip. If you are self-employed, you will need to provide your latest Income Tax Notice of Assessment.
By meeting the eligibility criteria and providing the necessary documents, you can apply for the OCBC ExtraCash Personal Loan and enjoy its flexible repayment options.
OCBC ExtraCash Loan Review Singapore: Features and Benefits
If you are looking for a personal loan in Singapore, OCBC ExtraCash Personal Loan is a great option for you. This loan comes with a range of features and benefits that make it an attractive option for borrowers.
Loan Amounts and Tenure
With OCBC ExtraCash Personal Loan, you can borrow up to 6 times your monthly salary if your annual income is above S$120,000. If your annual income is between S$30,000 and S$119,999, you can borrow up to 4 times your monthly salary. For those with an annual income of S$20,000-S$29,000, you can borrow up to 2 times your monthly salary. The loan tenure is from 12 to 60 months, giving you the flexibility to choose a repayment period that suits your needs.
Interest Rates and EIR
OCBC ExtraCash Personal Loan offers competitive interest rates that range from 5.42% to 5.54% (EIR of 10.96% to 13.92%). The interest rate is fixed throughout the loan tenure, which means you don’t have to worry about fluctuations in interest rates. The effective interest rate (EIR) takes into account the processing fee and is a more accurate representation of the actual cost of the loan.
Repayment Options
OCBC ExtraCash Personal Loan offers a range of repayment options to make it easier for you to repay the loan. You can make repayments easily via online or Mobile Banking funds transfer, cheque deposit or cash deposit machine. The fixed repayment schedule ensures that you know exactly how much you need to repay each month, making it easier to budget and plan your finances.
In summary, OCBC ExtraCash Personal Loan is a great option for borrowers looking for a personal loan in Singapore. With competitive interest rates, flexible loan amounts and tenures, and a range of repayment options, this loan offers great value for money.
OCBC ExtraCash Loan Review Singapore: Application and Processing
Are you in need of quick cash? OCBC ExtraCash Personal Loan can be the perfect solution for you. The application process is simple and easy, and you can apply online in just a few minutes.
Online Application Steps
To apply for an OCBC ExtraCash Personal Loan, you need to follow these simple steps:
- Visit the OCBC website and click on the “Apply Now” button.
- Fill in your personal and employment details.
- Upload the necessary documents, such as your NRIC, income documents, and bank statements.
- If you have MyInfo, you can use it to auto-fill your application form and skip the document upload step.
- Review and submit your application.
Processing Time and Instant Approval
Once you have submitted your application, it will be processed within 1 business day. You will receive an instant approval decision if you are eligible for the loan. If you are approved, the funds will be disbursed to your account within 1 business day.
With the MyInfo feature, you can enjoy an even faster and hassle-free application process. MyInfo is a secure government digital service that allows you to automatically fill in your personal and employment details in the application form. This means you don’t need to manually input your information or upload documents, saving you time and effort.
Moreover, the instant approval feature means that you don’t have to wait for days to know if your loan application has been approved. You can get an immediate decision, and if you are eligible, the funds will be disbursed to your account within 1 business day.
In conclusion, the online application process for OCBC ExtraCash Personal Loan is straightforward and hassle-free, with instant approval and fast disbursement of funds. With the MyInfo feature, you can enjoy an even faster and more convenient application process.
OCBC ExtraCash Loan Review Singapore: Costs and Charges
When taking out a personal loan, it is important to understand the costs and charges associated with it. Here is what you need to know about the costs and charges of the OCBC ExtraCash Personal Loan.
Processing Fees
The processing fee for the OCBC ExtraCash Personal Loan is 2.5% of the approved loan amount. This fee will be deducted from the loan amount disbursed to you. For example, if you are approved for a loan of S$10,000, the processing fee will be S$250. This means that you will receive S$9,750 in your bank account.
Late Payment Charges
If you miss a payment or pay less than the minimum amount due, you will be charged a late payment fee of S$80. This fee will be charged to your account on the next billing cycle. It is important to make your payments on time to avoid this fee.
In addition to the late payment fee, you will also be charged interest on the outstanding amount. The interest rate for the OCBC ExtraCash Personal Loan is 5.42% per annum. This means that if you have an outstanding balance of S$1,000, you will be charged S$54.20 in interest for the year.
Restructuring Fee
If you need to restructure your loan, you will be charged a restructuring fee of S$200. This fee will be added to your outstanding balance and will be charged interest at the prevailing rate.
It is important to carefully consider the costs and charges associated with the OCBC ExtraCash Personal Loan before applying. Make sure you understand the terms and conditions of the loan and are able to make your payments on time to avoid additional fees and charges.
OCBC ExtraCash Loan Review Singapore: Additional Products
In addition to the ExtraCash personal loan, OCBC Bank offers a range of other loan products to suit your financial needs. Here are some of the most popular ones:
OCBC EasiCredit
If you’re looking for a flexible and convenient line of credit, OCBC EasiCredit is a great option. It is a revolving credit facility that is linked to your OCBC deposit account. This means that you can withdraw cash from your EasiCredit account anytime you need it, and you only pay interest on the amount you use.
One of the benefits of EasiCredit is that you can access the funds via your OCBC ATM card, chequebook, or online banking. The interest rates are also competitive, starting from 19.98% p.a. for cash withdrawals and 29.98% p.a. for retail transactions.
OCBC Balance Transfer
If you have outstanding balances on your credit cards or personal loans from other banks, you can transfer them to an OCBC credit card or EasiCredit account. This way, you can consolidate your debts into one account and enjoy lower interest rates.
OCBC Balance Transfer offers interest rates as low as 0% p.a. for up to 12 months, depending on the tenure and amount of your transfer. You can also choose to pay a one-time processing fee instead of an interest rate, which can be more cost-effective in the long run.
Standby Line of Credit
If you need a standby source of funds for emergencies or unexpected expenses, OCBC Standby Line of Credit is a good option. It is a pre-approved credit line that is linked to your OCBC deposit account, and you only pay interest on the amount you use.
You can access the funds via your OCBC ATM card, chequebook, or online banking. The interest rates are also competitive, starting from 19.98% p.a. for cash withdrawals and 29.98% p.a. for retail transactions.
Cash-On-Instalments
If you need to make a big-ticket purchase or pay for a large expense, OCBC Cash-On-Instalments can help you spread out the cost over a period of time. It is a loan facility that allows you to convert your credit card or EasiCredit balance into instalments, with a fixed monthly repayment amount.
The interest rates are competitive, starting from 4.5% p.a., and you can choose the repayment tenure that suits you best, from 3 to 36 months. There is also a one-time processing fee, which varies depending on the amount and tenure of your instalments.
Overall, OCBC Bank offers a range of loan products that can help you achieve your financial goals. Whether you need a personal loan, a line of credit, or a balance transfer, there is an option that can suit your needs and budget.
Managing Your Loan
Congratulations on securing your OCBC ExtraCash Personal Loan! Now that you have the funds, it’s important to manage your loan properly to avoid falling into a debt trap. Here are some tips to help you manage your loan effectively.
Debt Consolidation Strategies
If you have multiple high-interest debts, such as credit card debt, it might be a good idea to consolidate them into one loan. This can help you save money on interest and simplify your debt repayment. OCBC offers a Debt Consolidation Plan that allows you to combine all your debts into one loan with a lower interest rate. This can help you pay off your debts faster and more affordably.
Building an Emergency Fund
It’s always a good idea to have an emergency fund to cover unexpected expenses. This can help you avoid taking on more debt or defaulting on your loan payments. Aim to save at least three to six months’ worth of living expenses in an easily accessible account. You can use your OCBC ExtraCash Personal Loan to help you build your emergency fund. Just make sure to factor in the loan repayment into your budget.
Other Tips
Here are some additional tips to help you manage your loan:
- Create a budget and stick to it. This can help you avoid overspending and ensure that you have enough money to make your loan payments on time.
- Set up automatic payments. This can help you avoid late payments and the associated fees and penalties.
- Avoid taking on more debt while you’re still paying off your loan. This can make it harder to manage your finances and could lead to a debt spiral.
- If you’re having trouble making your loan payments, contact OCBC to discuss your options. They may be able to offer you a repayment plan or other assistance.
By following these tips, you can manage your OCBC ExtraCash Personal Loan effectively and avoid falling into a debt trap.
Promotions and Rewards
If you’re considering applying for an OCBC ExtraCash Personal Loan, you’ll be happy to know that the bank often offers promotions and rewards to its customers. Here’s what you need to know:
Current Promotions
As of December 2023, OCBC is offering a cashback promotion for approved loan amounts of at least $10,000. You can receive up to $1,088 in cashback when you apply for a loan online. This promotion is valid until 31 December 2023.
Cashback and Rewards
OCBC offers cashback and rewards for its ExtraCash Personal Loan customers. For example, you can receive a cashback of up to $1,088 when you apply for a loan online. Additionally, you can earn rewards points with every dollar you spend on your loan. These points can be redeemed for a variety of rewards, such as vouchers, electronics, and more.
It’s important to note that the cashback and rewards offered by OCBC are subject to change, and may not be available at all times. Be sure to check the bank’s website or speak with a representative to learn about the latest promotions and rewards.
Overall, if you’re looking for a personal loan with the potential for cashback and rewards, the OCBC ExtraCash Personal Loan may be worth considering.
OCBC ExtraCash Loan Review Singapore: Tools and Resources
Personal Loan Calculator
When considering taking out a personal loan, it’s important to know how much you can afford to borrow and what your monthly payments will be. That’s where the OCBC Personal Loan Calculator comes in handy. With this online tool, you can easily calculate your monthly repayments based on the loan amount, interest rate, and loan tenure. You can also adjust the loan amount and tenure to find a repayment plan that works best for you.
To use the calculator, simply input your desired loan amount, interest rate, and loan tenure. The calculator will then provide you with an estimated monthly repayment amount. You can adjust the loan amount and tenure to find a repayment plan that fits your budget. This tool is a great way to help you plan your finances before taking out a personal loan.
Online Banking Services
OCBC offers a range of online banking services to help you manage your personal loan and other finances. With OCBC’s online banking, you can easily view your account balances, make payments, and transfer funds between accounts. You can also set up automatic payments to ensure that your loan repayments are always made on time.
In addition to online banking, OCBC also offers mobile banking services. With the OCBC Mobile Banking app, you can access your accounts on the go and manage your finances from anywhere. You can view your account balances, transfer funds, and even apply for a personal loan directly from your mobile device.
Logging into your OCBC online banking account is easy. Simply visit the OCBC website and click on the “Login” button in the top right corner of the page. From there, you can enter your login credentials and access your account. With OCBC’s online and mobile banking services, managing your personal loan has never been easier.
Customer Support and Assistance
If you have any questions or concerns about your OCBC ExtraCash Personal Loan, there are several contact channels available to you.
Contact Channels
You can reach OCBC customer service through multiple channels. The most convenient way to get in touch is through the SMS service. Simply send an SMS to 72323 and a customer service representative will get back to you as soon as possible. Alternatively, you can call the customer service hotline at +65 6363 3333. The hotline is open from Monday to Friday, 8:00am to 9:00pm, and Saturday, 8:00am to 1:00pm.
Application Support
If you need assistance with your loan application, OCBC has a dedicated team to help you through the process. You can reach the application support team through the same contact channels as the customer service team. They will be able to answer any questions you have and guide you through the application process.
In addition to these channels, you can also visit any OCBC branch for assistance. OCBC has a wide network of branches across Singapore, so you can easily find one near you.
If you need to make payments on your loan, OCBC offers several convenient options. You can make payments through funds transfer, cheque deposit, or cash deposit machine. These options make it easy and hassle-free to manage your loan payments.
Overall, OCBC’s customer support and assistance is top-notch. With multiple contact channels and a dedicated application support team, you can be confident that any questions or concerns you have will be addressed promptly and professionally.
Frequently Asked Questions
How can you swiftly check the status of your OCBC personal loan application?
Checking the status of your OCBC personal loan application is easy and convenient. You can check the status of your loan application by logging in to your OCBC Internet Banking account. You can also check the status of your application by calling the OCBC customer service hotline at 1800 363 3333.
What’s the most thrilling way to calculate your repayments for an OCBC ExtraCash Loan?
Calculating your repayments for an OCBC ExtraCash Loan has never been more thrilling! You can use OCBC’s online loan calculator to get an estimate of your monthly repayments. This loan calculator is easy to use and provides accurate estimates of your repayments.
Can you believe the ease of paying off an OCBC ExtraCash Loan online?
Yes, you heard it right! Paying off an OCBC ExtraCash Loan online is easy and hassle-free. You can make your loan payments through OCBC Internet Banking, AXS machines, or SAM machines. You can also set up a standing instruction to automatically deduct your loan payments from your OCBC bank account.
What are the exhilarating benefits of OCBC’s Cash-on-Instalment feature?
OCBC’s Cash-on-Instalment feature offers many exhilarating benefits. This feature allows you to convert your available credit limit into cash, which you can use to pay for your expenses. You can also enjoy a lower interest rate with this feature, which can help you save money.
Which top-notch private bank in Singapore offers the best personal loan experience?
OCBC is one of the top-notch private banks in Singapore that offers the best personal loan experience. With its competitive interest rates, flexible repayment options, and easy application process, OCBC is a popular choice among borrowers in Singapore.
How do you find the most competitive personal loan interest rates in Singapore?
To find the most competitive personal loan interest rates in Singapore, you can compare the interest rates offered by different banks. You can also use online loan comparison websites to compare the interest rates, fees, and features of different personal loans. This can help you find the loan that best fits your needs and budget.
