OCBC's Cash-on-Instalment is one of cheapest borrowing options for individuals that do not currently have OCBC credit cards or OCBC EasiCredit loans. This is because OCBC is offering an exclusive rate of 3.50% p.a. to new customers.
|Summary of the OCBC's Cash-on-Instalments|
|Exclusive Rates for New Customers: 3.50% p.a. (from 6.96% EIR)|
|Low minimum loan amount: S$1,000|
|Minimum income requirement: S$20,000|
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What Makes OCBC Cash-on-Instalments Stand Out to Borrowers
OCBC's Cash-on-Instalments may be a good alternative to traditional personal loans, especially for borrowers seeking long-term loans. These products allow individuals to convert their available credit limit into a fixed monthly instalment loan. While OCBC offers instalments of 12 to 60 month tenures, its rates are most competitive for loans of 4 and 5 years. With that being said, OCBC's cash-on-instalment loans are not the cheapest personal loans available in Singapore, even with it's promotional rate for new customers.
Cost of OCBC Cash-On-Instalment Loans - New-to-Bank Customers
|Loan Duration||Flat Rate||Processing Fee||EIR||Monthly Instalment||Total Cost|
|1 year loan||3.50%||1%||8.27%||S$862.50||S$350.00|
|2 year loan||3.50%||1%||7.57%||S$445.83||S$700.00|
|3 year loan||3.50%||1%||7.27%||S$306.94||S$1,050.00|
|4 year loan||3.50%||1%||7.09%||S$237.50||S$1,400.00|
|5 year loan||3.50%||1%||6.96%||S$195.83.84||S$1,750.00|
|*Assuming new-to-bank customer, S$10,000 loan and income of S$30,000, promotion|
Who Can Apply: Eligibility Criteria
To be eligible for OCBC's Cash-on-Instalments applicants must be at least 21 years old. Singaporeans and permanent residents must have annual incomes of at least S$20,000. Foreigners residing in Singapore are eligible for the Cash-on-Instalments with annual incomes of at least S$45,000.
Other Charges and Fees
OCBC charges a processing fee of 1%, which is slightly more expensive than those of Singapore's top lenders. For a complete breakdown of processing fees and interest rates, please refer to the table above. In addition to its processing fee, OCBC charges a S$100 account termination fee.
Ready to get a personal loan? Click on any of the "Apply Now" buttons on this page to apply for an OCBC personal loan today.
Consumers who wants to find out more about other personal loans before making a decision can read our other guides to find the best personal loan in Singapore in 2023 that fits your needs.