OCBC Cash-on-Instalment Review: Worth Considering?

OCBC Cash-on-Instalment Review: Worth Considering?

Good long-term cash-on-instalment due to low-interest rates and fees.

Good for

  • New-to-Bank Customers
  • Those looking for cheap 4-5 year traditional personal loan alternatives

Bad for

  • Individuals seeking a specific-use loan (e.g. car loan, home loan)

Editor's Rating


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 3.5% p.a. to new customers.

Summary of the OCBC's Cash-on-Instalments
Exclusive Rates for New Customers: 3.5% p.a. (from 6.96% EIR)
Low minimum loan amount: S$1,000
Minimum income requirement: S$30,000
Promotion: S$20 cashback via PayNow

Table of Contents

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 DurationFlat RateProcessing FeeEIRMonthly InstalmentTotal Cost
1 year3.5%1%7.87%S$862.50S$430
2 years3.5%1%7.57%S$445.83S$780
3 years3.5%1%7.27%S$306.94S$1,130
4 years3.5%1%7.09%S$237.50S$1,480
5 years3.5%1%6.96%S$195.83S$1,830
*Assuming new-to-bank customer, S$10,000 loan and income of S$30,000, promotion

Furthermore, OCBC's rates are significantly less competitive for current credit card and loan customers. Therefore, these individuals are better off looking for a loan from another bank.

Cost of OCBC Cash-On-Instalment Loans - Existing OCBC Customers

Loan DurationFlat RateProcessing FeeEIRMonthly InstalmentTotal Cost
1 year4.7%1%10.45%S$872.50S$550
2 years4.7%1%9.77%S$455.83S$1,020
3 years4.7%1%9.46%S$316.94S$1,490
4 years4.7%1%9.24%S$247.50S$1,960
5 years4.7%1%9.06%S$205.83S$2,430
*Assuming current OCBC customer, S$10,000 loan and income of S$30,000, promotion

Who Can Apply: Eligibility Criteria

Consider this if you want a long-term, non-traditional personal loan

Eligibility S$30,000 of annual income (S$45,000 for foreigners)
Max. Loan Amount Maximum available credit limit
Min. Loan Amount S$1,000
Processing Fee 1%
Approval Time Unknown

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$30,000. 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.

How to Apply: Application Process

Individuals interested in OCBC's Cash-on-Instalments can apply by clicking any of the "Apply Now" buttons on this page. Applicants will be required to provide their phone number, NRIC/passport number and bank account information. Upon approval, OCBC will credit applicant's bank account.

William Hofmann

William is a Product Manager at ValueChampion Singapore, focusing on banking and SMEs. He previously was an Economic Consultant at Industrial Economics Inc.

Comments and Questions

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