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OCBC EasiCredit Personal Line of Credit Review: Should You Apply?

OCBC does not offer the cheapest personal lines of credit, but could be a good backup option for individuals that are unable to obtain other loans.

OCBC EasiCredit Personal Line of Credit Review: Should You Apply?

OCBC does not offer the cheapest personal lines of credit, but could be a good backup option for individuals that are unable to obtain other loans.

3.5/5.0

ValueChampion Rating ValueChampion Icon

Pros

  • Alternative line of credit for those denied by other banks
  • Low income requirements

Cons

  • Not the cheapest personal line of credit
  • Lower credit limits

OCBC EasiCredit is not the cheapest available, nor does it offer the highest credit limits; however, it can still be a decent backup option to other personal lines of credit. This especially true for low-income individuals as the bank requires a relatively low minimum annual income of S$20,000.

Summary of OCBC EasiCredit
Low Minimum Income Requirement: S$20,000 for Citizens/PRs; S$45,000 for Foreigners
Interest Rates: 20.9% - 29.8% p.a.
Annual Fee: S$120 (waived up until the age of 29)
Maximum Credit Limit: 2 to 6 times monthly income
Promotions: Get S$50 cashback and 10% initial interest (per annum) when you apply for EasiCredit

Table of Contents

What Makes OCBC EasiCredit Stand Out to Borrowers

OCBC is attractive to low-income earners as it and DBS are the only banks that offer personal lines of credit to individuals that earn less than S$30,000 annually. Both banks charge these borrowers interest rates of 29.8% annually. However, unlike DBS Cashline, which waives its annual fee for 1 year and offers a Grab credit promotion, OCBC EasiCredit offers neither a promotion nor an annual fee waiver for low-income borrowers. Therefore, we would recommend OCBC EasiCredit only as a backup option to DBS Cashline.

OCBC is also best viewed as a backup option individuals that earn at least S$30,000 because its personal lines of credit are more expensive than its competitors. This is a result of the bank's higher than average interest rates of 19.98% for individuals that earn at least S$30,000. Also, while the bank offers standard credit limits for its personal lines of credit, there are banks that offer even higher credit limits to high income earners. For these reasons, OCBC Easicredit is best viewed as an alternative for individuals who are unable to obtain other personal lines of credit.

Summary of OCBC EasiCredit Costs

Annual IncomeAnnual Interest RateMaximum Credit LimitMinimum Monthly Repayment
S$20,000 - S$29,99929.80%2x monthly salary5% of outstanding amount OR S$50 (whichever is higher)
S$30,000 - S$119,99920.90%4x monthly salary3% of outstanding amount OR S$50 (whichever is higher)
S$120,000+20.90%6x monthly salary3% of outstanding amount OR S$50 (whichever is higher)

Who Can Apply: Eligibility Criteria

Consider this if you seek backup options to other personal lines of credit
  • Eligibility
    • S$30,000 of annual income
    • Max. Credit Limit
      • 4x monthly salary
      • Annual Fee
        • S$80, waived for 1 year

        OCBC EasiCredit is available to Singapore Citizens, Permanent Residents and foreigners. It has one of the lowest minimum income requirements of S$20,000 for Citizens and Permanent Residents. The minimum income requirement for foreigners is slightly higher at S$45,000. Additionally, OCBC requires that borrowers are at least 21 years old.

        Other Charges & Fees

        There are several fees associated with OCBC's EasiCredit personal line of credit. Most notably, the bank charges an annual fee of S$120. This fee is waived for those under 29 years of age who apply for EasiCredit. Additionally, the bank charges late payment and overlimit fees. We recommend that borrowers carefully stick to their payment plan in order to minimise the total cost of their loan.

        FeeAmount
        Annual FeeS$120 (waived for applicants 29 and under)
        Late Payment FeeS$120
        Overlimit FeeS$50
        Processing FeeExists, amount unknown
        Administrative FeeExists, amount unknown

        How to Apply for OCBC's Personal Line of Credit

        Individuals interest in applying for OCBC EasiCredit must fill out an application form and submit identification and income documentation. In order to provide proof of income, salaried applicants must submit either their latest computerised payslip, last 6 months' CPF contribution history or their latest income tax statement. Commission-based and self-employed applicants must submit either their last 12 months' CPF contribution history or latest 2 years' income tax statements. Additionally, applicants from Singapore must provide their NRIC, while foreigners must provide either their employment pass, work permit or student pass and passport.

        Stephen Lee

        Stephen Lee is a Senior Research Analyst at ValueChampion, specializing in insurance. He holds a Bachelor of Arts degree in International Studies from the University of Washington, and his prior work experience include risk management and underwriting for professional liability and specialty insurance at Victor Insurance. Additionally, Stephen is a former US Peace Corps Volunteer in Myanmar (serving between 2018-2020), where he continues to provide business development consulting services to HR companies in Asia Pacific.

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