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|
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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 Income||Annual Interest Rate||Maximum Credit Limit||Minimum Monthly Repayment|
|S$20,000 - S$29,999||29.80%||2x monthly salary||5% of outstanding amount OR S$50 (whichever is higher)|
|S$30,000 - S$119,999||20.90%||4x monthly salary||3% of outstanding amount OR S$50 (whichever is higher)|
|S$120,000+||20.90%||6x monthly salary||3% of outstanding amount OR S$50 (whichever is higher)|
Who Can Apply: Eligibility Criteria
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.
|Annual Fee||S$120 (waived for applicants 29 and under)|
|Late Payment Fee||S$120|
|Processing Fee||Exists, amount unknown|
|Administrative Fee||Exists, 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.