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

OCBC EasiCredit
OCBC EasiCredit

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.

Good for

  • Borrowers who couldn't get a line of credit from other banks
  • Low-income individuals seeking a backup personal line of credit

Bad for

  • Individuals seeking the cheapest personal line of credit
  • High income borrowers seeking the highest credit limit

Editor's Rating

3.5/5.0

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
Interest Rates: 19.98% - 29.8% p.a.
Annual Fee: S$80 (waived once for borrowers with annual incomes of at least S$30,000)
Maximum Credit Limit: 2 to 6 times monthly income

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$29,99929.98%2x monthly salary5% of outstanding amount OR S$50 (whichever is higher)
S$30,000 - S$119,99919.98%4x monthly salary3% of outstanding amount OR S$50 (whichever is higher)
S$120,000+19.98%6x monthly salary3% of outstanding amount OR S$50 (whichever is higher)

Who Can Apply: Eligibility Criteria

OCBC EasiCredit
OCBC EasiCredit

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$80. This fee is waived once for borrowers with annual incomes of at least S$30,000. 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$80 (waived for 1 year for borrowers with annual incomes of at least S$30,000)
Late Payment FeeS$80 - S$125
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.

Comments and Questions

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