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OCBC ExtraCash Personal Loan Review

Reasonable backup options for low-income or young individuals that are unable to obtain loans from other lenders

OCBC ExtraCash Personal Loan Review

Reasonable backup options for low-income or young individuals that are unable to obtain loans from other lenders


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Processing Fee
Approval Time


  • Good for low-income borrowers that are unable to obtain personal loans from other lenders


  • Not the best interest rates for short or long term loans
  • Not the most competitive promotions

OCBC charges some of the highest effective interest rates, ranging from 17.1 to 29.8%, for personal loans in Singapore. This makes the total cost of these loans more expensive than other banks. However, OCBC is 1 of 4 banks that offers personal loans to individuals with incomes of less than S$30,000, and could serve as a backup option for those who couldn't get financing from other banks. That being said, of the lenders that provide detailed information about their interest rates, OCBC charges the highest interest rates for low-income borrowers.

Summary of the OCBC's ExtraCash Personal Loan
High effective interest rates: 17 - 30%
Processing fee of S$200 or 2% of approved loan amount
Loans available to low-income borrowers
Loan amounts of up to 6 times borrower's monthly income

Table of Contents

What Makes OCBC Cash-on-Instalments Stand Out to Borrowers

OCBC is among the more expensive lenders for personal loans in Singapore. This is due to relatively high flat interest rates (8.2 - 13.1%) and a costly processing fee of S$200 or 2% of the total loan amount, whichever is higher. These factors make the total cost of OCBC's personal loans more than the cost of borrowing from other banks.

comparing the effective interest rates of the best personal loans in Singapore to help consumers find a personal loan with the lowest interest rate. We assume a loan tenure of 3 years and an annual income of at least S$30,000

While OCBC's personal loan rates are higher than other banks, it is more transparent about its rates and fees than some of its competitors. This transparency can be valuable when applying for a loan, as applicants will have more clear expectations from banks like OCBC.

Loan Duration (Years)Flat RateFee*Effective Interest Rate*Monthly Payment*Total Cost*
*Assuming Annual Income above S$30,000, loan of S$10,000, total cost includes impact of promotions and fees

Option for Low-Income Borrowers

According to our research, OCBC is 1 of 4 banks in Singapore that offers personal loans to individuals with annual incomes of less than S$30,000. That being said, of the lenders that advertise their rates, OCBC charges the highest interest rates for borrowers with incomes of S$20,000 to S$30,000, with effective interest rates of 25.7 - 29.8%. These rates translate to more expensive personal loans. Below, we compare the total costs of a S$3,000 loan for a low-income borrower from Standard Chartered and OCBC.

Total Cost of S$3,000 Personal Loan, Standard Chartered vs OCBC

Who Can Apply: Eligibility Criteria

Consider this if you need a backup personal loan option with a low minimum income requirement
  • Eligibility
    • S$20,000 of annual income
    • Max. Loan Amount
      • 6x monthly salary
      • Min. Loan Amount
        • Unknown
        • Processing Fee
          • S$200 or 2% of the approved loan amount, whichever is higher
          • Approval Time
            • Unknown

            Singaporeans, Singaporean permanent residents and foreigners living in Singapore may apply for OCBC's ExtraCash personal loans. Foreigners must earn at least S$45,000 annually, while Singaporeans and permanent residents must earn at least S$20,000. All applicants must be at least 21 years old.

            Other Charges and Fees

            OCBC charges borrowers a processing fee of 2% or S$200, whichever is greater. This fee is slightly more expensive than those of other banks. However, OCBC charges low-income borrowers a lower processing fee of S$100. Additionally, the bank charges an early repayment fee, for partial and full repayments, of 3% of amount to be repaid, with a S$1,000 minimum repayment. The bank also charges a fee of 3% of the outstanding loan amount for loan restructuring. Finally, the bank charges a S$80 late payment fee. These fees are very similar to those charged by other banks.

            How to Apply: Application Process

            Individuals interested in OCBC's ExtraCash personal loans can apply over the phone, online or via SMS. Applicants must provide their contact information, NRIC/passport number, income information and bank account information.

            • Photocopy of NRIC (front and back)
            • Employment Pass or Work Permit or Student Pass and Passport (Foreigners)
            • CPF statement (past 6 months, 12 months for self-employed/commission-based applicants)
            • Latest Income Tax Notice of Assessment (2 years for self-employed/commission-based applicants)

            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 2022 that fits your needs.

            Read Also:

            William Hofmann

            William is a Product Manager at ValueChampion Singapore, helping consumers and SMEs find the best banking products through comprehensive analysis of data. He previously was an Economic Consultant at Industrial Economics Inc, where he conducted a variety of research and economic analyses. He graduated from University of Vermont with degrees in Economics and Psychology. His work has been featured on a variety of major media such as the Straits Times, the Business Times, the Edge, DailySocial, the Entrepreneur and more.

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