OCBC Personal Loan “Extra Cash Loan” is appropriate for those people who want some additional cash regularly.
Established in 1932 after the Ho Hong Bank, the Oversea Chinese Bank, and the Chinese Commercial Bank merged each other, OCBC expanded its operations under the able leadership of Tan Chin Tuan, Lee Kong Chian and Lee Choon Seng. Currently, it has numerous branches across Singapore and provides high-quality financial services to consumers.
OCBC, also known as Oversea Chinese Banking Corporation Limited, is one of the leading banking institutions in the Globe. The financial services and products offered by the bank are incredibly customizable and innovative.
The repayment is quite flexible so applicants can take as long or short time to repay. Customers can enjoy loans up to 6 times of their monthly income, and it will only take several minutes of approval.
The interest rate per annum is 29.8% if applicants have an income ranging between $20,000 to S$29,000, and a monthly payment of 5% of the outstanding amount and 19.8% with a 3% monthly payment of the outstanding amount if applicant’s annual income is S$30,000 or more. It’s a fixed reimbursement and an installment loan that caters to those individuals with a single time loan need.
There are specific criteria that applicants need to fulfill to get a personal loan from OCBC Bank. These criteria to apply for a loan are as follows: • Being 21and above • The minimum annual income a permanent resident or a citizen from Singapore must have is S$20000.
• Interest rates of 8.18% p.a
• Applicants can select a loan tenure of 1 to 5 years
• For a Singapore PR/ Singaporean: Annual revenue of S$20,000 or more
• For foreigners: Annual earnings of S$45,000 or more
If applicants annual earnings are S$30,000 or more, there is a minimum interest fee of S$5 and an annual charge of S$80 waived for the first year. Late penalties are charged between S$85 and S$125 if applicants annual earnings are S$30,000 or more and S$80 if the annual earnings are less than S$30,000.