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PERSONAL LOANS

OCBC EASICREDIT

Life’s full of twists and turns, be ever-ready with OCBC EasiCredit in times of urgencies.

Get emergency cash instantly with flexible repayment and loan amounts.

Apply now
SIGN-UP PROMOTION

S$60 cash rebate

For new EasiCredit customers.

T&Cs apply.

BENEFITS

WHY OCBC EASICREDIT

OCBC EasiCredit is a standby line of emergency cash that gives you the flexibility to choose the repayment amount and duration.

Quick and affordable short-term loan

Withdraw what you need from a prevailing interest rate of 1.74% per month, accrued on a daily basis. Minimum repayment from only 3% or S$50 per month, whichever is higher.

Draw at lower interest rates

Enjoy lower interest rates when you draw down on your unused EasiCredit limit using Cash-on-Instalments or Balance Transfer.

Annual fee waiver for youths

Enjoy annual fee waiver of S$120 up till the age of 29 (applicable to existing customers and customers who sign up before 31 December 2020). T&Cs apply.

how it works

Interest rate based on annual income

annual
income

MAXIMUM
LOAN

PREVAILING INTEREST RATE

MINIMUM REPAYMENT1

S$20,000 -
S$29,999

Up to 2x your monthly income

29.80% per annum

5% of outstanding amount OR S$50, whichever is higher

S$30,000 -
S$119,999

Up to 4x your monthly income

20.90% per annum

3% of outstanding amount OR S$50, whichever is higher

S$120,000 and above

Up to 6x your monthly income

20.90% per annum

3% of outstanding amount OR S$50, whichever is higher

FOR ANNUAL INCOME OF S$20,000 - S$29,999

MAXIMUM LOAN Up to 2x your monthly income
INTEREST RATE 29.80% per annum
MINIMUM REPAYMENT1 5% of outstanding amount OR S$50, whichever is higher

FOR ANNUAL INCOME OF S$30,000 - S$119,999

MAXIMUM LOAN Up to 4x your monthly income
INTEREST RATE 20.90% per annum
MINIMUM REPAYMENT1 3% of outstanding amount OR S$50, whichever is higher

FOR ANNUAL INCOME OF $120,000 AND ABOVE

MAXIMUM LOAN Up to 6x your monthly income
INTEREST RATE 20.90% per annum
MINIMUM REPAYMENT1 3% of outstanding amount OR S$50, whichever is higher

1 The monthly minimum repayment amount shall include any amounts above your approved credit limit and any overdue payments in respect of the Account. The monthly minimum repayment amount is not applicable to Cash-on-instalments.

Please note that if the minimum payment to your EasiCredit account is not received by OCBC bank by the payment due date, the prevailing interest rate applicable to your outstanding amount(s) may increase to up to 36% per annum.

FOLLOW THESE STEPS

OCBC EASICREDIT IN 3 STEPS

Step 1: Application

Instant approval and access to your EasiCredit account when you apply online via MyInfo.

Step 2: Access

Conveniently access cash via:

  • Mobile Banking funds transfer
  • Internet Banking funds transfer
  • ATM withdrawal
  • Cheque (available upon request)
Step 3: Repayment

Flexible repayment from a minimum of 3% or S$50 per month, whichever is higher.

HOW DOES EASICREDIT WORK

In need of cash for life’s twists and turns? Facing unexpected financial emergencies that require your immediate attention? From unforeseen medical expenses to legal expenditures, here is an example of how you could tackle these crises with emergency cash.



Let’s say you are a young professional with a monthly salary of S$4,500 and you urgently need S$15,000 to tie you through your next paycheck.

Would it be a good choice to withdraw from your credit card?

The answer is no. OCBC EasiCredit would be a better choice for you with:

  • No cash withdrawal fee
  • Lower interest rate
  • S$0 annual fee (up till the age of 29)

 

Cash Withdrawal Fee

Monthly Interest

Annual Fee

Repayment due first month

credit card

S$1,200 (8%)

S$3621 (28.92% p.a. on withdrawn amount)

S$192.60 (depends on your card)

S$486

OCBC EasiCredit

S$0

S$2612 (20.90% p.a. on withdrawn amount)

S$0 (for customers below 30 years old)

S$450

credit card

Cash Withdrawal Fee S$1,200 (8%)
Monthly Interest S$3621 (28.92% p.a. on withdrawn amount)
Annual Fee S$192.60 (depends on your card)
Repayment due first month S$486

OCBC EasiCredit

Cash Withdrawal Fee S$0
Monthly Interest S$2612 (20.90% p.a. on withdrawn amount)
Annual Fee S$0 (for customers below 30 years old)
Repayment due first month S$450

The above illustration is base on a cash withdrawal of S$15,000.

1 Based on S$15,000 times 28.92% p.a. divided by 12 months.
2 Based on S$15,000 times 20.90% p.a. divided by 12 months.

Sign-up Promotions

Before you apply

Am I Eligible?

Minimum age

21 years old

Annual fee

S$20,000 and above for Singaporeans and Singapore PRs

S$45,000 and above for foreigners

Documents required

NRIC for Singaporeans and Singapore PRs

Passport and a valid pass (e.g. Employment Pass (EP) or Work Permit or Student Pass) for foreigners

Additional documents

Include any one of the following documents that shows your residential address

  • Latest computerised/electronic payslip (salaried employees
  • Half-yearly CPF statements (12 months for self-employed and commission-based earners) Latest income tax statement (2 years for self-employed and commission-based earners)
QUICK TIPS

HOW TO BORROW RESPONSIBLY

Is borrowing right for you?

BEFORE YOU BORROW

  • Are you able to make repayments on time?
  • Are the commission fees and interest rates acceptable to you?
  • Read the terms and conditions thoroughly.

While you are borrowing

  • Set Savings Goals, follow your budget to make sure you repay the loan on time.
  • Always check with the bank if you have questions with regards to your loan.

IMPORTANCE OF A GOOD CREDIT SCORE

  • Your credit score reflects your credit worthiness.
  • A good credit score helps you more than just getting a credit card or loan approval. It is an important part of your financial profile.
  • Find out more here.
HOW TO APPLY

APPLY NOW FOR OCBC EASICREDIT

Apply now via MyInfo to get instant approval and access to OCBC EasiCredit.

Fees and charges

IMPORTANT NOTICES

Credit Bureau Singapore
Please note that additional time may be needed to review your application as Credit Bureau Singapore will be synchronising data from 12am to 8am daily.

MyInfo
MyInfo will be temporarily unavailable from 2am to 8.30am every Wednesday and Sunday due to scheduled maintenance.

System Maintenace
Please note that your product may not be availed to you instantly during system maintenance hours between 9.30pm to 6am.

Online Application

  • You will be required to submit your income information via CPF login, so please make sure you have your SingPass username and password ready
  • Please ensure you have a printer with you as you will need to print and send the completed forms to us