OCBC Loan

Oversea-Chinese Banking Corporation, OCBC, is a multinational banking and financial services corporation. It is providing its services in many different countries i-e Malaysia, Singapore, Tokyo, London, and New York. It offers flexible financing solutions to fulfill your needs. It gives the best loan services tenure range from 7 years to 10 years. The minimum effective interest rate is (EIR) 7.0% p.a. But it can increase up to 1.728% p.a. The EIR depends upon the annual interest rate and the tenure of your loan. Once EIR and interest rate have been decided the monthly repayment remain the same throughout the loan tenure.

OCBC offers a different kind of loan i-e Personal Loans, Home and Property Loans. Before you go for OCBC loans, you must know some important information about those loan packages. 

Personal Loan:

In life we all short for money sometimes.  But for our financial shortfalls, OCBC has the solution in the form of personal loans. A personal loan is a kind of loan which helps you meet your current financial needs. You usually don’t need any security and collateral while getting a personal loan plus you have the flexibility to use this money the way you want.  

Eligibility Criteria:

  • 21 years or above.
  • Permanent residence.
  • Annual income between S$ 30,000 to S$ 120,000.

 A personal loan is further categorized into cash loans, debt consolidation plan, car financing, study loans, secured loans, and a secured overdraft.

Cash Loans:

Easy Cash is a line of credit, get cash when you want it.  Take as much amount as you can repay. It gives you easy access via cheque, Online Mobile banking, and ATM. Basically, Cash Loan converts your available limit on your credit card into interest-free cash. With loan tenure of 12 months to 3 years. It is an interest-free loan with the one-time processing fee, 1.8% or EIR 7.22 p.a. The minimum monthly repayment is S$50 or 3% of the outstanding balance.

Debt Consolidation Plan:

Manage your finance with Debt Consolidation Plan with OCBC. It is a service that combines your all loans into a single payment. It benefits you many ways i-e you get longer tenure period, low-interest rate than usual, and low monthly repayment. You can choose your repayment plan from 3 years to 8 tears. You can manage your repayment amount through online banking, cheque deposit, or cash deposit machine.  You will get a credit limit of 1X your monthly income for the daily expense and there will be no annual charges for that.

Study Loan:

FRANK by OCBC with this study loan you can get your education and dreams goals into reality. No matter you are studying in a local private institution or overseas institution. Interest rate is 4.5% p.a. EIR is 5.17% per year. You can get a loan up to 10X of your monthly salary. You can choose flexible repayments for 8 years of tenure period. Your request can get approved in 5 working days.

Secured Overdraft: 

Personal loans have two types. Unsecured or Secured personal loan. Secured Overdraft, as its name says is secured personal loan where you pledge fixed deposits or any asset for extra cash. Bank has the authority to sell your asset in case you don’t pay the loan back. Interest charged on the amount used, it depends on the collateral pledges.

Car Financing:

Car finance loan, finance you getting a new car or used car. With the help of this loan, you can purchase car from car distributors, car dealers or direct car owners. If you want to get a new car OCBC finance you 70% of the total car rate with the repayment period of 7 years. The interest rate is so low i-e 2.78% per year. And if you are interested in getting the used car you will get finance up to 70% of total car price and 7 years of tenure period. But the interest rate is a little higher than the interest rate on new car purchasing i-e 2.98% per year.

Home and Property Loans:

To get Home and Property Loans, you must contact OCBC mortgage specialist then submit your documents, wait for your loan approval. Single applicant and joint applicants can apply for this loan.

Eligibility Criteria:

  • Age should be between 21 or 60.
  • You must have proof of permanent residence.
  • Your income should be at least S$24,000 per year.

Home and Property loans are further categorized into Home Financing Loan, and Home Renovation Loan.

Home Financing Loan:

Through OCBC home financing loans get up to 75% of the valuation, flexible interest rate, longest tenure period, and a wide range of pricing packages.  There are 3 different home financing packages that suit your needs. 

OCBC 2Y Fixed Rate gets you a fixed rate of 2.58% for the first 2 years. After 2 years OCBC mortgage specialist will decide the interest rate. Its key benefit is you are protected from the hassle of rate fluctuation for two years.

OCBC 3Y Fixed Rate gets you a fixed rate of 2.50% for the first three years, thereafter interest rate increases up to 2.50% per year. It protects you from the rate fluctuations for the first three years. After 3 years OCBC mortgage specialist decides the interest rate. 

OCBC Mortgage Board Rates gets you a fixed rate of 2.35%. for year 1, 2.40% for year 2, 2.40% for year 3. Thereafter the interest rate is 2.50%.  From the 4th year bank will change the interest rate, might revise the same values or may give new values but for any change, you will be given notice 30 days before.

Home Renovation Loan:

Renovate your home with the help of OCBC Home Renovation Loan. OCBC will borrow you the 6X amount of your monthly income. Single applicant and the joint applicants can request for this loan. Your minimum income should be 30,000 per year. Flexible tenure period is 1 to 5 years. The amount will be added into your account after 1 day of your loan approval. The interest rate is 2.63% p.a.

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