Per Month
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| Tenure | Effective interest rate (EIR) | Interest Rate (per year) |
|---|---|---|
| 12 Months | 13.92% | 5.54% |
| 24 Months | 12.11% | 5.42% |
| 36 Months | 11.47% | 5.43% |
| 48 Months | 11.15% | 5.48% |
| 60 Months | 10.96% | 5.54% |
Before you sign up for an OCBC personal loan, here are some important things to know about the interest rates and fees:
OCBC personal loan interest rates depend on your annual income. Those with annual incomes of $30,000 or more enjoy lower interest rates, while there are higher interest rates for those who earn from $20,000 to $29,999 annually. The actual interest rate and EIR depend on your loan tenure as well.
If you have an annual income of $30,000 and above, the processing fee is either 2% of the loan amount or $200, whichever is higher. For those whose incomes fall below the $30,000 mark, the processing fee is usually a flat $100. However, you should check with the bank representative to confirm your processing fee before the loan is approved.
If you don’t pay your monthly instalments on time, there’s a late payment fee of $80. For early repayment of the loan, you need to pay a fee of 3% of the repayment amount or $1,000, whichever is higher. You also have the option of restructuring the loan (say, changing the loan tenure) for 3% of the outstanding loan amount.
The OCBC Cash-on-Instalments is open to Singaporeans, Permanent Residents and foreigners who are 21 years old and above. For Singaporeans and PRs, the minimum annual income to apply is $20,000. For foreigners, the minimum annual income is a rather steep $45,000. Under the OCBC ExtraCash loan, you can borrow up to 6 times your monthly income.
As mentioned in the earlier section, note that the interest rates and processing fees vary depending on your actual annual income. For Singaporeans and PRs, the minimum is $30,000 in order for you to get better rates.