Per Month
Per Month
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MoneySmart lists Personal Loan products that range between a minimum of 1 to a maximum of 7 years. The effective interest rate (EIR) of loan products on our site range from 8.5% p.a. to up to 20.0% p.a. The EIR of your loan will be dependent on the loan you apply for as well as your personal financial needs. For example, you would need to pay S$316/month for an S$10,000 Personal Loan with a loan tenure of 3 years. This would equate to a total payment of S$11,376 over 3 years. Please view each Personal Loan product in detail for a full breakdown of the interest rate chargeable, minimum and maximum loan tenure as well as processing fees (if applicable).
| Tenure | Effective interest rate (EIR) | Interest Rate (per year) |
|---|---|---|
| 12 Months | 11.47% | 0.00% |
| 24 Months | 9.15% | 0.00% |
| 36 Months | 12.12% | 5.80% |
| 48 Months | 11.70% | 5.80% |
| 60 Months | 11.38% | 5.80% |
Before you sign up for an OCBC personal loan, here are some important things to know about the interest rates and fees:
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.
OCBC is currently running an OCBC Personal Loan promotion where new loan customers get an attractive rate of 3.5% p.a. (EIR 7.27% p.a.). The usual 2% processing fee is also halved to 1%. Existing loan customers who apply through MoneySmart can also enjoy a lower interest rate at 4.77% p.a. (EIR 9.46% p.a.) and 1% processing fee. These promotions are running until 31 Dec 2019.
Regardless of how attractive the promotions on offer are, only get a personal loan if you need to consolidate debts or manage a one-time cash flow situation.
To find out more about OCBC Personal Loans, you can call OCBC Bank’s contact number at 1800 363 3333 or if you’re calling from overseas, (65) 6363 3333.