EasyCredit is one of the credit services from OCBC Bank that offers customers flexibility upon choosing the amount of repayment and their outstanding balance conditions.
It’s short-term loan that’s affordable and quick to process.
Who Can Apply for OCBC EasiCredit?
EasiCredit is a service that’s available to Citizens and Permanent Residents of Singapore, as well as foreigners.
The applicant is required to have minimum income of S$20,000 (Singapore’s citizens and PRs) and minimum income of $45,000 (for foreigners). In addition, you need to be at least 21 years old to apply for the program.
How Are The Withdrawal Process and Interest Rates of EasiCredit Work?
EasiCredit allows you to withdraw money with your preference amount on daily basis with 1.74% interest rate monthly. The minimum amount of monthly repayment is S$50 or 3% of your total loan.
You are also provided with lowers interest rate if you draw the unused limit using Balance Transfer or Cash-on-Installments with 5.20% interest rate annually.
How to Apply for OCBC’s EasiCredit
To apply for OCBC EasiCredit, you have to fill out and submit the application form as well as prove of income.
For applicants with regular salary, you are required to submit your most recent pay slip, the CPF contribution history for at least 6 months, and the most recent statement of your income tax.
If you are a self-employer or work based on commission, you have to submit the statement of your income tax for at least two years or your CPF contribution history for at least `12 months.
Singapore citizens and permanent residents have to bring NRIC, meanwhile foreigners have to bring passport, employment pass, or work permit.
How to Terminate OCBC EasiCredit
Just like any other services or goods’ credit, EasiCredit also has several agreements. If you wish to cancel the credit agreement, you may do so by contacting OCBC.
- How to cancel OCBC EasiCredit via phone call: Contact cancellation via OCBC Hotline on 6363 3333 for personal banking service or +65 6363 3333 for overseas call.
- How to close OCBC EasiCredit via mailing: Download closure form from online banking service, and mail it to OCBC Centre Branch. Note that the process may take a week before being completed.
What Are Benefits of Joining OCBC EasiCredit?
By applying for EasiCredit, you get benefits of easy withdrawal access through cheque or ATM. You get to loan as much as 6 times of your monthly salary and pay interest on monthly basis.
All applicants are allowed to choose the outstanding amount for pay back. You may apply it at any OCBC Bank branch and get approval and cash withdrawal just in three minutes.
How Can I Access Cash From My EasiCredit?
Simply visit nearby OCBC ATM and access the cash on your account. The amount of your cash withdrawal will determine the amount of interest you have to pay back.
What Are Fees and Charges Related to OCBC EasiCredit?
OCBC Bank will charge your EasiCredit account S$80 annually. In addition, you may be charged with fees if you do over-limit or late payment.