OCBC Personal Loans
Apply for instant cash with EasiCredit (flexible line) or ExtraCash Loan (fixed loan tenor), fast approval, attractive rates and up to 6x salary.
OCBC EasiCredit & ExtraCash Loan Introduction
OCBC offers two popular personal loan products in Singapore: the EasiCredit facility and the ExtraCash Loan. Both give borrowers access to instant cash, each with unique features to suit different needs.
EasiCredit is a flexible line of credit with a prevailing annual interest rate from 22.9%, offering up to 6x your monthly salary (depending on your income). Minimum repayments start from S$50 or 3% of the outstanding amount.
ExtraCash Loan is a traditional instalment loan with tenures from 12 to 60 months. Interest rates start from 10.08% p.a. (EIR from 10.96%), and you can borrow up to 6x your monthly salary if eligible.
Both products are open to Singaporeans, PRs and foreigners (with higher income requirements for non-citizens). Approval is typically instant when you apply online via Myinfo.
How to Apply: Simple Steps
Getting started with OCBC’s instant credit options is straightforward. Begin by visiting OCBC’s digital application page and choose your preferred loan type.
No paperwork is required; simply connect via your Myinfo account to auto-populate your details, further speeding up the process.
Carefully review and confirm your application details, then submit for approval. The outcome is usually available within minutes.
If successfully approved, you’ll receive a confirmation by SMS and email with instructions on accessing your loan or line of credit.
For the EasiCredit facility, you can start transfers instantly—even if your ATM card hasn’t arrived, thanks to PayNow integration.
Pros of OCBC EasiCredit & ExtraCash Loan
One major advantage is the instant approval and cash disbursement, so you receive funds immediately after your application is approved. This is especially helpful for urgent financial needs.
The flexibility in borrowing—whether a line of credit or a fixed loan—is excellent for adapting to various lifestyles. There are competitive interest rates for higher-income applicants as well.
Cons of OCBC EasiCredit & ExtraCash Loan
Interest rates can be high for borrowers with lower annual incomes. For example, applicants earning between S$20,000 and S$29,000 p.a. may face rates up to 29.8% for EasiCredit and 22% for ExtraCash Loan.
Late payment fees and penalties are significant and could add up if you miss repayments, so prompt payment is crucial to avoid extra charges.
Verdict: Should You Apply?
OCBC’s EasiCredit and ExtraCash Loan offerings stand out for their speed, flexibility, and broad eligibility criteria. If you need instant funds and meet the income requirements, they can be both convenient and cost-effective—especially if you qualify for the lowest rates. Always compare terms and be sure of your repayment ability before committing.