5.54%

Interest Rate*

What is Effective Interest Rate (EIR)?

The true cost of taking a loan in Singapore. Loan interest rate is not the only cost, and there are often other costs such as admin fees.

^S$10,554

Total Amount Payable

^S$100

Processing Fee

What is a processing fee?

The processing fee can either be a percentage or a fixed amount on top of the loan. It is usually applied as a once-off charge at the beginning of the loan.

All Details

• Key Features

  • Loan tenure from 12 to 60 months

  • Borrow up to 6x monthly salary for annual income S$120,000 and above, 4x monthly salary for annual income S$30,000-S$119,999 and 2x monthly salary for annual income S$20,000-S$29,000

  • Make repayments easily via online or Mobile Banking funds transfer, cheque deposit or cash deposit machine

  • Easy ways to manage your account with Online and Mobile banking

  • Note that the rates provided to you are customised and might differ from what is displayed here. OCBC Bank is regulated by the Monetary Authority of Singapore.

• Repayment Summary

  Total Interest Payable	S$554
  Monthly Payment	S$880
  Total Amount Payable	S$10,554
  Processing Fee	S$100
  Effective Interest Rate	13.92%
  Annual Interest Rate	5.54%
  Approval Duration	Immediate
  Citizenship	Singaporean/Pr
  Principal Loan Amount	S$10,000
  Loan Tenure	1 Year
  Minimum Annual Income	S$20,000.00
  Maximum Loan Tenure	5 Years

Eligibility

Citizenship Status	Singaporean / PR
Age Requirement	21 years old and above
Employment Status	Salaried Employee, Variable/Commission-based Employees or Self Employed
Minimum Annual Income	S$20,000

Fees & Charges

Processing Fee	For income S$20K - S$30K p.a. : S$100. For Income above S$30K p.a. : S$200 or 2% of the approved loan amount, whichever is higher
Restructuring Fee	3% of outstanding loan amount
Late Payment Fee	S$80
Partial Repayment Penalty	3% of amount to be repaid (S$1,000 minimum repayment)
Full Repayment Penalty	3% of amount to be repaid

Loan Features

Instant Approval