OCBC Personal Loan Review 2021

OCBC Personal Loan Review: the Lowest Market Rate for New OCBC Customers (2023)

Quick cash loan applications are all the rage nowadays, and OCBC Personal Loans can give you a seamless, top-notch experience. Unless you’re buying a house or luxury car, it might just be the best five-year loan for all your needs. 

Pros and Cons

OCBC Personal Loans offer the lowest market rate for new OCBC customers. You can borrow up to six times your monthly salary without any limitations. Plus, you can receive your loan application results and receive your financing within 2-3 days. If you’re an existing OCBC Credit Card or Easicredit member, you get instant loan approval too.

Here are all the pros and cons of OCBC Personal Loans.


  • Borrow Up To 6 Months Salary
  • Lowest Market Rate For New OCBC Customers
  • Small S $20,000 Minimum Income Requirement
  • Instant Loan Approval for Existing Members


  • 1% Processing Fee
  • S $100 Termination Fee


OCBC Personal Loan Features

Existing OCBC customers can use the bank’s personal loans at 4.7% (9.06% Effective Interest Rate or EIR) per annum. However, a new OCBC customer can get the same service starting at 3.5% (6.96% EIR) yearly interest, making it currently one of the lowest Singapore personal price rates available. 

If you’re an OCBC credit card holder, you can convert 90% of your credit limit into a monthly installment personal loan regardless of your monthly salary.

  • Lowest Singapore Bank Price Rate at 4.7% (9.06% EIR). New customers: 3.5% (6.96% EIR)
  • Turn Your Credit Limits to Monthly Loan Installments (OCBC Credit Card holders only)
  • Borrow Up to 6 Times Your Monthly Salary With No Limits

Other Types of Offers From OCBC

OCBC offers several other personal loan products for every borrower. Here are some that will interest you.

  1. Cash-on-Instalments: You can turn your unused credit limit from a credit card into a monthly installment loan (like OCBC Personal Loans). Payable within 12-60 months (1-5 years)
  2. ExtraCash Loan: Like OCBC Personal Loan, it gives you 6x you monthly salary payable within 1-5 years
  3. EasiCredit: Standby cash accessible from OCBC’s mobile banking application with flexible repayment terms.
  4. Bank Transfer: Extra cash without requirements for OCBC customers. Borrow from unused credit limit.
  5. Debt Consolidation Plan: Structured payment plan with fixed monthly installments designed to help you pay your loans.
  6. Secured Overdraft: Interest rates depend on the amount you’ve used. Access extra cash without withdrawing fixed deposits or unit trusts.

OCBC Personal Loan Interest Rates and Other Fees

Here’s a summary of everything you need to know about OCBC Personal Loan’s interest, fees, and penalties.

  • Interest Rate: 4.7% (9.06% annually). New customers: New customers: 3.5% (6.96% EIR)
  • Processing Fee: 1% of the total loan amount.
  • Penalties and Charges: S $100 termination fee. S $80 late payment fee.

OCBC Personal Loan Vs. Other Banks

If you’re looking for the best deals, you’ll never go wrong with OCBC’s Personal Loan against other products. Compare and contrast all of them below with this handy table.

Bank and Product Flat Interest Rate Effective Interest Rate Total Loan Amount Processing Fee Loan Tenure
OCBC Personal Loans 3.5% 6.96% 6x Monthly Salary  1% of Loan Amount 1-5 Years
HSBC Personal Loan 3.4% 6.5% S $200,000 S $0 1-5 Years
HL Bank Personal Loan 3.88% 8.32% 4x Monthly Salary  S $150 1-5 Years
UOB Personal Loan 4.25% 7.96% 6x Monthly Salary S $0 1-5 Years
Citibank Quick Cash (New Borrowers) 4.55% 8.5% 6x Monthly Salary S $0 1-5 Years
Standard Chartered CashOne 3.48% 7.3% 4x Monthly Salary (Up to S $250,000) S $0 1-5 Years

*All information in this table assumes a $10,000 total personal loan amount. Based on data retrieved from March 2021.

Eligibility and Requirements

OCBC Personal Loan’s requirements are standard among numerous banks across Singapore. Borrowers must be 21 years of age but not older than 65 years old. Plus, all Singaporeans and permanent residents must earn a minimum of S $20,000 yearly. Foreign and ex-pat borrowers must at least earn S $45,000 a year.

You can apply for OCBC Personal Loans through the bank’s website or use other application portals in loan comparison websites, such as Instant Loan. OCBC will ask you to register for an OCBC iBanking account for convenient loan application processing and results monitoring.


  • Age: 21-65 Years Old
  • Minimum Income for Singaporeans and Permanent Residents (PR): S $20,000
  • Minimum Income for Foreigners and Expats: S $45,000


OCBC Personal Loan requires borrowers to supply the following to receive immediate 2-3 day loan application results and a strong loan approval chance.

  • Singaporeans/PRs/Foreigners: NRIC/Passport/Employment Pass original copy and front and back document photocopies
  • Salaried Employees
  • Electronic payslip for the past 3 months.
  • Latest 6 months’ CPF statement (if Singaporean/PR)
  • Applicant’s latest income tax statement
  • Self-Employed
  • Latest 12 months’ CPF statement (if Singaporean/PR)
  • Latest income tax statement (for the past 24 months)

Can I Check My Loan Application Status Conveniently?

During your application, OCBC asked you to register for an OCBC iBanking Account. You can access your loan application results from its portal. Plus, you can pay for your existing loan using the same platform. Lastly, you can apply for other financial products and read additional information about OCBC products using the same platform.

Always Do Due Diligence Before Finalizing Your Decision!

We highly advise borrowers to be wary about “easy” bank products because it’s easy to get tempted to use them for your wants rather than your needs. A six-month salary loan, such as OCBC Personal Loans, always has fair terms. However, make sure you always have an objective for all your financial plans.Always do your due diligence before you finalize your choice of bank and loan application. To get the best data about the latest products available, you can always count on Instant Loan’s advanced algorithm. Visit our website and inquire today to get three free quotes.

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