The OCBC ExtraCash Loan stands out as a personal loan option for Singaporeans seeking both flexibility and convenience. This offering comes with the possibility to borrow up to six times your monthly income, provided your annual income meets the S$120,000 threshold. For those earning at least S$20,000 annually, the minimum qualifying amount is still attractive, covering a wide segment of employed individuals.

Interest rates vary based on your income bracket. For annual income above S$30,000, the interest rate is as low as 5.42% per annum (monthly rest) for longer tenures. For those with lower annual income, the rate is higher, at about 12.25% per annum for a two-year term. Repayment terms can be spread over 12 to 60 months, allowing applicants to arrange for a suitable monthly payment that fits their budget.

How to Apply: Step by Step

• Ensure you are a Singaporean or PR, at least 21 years old, earning S$20,000 yearly or more.
• Gather necessary documents: NRIC, proof of income (CPF statement, payslips, or tax assessment).
• Apply online using Myinfo for instant approval and fast loan disbursement.
• Submit income details via CPF login during application.
• Review and print the forms if necessary, then complete submission.

Pros of OCBC ExtraCash Loan

One prominent benefit is the instant approval and fast cash disbursement when applying through Myinfo. This streamlines the borrowing experience considerably.

Another advantage is the flexible borrowing ceiling. High-income applicants can access larger capital, while moderate income earners can still qualify for reasonable sums.

Cons of OCBC ExtraCash Loan

The effective interest rates for lower income brackets can be substantially higher, especially for shorter tenures and smaller loans.

There is also a mandatory processing fee (minimum S$100 or a percentage of the loan amount), plus fees for late payment or early repayment, which reduce the net amount received.

Our Verdict

OCBC ExtraCash Loan is a solid choice for those needing quick access to cash and flexible repayment options. The easy online process and generous loan cap make it attractive, though fees and tiered interest rates should be factored into your decision.