Fact-Checked
Disclaimer
Terms & ConditionsAnnual Interest Rate
Effective Interest Rate
Processing Fee
Minimum Loan Amount
Monthly Repayment
Apply NowMany banks and credit facilities offer different interest rates among which OCBC is known to stand out. The bank’s ExtraCash loan interest rate is at 5.43% with an EIR of 11.47%. With brief analysis, it is easy to conclude that this rate isn’t the lowest in the market. Notwithstanding the interest rate, OCBC still offers one of the best options for
borrowers earning below S$30,000 annually, who could not get loans from other lenders. This means that when you consider lenders that have transparent interest rates, OCBC has one of the best rates for individuals on the lower end of the salary band.
However, in Singapore, the OCBC ExtraCash loan still ranks high on the list of more expensive borrowing options, this is
attributed to the bank’s flat interest rate which is considered high by many. It is estimated to be somewhere around 5%.
The processing fee is also relatively expensive as it charges an estimated S$200 which sometimes is equivalent to 2% of
the total loan amount.
However, Borrowers can benefit from OCBC’s transparency. And this is what sets the bank apart from other lenders.
Because in the credit industry transparency matters a lot because borrowers would know the full implication of their
decision, unlike the ones which are not transparent.
All banks listed below are authorized financial institutions operating under MAS supervision and regulation. They comply with stringent banking standards, consumer protection guidelines and fair lending practices established by MAS. Bank loans typically offer lower interest rates compared to licensed moneylenders and are suitable for borrowers with good credit history.
*Today's Moneylenders Rates - 15 January 2026
For low income earners, the processing fee is usually reduced to about S$100. In addition to all these conditions, OCBC
will charge an upward fee on either full or partial paybacks. This is estimated to be about 3% of the total loan amount.
This usually begins with at least S$1,000. Also, a late payment fee is charged which is about S$80. All these are
similar to what other banks are charging.
| Loan Duration | AIR | Fee | EIR | Total Cost | Monthly Payment |
| 1 Year | 5.42% | $200 | 10.96% | S$10,542 | S$879 |
| 2 Year | 5.42% | $200 | 10.96% | S$11,084 | S$462 |
| 3 Year | 5.42% | $200 | 10.96% | S$11,626 | S$323 |
| 4 Year | 5.42% | $200 | 10.96% | S$12,168 | S$254 |
| 5 Year | 5.42% | $200 | 10.96% | S$12,710 | S$212 |
The application requirements for the OCBC ExtraCash loan are flexible. It covers both Singapore citizens, PR’s and
foreigners (employment pass holders). Being either of those qualifies you to apply for an OCBC’s ExtraCash loan.
However, foreigners must have an income of minimum S$45,000 per annum. While for Singaporeans and PR’s the minimum cap
is, S$20,000 and the age limit is 21 years.
The bank offers amazing deals, borrowers get back 1.2% or $100 cash if they submit an online loan application of $10,000 or more. Terms and conditions apply.
You may start your application by clicking on the OCBC link.
Submit all related and essential documents to OCBC to get loan approval.
Here are some items to consider:
With all these submitted, the loan should be disbursed once the application is approved by OCBC online.
Newcomers have access to a 3.5% interest rate per annum. EIR is estimated to be about 6.96%
Turn about 90% of your borrowing limit into a repayable fixed monthly plan.
Get up to 6 times your monthly salary (S$120,000 minimum)
OCBC’s interest rates are some of the highest in the market
No competitive offers
MoneySmart
Valuechampion
