OCBC ExtraCash Loan – How To Apply 100% Online?


Having debt is certainly not a desirable situation, but most of us find ourselves saddled in credit card debt due to unexpected events. If you are in such a situation and you need quick cash, OCBC can be among the best choices in Singapore. 

While it is worthwhile to mention a word of warning regarding personal loans, especially if they build up, OCBC ExtraCash loan can be an efficient, and even smart move to get out of debt with higher interest. 


That being said, let’s see what OCBC ExtraCash loan offers, who it is best for and how you can easily apply 100% online from the comfort of your home. 

OCBC ExtraCash Loan - How To Apply 100% Online?

Benefits of OCBC ExtraCash Loan

OCBC ExtraCash Loan offers you up to 6 times your monthly income. The repayments span across 12-60 months according to your preference, and all the transactions can be managed through online banking. If you apply online, you benefit from immediate approval. 


What makes OCBC ExtraCash Loan an appealing solution that stands out from the crowd is the fact that it is among the few banks in Singapore that offers cash loans to people with low income of a minimum of $20,000. This, however, translates in a higher cost compared to other banks. 

OCBC might not be the cheapest alternative, but, compared to other banks, they are straightforward and transparent regarding all of their fees and rates, so you know exactly what to expect. 

Fees and Rates

If you have an income between $20,000 and $29,999, you can benefit from a loan of up to $4,500. If you choose a repayment period of 12 months (minimum), you have a flat interest rate of 12.31% per annum and an EIR (effective interest rate) of $26.39%. This means that you end up with a monthly installment of $422. For a repayment period of 60 months, you have 23.10% EIR, and you will pay a $124 monthly installment. What is more, you also need to pay a $100 processing fee for your loan. 

If you have a minimum $30,000 income, you can benefit from better terms. The approved loan amount is $10,000 and comes with either a $200 processing fee or 2%, depending on which one is higher. 12 months repayment period comes with an $880 monthly installment, at an EIR of 13.92%. For 60 months, you need to pay $213 monthly with an EIR of $10.95%. For a full break down of payment periods that can be 12, 24, 36, 48, and 60, click here

Finally, other fees include an early repayment fee. This is available for both partial and full repayments and accounts for 3% of the loan amount, with a minimum of $1,000. If you are late on your payments, the bank requires an $80 late payment fee. 

How to Apply

The eligibility criteria make this personal loan available only to individuals that are a minimum of 21 years old and have a minimum of $20,000 income. You also need to be a Singaporean citizen or have permanent residence rights. Furthermore, you need to possess the NRIC and any other document that proves your residential address. 

This being said, you have two options for a 100% online application. On the one hand, you can use MyInfo to complete your application. The benefit is doing so is that you can get instant approval. The second option is to complete an online form, and you will be updated within five business days. 

OCBC ExtraCash Loan - How To Apply 100% Online?

Contact Information

If you have additional inquiries, it is recommended to contact OCBC. For more details, you can choose one of the following contact methods.

Personal Banking Call 24 hours: 6363 3333

Alternatively, you can submit your information using this online form. A bank representative will contact you with clarification. All you need to do is submit the topic of interest, your contact details, and time when you’d like to be contacted. 

If you prefer to write a mail to OCBC regarding credit information, you can use the following address.

OCBC Bank, 65 Chulia Street, #01-00, OCBC Centre, Singapore 049513

Lastly, you can click here for more information, including help to locate the nearest branch office in Singapore. 

Note: There are risks involved when applying for and using credit. Consult the bank’s terms and conditions page for more information.