OCBC Renovation Loan Monthly Rest

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Key Features

4.18%
Interest Rate (p.a.)
0%
Processing Fee (approved loan)
0.50%
Admin Fee (on loan amount)

Other Features

Only bank in Singapore to allow third party borrower
Loan disbursed 1 working day after approval

Eligibility

Citizenship Status

Singaporean / PR

Age Requirement

21 – 59 years old

Employment Status

Salaried / Self Employed

Guarantor / Collateral

Minimum Annual Income

S$42,000 p.a. (S$3,500 gross monthly income)

Fees and Charges

Disbursement Fee: S$20 per order (Up to 3 Free)
Processing Fee: 0%
Admin Fee: 0.50% on loan amount
Insurance Premium: 1% on loan amount
Cancellation Fee: 2.00%
Late Payment Fee: S$80
Partial Repayment Penalty: 2% on prepaid amount
Full Repayment Penalty: 2% on outstanding loan amount

Review

By LOANPANDA

OCBC Renovation Loan Monthly Rest offers competitive interest rates of 4.18% p.a. and a flexible loan tenure of up to 5 years. This loan allows third-party borrowers and comes with no processing fees, making it an attractive option for those seeking to renovate their homes.

With a quick approval process and loan disbursed within one working day, customers can easily access their funds. However, the loan is only available to those who meet the minimum annual income requirement of S$42,000, and fees such as insurance premiums and late payment fees apply.

FAQ

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While there are so many types of credit cards offering different features, you may wonder: How best to choose one that suits you?

Here’s a short guide LOANPANDA has compiled to help you understand the credit card requirements, interest rates and basic payment terms.