Cash-on-Instalments

Refer to the table below for monthly instalment breakdown based on the same loan amount, with different loan tenors from 12 to 60 months, applicable interest rate and effective interest rates.

Illustration:
Approved Loan Amount: $10,000
Processing Fee: 1.00%

¹ Interest on loan amount as quoted in the loan application form.

² Interest on loan amount is calculated on a monthly rest method, excluding processing fee.

³ Effective interest rate is inclusive of a one-time processing fee.

⁴ Instalment amounts are calculated based on a fixed monthly instalment payment option and are simplified for illustration purposes.

Total interest on Cash-on-Instalments will be calculated on a flat-rate basis and shall be fixed for the entire loan. Please note that this excludes the one-time processing fee.

Total interest to be paid will be computed using the following information:

Illustration:
Approved Loan Amount: $10,000
Interest Rate (Flat Rate) as quoted in the loan application form being 3.8%
Selected Tenor: 12 months

Total Interest for repayment period:
Interest Rate (Flat Rate) x Approved Loan Amount x Selected Tenor / 12 months
3.8% x $10,000 x (12/12) = $380

Please see the next question for illustration of the above.

Monthly interest is computed by using a monthly rest basis applying the monthly rest rate on the outstanding amount of the Approved Loan Amount. The interest collected will be reduced as repayments are made each month.

Illustration:

Approved Loan Amount: $10,000
Interest Rate (Flat Rate) as quoted in the loan application form being 3.8%
Selected Tenor: 24 months
Total Interest (based on Selected Tenor): 3.8% x $10,000 x (24/12) = $760

¹ Interest on loan amount is calculated using the Monthly Rest Rate (i.e. calculated on a monthly rest method), excluding processing fee.

² ($10,000 + $760) / 24 = $448.34

³ $10,000 + $760 – ($448.34 x 24-1) = $448.18

An administrative fee of $150 or 3% of unbilled Cash-on-Instalments outstanding principal amount, whichever is higher, or at such rate as OCBC Bank may determine, may be imposed at the discretion of OCBC Bank if the Facility is terminated (whether arising from the termination of your Card Account, EasiCredit Account or otherwise). The administrative fee shall be charged to and debited from the Card Account or EasiCredit Account.

Illustration:

Approved Loan Amount: $10,000
Selected Tenor: 12 months

¹ Higher of $150 or 3% of unbilled Cash-on-Instalments outstanding principal amount.