A first-of-its-kind savings account for kids aged 7 to 15, the OCBC MyOwn Account lets your child manage their own money while you stay in control.
T&Cs apply. Insured up to S$100k by SDIC.
On 11 December 2024, the Terms and Conditions Governing Debt Consolidation Facility will be revised.
To view the changes, refer to Clauses 1.5 and 8.6, and Annex 1’s Clauses VIII and IX of the revised Terms and Conditions.
Choose your repayment plan from 36 to 96 months.
Manage your loan repayment with ease through monthly instalments. Make repayments easily via Online or Mobile Banking funds transfer, cheque deposit or cash deposit machine.
Your loan amount will be charged at a lower interest rate instead of prevailing interest rate of your credit card and overdraft facilities.
Receive a complimentary Debt Consolidation Card (OCBC Platinum Credit Card) for your needs. A credit limit of 1x your monthly income will be given for everyday expenses with no annual fees charged.
Debt Consolidation Card is subjected to prevailing credit card interest rate of 26.88% per annum and other fees and charges. Compounding applies if charges are not repaid in full.
The Debt Consolidation Loan amount will include an additional 5% on top of your total outstanding balances to cover any additional interest, fees or charges incurred.
The additional 5% only applies to your first approved Debt Consolidation Loan. If you are re-financing from other banks, the loan amount will only be the total outstanding balance from your existing Debt Consolidation Loan.
| Repayment period | 36 months | 48 months | 60 months | 72 months | 84 months | 96 months |
| Applied interest rate | 4.50% per annum | |||||
| Effective Interest Rate (EIR %) | 8.41% per annum | 8.36% per annum | 8.29% per annum | 8.22% per annum | 8.14% per annum | 8.06% per annum |
| Repayment period |
| Applied interest rate |
| Effective Interest Rate (EIR %) |
Step 1
Step 2
Step 3
Minimum age
21 years old
Nationality
Singaporeans and Singapore PRs
Annual income
S$30,000 to S$120,000
Balance-to-Income (BTI)
At least 12x your monthly income
Minimum payment
Monthly instalment amount plus 3% of outstanding late repayment charges or S$50, whichever is higher (if applicable)
Late repayment charges
S$200
Termination fee
5% outstanding loan amount
Over the counter payment/deposit
S$25 per transaction
Effective interest rate
26.88% per annum, subjected to compounding if the monthly charges are not received by us in full
Minimum monthly payment
3% of the total balance or S$50, whichever is higher, plus any overdue amount and excess in credit limit
Late payment charges
S$100 if the minimum payment is not received by payment due date for OCBC Credit Cards
Cash Advance fee
S$15 or 8% of amount withdrawn, whichever is greater
Interest on Cash Advance
28.92% per annum if full payment is not received by OCBC Bank by payment due date
Minimum charge is S$2.50 per month and is calculated from the transaction date until the date that full payment is received by OCBC Bank
The due date for Debt Consolidation Plan payment is 28 calendar days after the statement is generated (the “Payment Due Date”). If the Payment Due Date falls on a weekend or public holiday, the actual payment due date will fall on the previous business day.
| Current due date | New due date |
| Payment Due Date falls on a Saturday or a Sunday | Friday before the original Payment Due Date (assuming it is a business day) |
|---|---|
| Payment Due Date falls on a Monday and is a public holiday | Friday before the original Payment Due Date (assuming it is a business day) |
Debt Consolidation is a debt refinancing program which offers a customer the option to consolidate all his unsecured credit facilities (such as credit cards and some types of unsecured loans) across banks with 1 participating bank.
Certain categories of unsecured loans are excluded from DCP, such as joint accounts, renovation loans, education loan, medical loans, and/or credit facilities granted for businesses or business purposes.
All banks who provide unsecured credit facilities and/or credit cards are participating banks. Currently, there are 14 participants (subject to revision):-
New bank(s) may be added and/or substituted from time to time.
To be eligible for DCP with OCBC, you must:
Yes, you are eligible to consolidate any outstanding amounts owing under your RAS as part of your DCP with a relevant participating bank.
You will receive your account number and Online Banking access within 1 working day.
For new customers
Apply online with either MyInfo or manually with these supporting documents
For Singaporeans and Permanent Residents:
For Foreigners:
S$1,000 for initial deposit
Additional documents
Include any one of the following documents:
