Important Notes For Term Loan Facility (Cash-On-Instalments)

1. This facility is open to accountholders of EasiCredit Account that are in good standing as determined by OCBC Bank in its absolute discretion.
2. Each application is subject to a minimum application loan amount as stated in the application form, and the requested loan amount is subject to OCBC Bank's approval and can be approved in whole or parts, without the need to assign a reason.
3. Upon approval of your application by OCBC Bank, your approved credit limit shall be reduced by the Aggregate Instalment Amount (as defined below).
4. The approved loan amount will be credited into your bank account, which is acceptable to us, as stated in the application form.
5. Interest on the facility (as stated in the Application form) calculated at such rate specified by OCBC Bank from time to time shall be payable on the Approved Funds Transfer Facility Amount (as defined in the Terms and Conditions Governing EasiCredit Term Loan Facility (Cash-on-Instalments)). The interest payable shall be aggregated with the Approved Funds Transfer Facility Amount (the “Aggregate Instalment Amounts”) to determine the amount(s) payable for each monthly instalment (the “Monthly Instalment Amount”) based on the number of monthly instalments indicated on the application for the facility.
6. Payments made to your EasiCredit Account will be used to pay the Monthly Instalment Amount first, followed by the fees and interest chargeable relating to this facility.
7. Prevailing interest rate will not be charged on the Monthly Instalment Amount if the Monthly Instalment Amount due is received in full by the Payment Due Date as stated in your Statement of Account. If the billed Monthly Instalment Amount is not paid in full by the Payment Due Date, the prevailing interest rate is chargeable on the outstanding amount and subsequent instalment amounts.
8. A termination fee of S$100 or an amount as determined by OCBC Bank is chargeable if the facility is prematurely terminated by you or OCBC Bank. Prevailing interest rate will be chargeable on the unpaid Monthly Instalment Amount and remaining loan amount.
9. Any fees or interest paid for the facility is not refundable in the event of termination by you or by OCBC Bank.
10. OCBC Bank reserves the right to vary the interest rate chargeable, the basis of calculation of interest, fees and charges at any time in OCBC Bank's sole discretion.

Please refer to OCBC Bank's website for the full set of the OCBC Terms and Conditions Governing EasiCredit Term Loan Facility (Cash-on-Instalments).