Because it is the best bank, OCBC Bank Loan Facilities And Requirements are also very tasty and great. I am not a huge fan of going in for loans but that does not change the fact that OCBC Bank has a very great loan facility.
A loan is frequently a stricter contract between a borrower and a bank. Usually, the money is given to the borrower ahead, who then repays them with interest.
For personal loans, most lenders have comparable requirements, while each lender may have different qualifications. Learn how to qualify for a personal loan before beginning the application process.
OCBC Bank Loan Facilities
OCBC Bank in Singapore offers a variety of loan facilities to cater to different needs, including personal, home, renovation, car, and student loans.
To qualify for any of these loans, you must meet the eligibility requirements below.
See the OCBC Bank Account Types And Benefits
OCBC Bank Loan Requirements
- You must be aged between 21 and 65 years old.
- If you are a Singaporean, Permanent Resident, or foreigner you must have a valid employment pass.
- You need a minimum annual income of S$20,000 for Singaporeans/PRs and S$45,000 for foreigners.
- For a business loan, it must be a local business registered and operating in Singapore for at least 2 years.
- At least 30% of the company should be owned by Singaporeans/PRs.
Check out How To Open OCBC Account
Tips for getting a loan from OCBC Bank in Singapore
- To prevent asking for extra money after you’re authorized or borrowing more than you need, figure out how much you need before you apply.
- To ensure that you can comfortably manage the monthly loan repayments, you should assess your financial situation.
- To lessen the possibility of credit damage, familiarize yourself with the approval requirement we have written in the paragraph above and, if provided by the lender, prequalify before applying. You can read about Do Credit Scores Impact Your Home Loan?
- Have it in your mind that long-term financial savings might be achieved by taking the time to investigate lenders, interest rates, and loan conditions.
For any enquiries use OCBC Bank Customer Service Numbers.